bscholes

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Have you ever tried to figure out when the big moves happen? Me too. That's why I was looking for an indicator that draws the Forex Market Hours of the major markets on the chart.Oddly enough there was only an indicator named WSMTIMES, which provided all the world's stock exchanges, but not the major Forex Markets. WSMTIMES, while it had the New York, Sydney, Frankfurt and London stock exchanges included was a pain in the back since everytime the indicator was used, I had to deselect a gazillion of stock exchanges I did not care about. Furthermore, the stock exchanges times were not exactly equal to the well known Forex Market Hours.So I modified WSMTIMES, whose source code is kindly provided by Dukascopy, tidied up the source code, threw out all Stock exchanges,and added all relevant Forex Market Hours (Frankfurt, London, New York, Sydney and Tokio).You can download the indicator HERE (java-File) or HERE (compiled jfx-File).When it is dropped on a chart it looks like this:As you can see the big moves in EURUSD above happen at the beginning of the London and New York sessions (surprise, surprise!).  Nevertheless, it is really convenient to have it visually on the chart, especially …
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Cashbone avatar
Cashbone 9 Feb.

This is very useful. Good job.

ritesh avatar
ritesh 26 Feb.

London open is the real market mover. :)

Karganak avatar
Karganak 1 Apr.

Unfortunately, this indicator doesn't take into account daylight savings time, so it's wrong (off by an hour) about half of the year =(

bscholes avatar
bscholes 2 Apr.

I don't use JForex at the moment in favor of MT4 since newer versions of JForex do not run well on Linux. Feel free to modify the source code.

Jeltema91 avatar
Jeltema91 16 Dec.

It works in the past, but doesn't flag the upcoming market open? So it's good for review, but would be fantastic if it showed atleast the next market opens 24 hours ahead?

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Beginners chase profits, professionals manage riskThe most important part in maximizing the profits of your strategy is to make shure risk is under control, and that a period of drawdown won't wipe out the account.That has been discussed more thoroughly in:Risk Analysis and Custom Indicator for tdurai84's winning StrategyIf you haven't read that article yet you might want to do it now, since this article builds on it.Contrary to what most people initially may think, more risk and leverage does not necessarily mean more profits. Profits only increase with risk up to a certain peak and decline after that,because drawdowns and enhanced commissions make it more difficult to pick up after a larger period of drawdown.Also, as we saw in the first article the choice whether to used fixed lot sizes (=no reinvestment of profits), or variable lot sizes (=reinvestment of profits), depends very much on the consistency of the strategy:For a strategy which features large winners and large losers, no reinvestment will yield better resultsFor a strategy with many small losers and larger winners, reinvestment will yield better resultsAlso, the profits rise with increasing risk up to a certain point …
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svetashopk avatar

Interesting article! Good luck this month! +1

bscholes avatar
bscholes 7 Feb.

Thanks a lot!
I put a lot of work into it and its previous one. I hope it's useful at least to some people.

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