The considered algorithm displays resistance and support lines on the trading chart, built on the basis of data on price level changes during the trading session. Since the issued signals are quite simple and intuitive, this algorithm can be safely recommended to novice speculators who are just getting acquainted with the foreign exchange market.
The Trading Sessions Trade indicator is quite versatile, as the signals it generates have a fairly high level of accuracy on almost any currency pair and time frame.
To download the Trading Sessions Trade indicator, use the link that you can see below.
Download Trading Sessions Trade Indicator
Trading Sessions Trade indicator. Optimization
The installation of the considered algorithm is simple. Even if you are a beginner and do not have experience with similar algorithms, you can easily cope with this task. After starting the considered algorithm, a window with its parameters will appear in front of you.
The considered algorithm has the following parameters:
- “Day-analysis”. This parameter is responsible for how many days the described algorithm will analyze in the process of generating signals.
- “Sessions-Start”. In this field, you must specify the exact time of the beginning of the trading session.
- “Sessions-Stop”. This parameter allows you to set the exact end time of the trading session.
- Trade-Stop. In this field, you must specify the end of the auction.
- “Offset”. This size is responsible for the indentation between the signals issued by the considered algorithm.
Due to the fact that for the correct functioning of the described algorithm, it is enough to optimize only one parameter, this task can be easily handled by both a speculator with a certain trading experience and any beginner.
Using the described algorithm to make money on the foreign exchange market is as simple as possible. You just need to transfer the described algorithm to the chart of the asset you have chosen and optimize it. Then you just need to wait for the next signal to appear and create a position in the desired direction.
There are two main methods of applying the considered algorithm. You can open positions after the price bounces off one of the levels or after the price level breaks one level. If you plan to enter into deals after the price rebound from one of the levels, then you should act on the next level. As soon as the considered algorithm bounces off the support line, you need to create a buy position. This trade must be closed when the price approaches the resistance level.
At the moment when the price of your chosen asset bounces off the resistance line, you should create a sell position. This trade must be closed after the price approaches the support line. The second method of applying the considered algorithm is as follows: as soon as the described algorithm breaks through the resistance level, you need to create a buy position. When the support level is broken, it is recommended to create a sell order.
To learn how to correctly optimize and apply the described algorithm, use a demo account. Only after accumulating the necessary amount of skills and experience, you can start trading with real funds.