ShadeNY_v5_v1

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Author: Copyright � 2006, sx ted
ShadeNY_v5_v1

This script is designed to visually organize your trading charts by highlighting specific market sessions—most notably the New York session—using colored rectangular backgrounds. By doing this, it allows traders to instantly see which time periods are active on the chart, helping them identify high-volatility windows or specific trading hours without having to constantly check a clock.

Core Functionality

The logic operates by identifying and "shading" blocks of time based on predefined session hours. Instead of just drawing a line at a certain time, it creates a colored box that spans from the opening minute to the closing minute of the session. It automatically adjusts these boxes to fit your current chart timeframe (ranging from 1-minute to 4-hour charts).

How the Logic Works

  • Time Zone Synchronization: One of the most important aspects of this script is its ability to handle different time zones. It calculates the difference between your trading platform's server time and the actual local time of the exchange (e.g., New York time). This ensures that even if your broker is based in a different country, the shaded area correctly represents the intended market session.
  • Historical Coverage: The tool doesn't just show today's session; it automatically looks back over a set number of previous days to highlight past sessions. This allows for consistent visual historical analysis.
  • Dynamic Calculation: The script calculates the "session duration" automatically. It is smart enough to handle sessions that might wrap around midnight or occur across different calendar days, ensuring the boxes remain accurate regardless of the date.
  • Visual Mapping: For every session identified, the script finds the highest and lowest price points reached during that specific window. It then draws a rectangle that encompasses that entire price range, creating a clear "zone" on your screen.
  • Real-Time Updates: The logic includes a "Set Immediacy" feature. This ensures that as soon as a new session begins, the shading appears immediately on the chart rather than waiting for a candle to close.

User Experience Highlights

  • Automatic Cleanup: The script manages its own memory. When you remove it from the chart, it automatically deletes the drawn rectangles to keep your workspace clean.
  • Customization: While the logic is automated, it allows for specific inputs so you can define the exact colors, start/end times, and time zones that matter most to your specific trading strategy.
  • Compatibility: To maintain chart clarity, the script is intelligently programmed to remain inactive on very large timeframes (anything higher than 4 hours), where session shading would no longer be relevant or visually useful.
Price Data Components
Series array that contains open time of each bar
Miscellaneous
It issuies visual alerts to the screen
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ShadeNY_v5_v1 
/*-----------------------------+
|			       |
| Shared by www.Aptrafx.com    |
|			       |
+------------------------------*/

//+------------------------------------------------------------------+
//|                                                   ShadeNY_v5.mq4 |
//|                                         Copyright © 2006, sx ted |
//| Purpose: shade New York or other sessions for chart time frames  |
//|          M1 to H4 (at a push).                                   |
//| Notes..: To change chart time frame from M5 to M15 for example,  |
//|          click on M15, M5 and M15 again to force a chart refresh.|
//|          Modify the values of MAX_DAYS_TO_SHADE, SESSION_OPEN_HH,|
//|          SESSION_OPEN_MM, SESSION_CLOSE_HH and SESSION_CLOSE_MM  |
//|          to suit ***** THE LOCAL TIMES AT THE EXCHANGE *****.    |
//|          The values for SERVER_TIME_ZONE and EXCHANGE_TIME_ZONE  |
//|          are to be edited for DST when applicable.               |
//| version: 2 - enhanced for speed but with MT4 beeing so fast no   |
//|              difference will be noticed, all the sessions are    |
//|              shaded in the init(), last session if it is current |
//|              is widened in the start() in lieu of repainting all.|
//|          3 - 2006.03.22 added "SetImmediacyON" input parameter   |
//|              which forces shading after first tick is received   |
//|              in the new session. Corrected case where bar is not |
//|              complete and session starts, and case when session  |
//|              covers two days when in Moscow (GMT+3 and greater). |
//|          4 - 2006.03.29 corrected for not taking into account the|
//|              difference between Local time and Server time.      |
//|          5 - 2006.04.03 corrected for Server time change, open   |
//|              and close times of exchange are now expressed in    |
//|              local times of the exchange.                        |
//|              Added new SERVER_TIME_ZONE and EXCHANGE_TIME_ZONE in|
//|              the #define section. Finally learnt about GMT time! |
//+------------------------------------------------------------------+

#property copyright "Copyright © 2006, sx ted"
#property link      ""

#property indicator_chart_window

//---- input parameters
extern color     ShadeColor=Yellow;
extern bool      SetImmediacyON=true;  // if set ON forces shading after first tick in new session

#define MAX_DAYS_TO_SHADE   5          // maximum number of days back from last chart date to be shaded

#define SERVER_TIME_ZONE   +2          // MetaTrader server time zone, compare CurTime() with Greenwich GMT
#define EXCHANGE_TIME_ZONE -4          // Exchange time zone, example New York -4 GMT
#define SESSION_OPEN_HH    09          // session open hour (in local time at the exchange)
#define SESSION_OPEN_MM    30          // session open minutes (in local time at the exchange)
#define SESSION_CLOSE_HH   16          // session close hour (in local time at the exchange)
#define SESSION_CLOSE_MM   05          // session close minutes (in local time at the exchange)

//---- global variables to program
string  obj[];                         // array of object names

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int init()
  {
   if(Period() > PERIOD_H4) return(0); // no shading required
   // comment out or delete the following line when no longer required
   Alert( "ServerTime at ", ServerAddress(), " is ", TimeToStr( CurTime(),TIME_MINUTES ), "\nAdjust #define SERVER_TIME_ZONE if required" );
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator deinitialization function                       |
//+------------------------------------------------------------------+
int deinit()
  {
   for(int i=0; i < ArraySize(obj); i++)
     {
      if(ObjectFind(obj[i]) > -1) ObjectDelete(obj[i]); // tidy up
     }
   return(0);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int start()
  {
   if(Period() > PERIOD_H4) return(0); // no shading required
   int    i, iCount, iAdjust,          // counters
          iStart, iEnd;                // x co-ordinates of object (index)
   double dLow, dHigh;                 // y co-ordinates of object   
   string sName;                       // name for the object
   int    iSessionDuration;            // session duration in seconds
   bool   ok;
   // adjust for difference between Server time and Local time at the exchange (in minutes)
   iAdjust=(SERVER_TIME_ZONE - EXCHANGE_TIME_ZONE) * 60;
   // determine open time of first bar in the session matching chart time frame in format " hh:mi"
   iStart=SESSION_OPEN_HH*60+SESSION_OPEN_MM+iAdjust;
   if(iStart > 24*60) iStart-=24*60;
   string sStart=" "+TimeToStr(StrToTime("2006.3.22")+(MathFloor(iStart/Period()) * Period() ) * 60, TIME_MINUTES);
   // calculate session duration in seconds, check if session covers two days (cater for GMT+3 and above)
   if(SESSION_OPEN_HH*60+SESSION_OPEN_MM >= SESSION_CLOSE_HH*60+SESSION_CLOSE_MM) iSessionDuration = ((23-SESSION_OPEN_HH+SESSION_CLOSE_HH)*60+59-SESSION_OPEN_MM+SESSION_CLOSE_MM+1)*60;
   else iSessionDuration = ( (SESSION_CLOSE_HH*60+SESSION_CLOSE_MM) - (SESSION_OPEN_HH*60+SESSION_OPEN_MM) )*60;
   // round session duration to suit an open time of chart time frame
   datetime tStart =StrToTime(TimeToStr(Time[0], TIME_DATE)+sStart);
   datetime tEnd   =StrToTime(TimeToStr(Time[0], TIME_DATE)+" "+DoubleToStr(SESSION_OPEN_HH ,0)+":"+DoubleToStr(SESSION_OPEN_MM ,0))+iSessionDuration+iAdjust*60;
   iSessionDuration=MathCeil((tEnd-tStart)/Period())*Period();
   // clear previous objects
   for(i=0; i < ArraySize(obj); i++)
     {
      if(ObjectFind(obj[i]) > -1) ObjectDelete(obj[i]);
     }
   for(i=MAX_DAYS_TO_SHADE; i >= 0; i--)
     {
      tStart=StrToTime(TimeToStr(iTime(NULL, PERIOD_D1, i), TIME_DATE)+sStart);
      tEnd  =tStart+iSessionDuration;
      iStart=iBarShift(NULL, 0, tStart, false);
      ok=(iStart > 0 && iStart < Bars-1 && TimeDayOfYear(tStart) == TimeDayOfYear(Time[iStart]));
      if(!ok && SetImmediacyON && CurTime() >= tStart && CurTime() < tEnd)
        {
         ok=true;
         iStart=1;
        }
      if(ok)  
        {
         iEnd=iBarShift(NULL, 0, tEnd, false);
         if(iEnd >= Bars-1) iEnd=0; // end not found, therefore current session
         while(iEnd < iStart && Time[iEnd] > tEnd) iEnd++; // cater for earlier close on Friday
         dLow =Low[Lowest(NULL,0,MODE_LOW,iStart-iEnd,iEnd)];
         dHigh=High[Highest(NULL,0,MODE_HIGH,iStart-iEnd,iEnd)];
         sName="Session_"+TimeToStr(iTime(NULL, PERIOD_D1, i), TIME_DATE);
         ObjectCreate(sName,OBJ_RECTANGLE,0,Time[iStart],dLow-Point,Time[iEnd],dHigh+Point);
         ObjectSet(sName,OBJPROP_COLOR,ShadeColor);
         // keep track of object names for tidying up upon exit
         iCount=ArraySize(obj);
         ArrayResize(obj, iCount+1);
         obj[iCount]=sName;
        }
     }
   return(0);
  }
//+------------------------------------------------------------------+

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