Session Open H-Line
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Session Open H-Line
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Draws a
Horizontal Line
at Session Open: On the hour (09:00, 15:00 etc) or any minute past the hour (9:30, 18:47 etc)
The original indicator has input for a start time
on
the hour (9:00, 11:00, 15:00 etc) but not
past
the hour (09:30, 15:15 etc). See for original indicator.
Edits
:
Added the ability to input minutes and set the start time at any minute past the hour (9:30, 10:42, 14:56 etc).
Added input limits - hours to 23 or less and minutes to 59 or less.
The usual parameters of line color, thickness & style apply.
EUR-USD: US Open 9:30 Eastern Time @ 2012-Jun-04
Note:
If you are checking the historical candles.....
The candles in the above chart are generated from range bars (RB) at a setting of 5 pips and will differ from the historical standard candles.
Each of the above range candles is exactly 5 pips from low to high.
Please be aware of below:
Been messing with this and the minute feature doesn't work to an extent as MT4 will move any line to the nearest candle open, when ever on a higher TF. Limitation of the orignal code maybe - SetIndexStyle(0,DRAW_LINE);
The minute feature works within the limits of mathematical possibilty. The indicator starts the H-Line at the open of the candle that corresponds to the minute setting-parameter.
On a M5 timeframe a time of 08:05 will start the H-Line at the open of the 08:05 - 08:10 candle and on a M30 timeframe a time of 08:30 will start the H-Line at the open of the 08:30 - 09:00 candle.
If a time of 08:07 is set on a M5 timeframe the indicator will not find a candle open at 08:07 and will skips the 08:05 - 08:10 candle and starts the H-Line at the next available candle open, 08:10 - 08:15. So a minute parameter of xx.07 is meaningless and invalid. Likewise a time of 02:00 on a H4 timeframe is meaningless and invalid as the candle start and end time is 00:00 - 04:00.
Within the scope of present code valid hour and minute settings-parameters are as follows:
M1
>- all possible minutes past the hour : xx:00 - xx:59
M5:
xx:00, xx:05, xx:15, xx:30.
M15:
xx:00, xx:15, xx:30.
M30:
xx:00, xx:30
H1:
00:00 - 23:00 (only on the hour)
H4:
00:00, 04:00, 08:00, 12:00, 16:00 & 20:00.
