This indicator gives the average points/pips value of each hour of the day for the current instrument, for the whole bars of the chart, then you can know the most active hours of it.
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IF Hour = 0 THEN H0 = (H0 + (High - Low)) H0Count = (H0Count + 1) H0Avg = (H0 / H0Count) ELSIF Hour = 1 THEN H1 = (H1 + (High - Low)) H1Count = (H1Count + 1) H1Avg = (H1 / H1Count) ELSIF Hour = 2 THEN H2 = (H2 + (High - Low)) H2Count = (H2Count + 1) H2Avg = (H2 / H2Count) ELSIF Hour = 3 THEN H3 = (H3 + (High - Low)) H3Count = (H3Count + 1) H3Avg = (H3 / H3Count) ELSIF Hour = 4 THEN H4 = (H4 + (High - Low)) H4Count = (H4Count + 1) H4Avg = (H4 / H4Count) ELSIF Hour = 5 THEN H5 = (H5 + (High - Low)) H5Count = (H5Count + 1) H5Avg = (H5 / H5Count) ELSIF Hour = 6 THEN H6 = (H6 + (High - Low)) H6Count = (H6Count + 1) H6Avg = (H6 / H6Count) ELSIF Hour = 7 THEN H7 = (H7 + (High - Low)) H7Count = (H7Count + 1) H7Avg = (H7 / H7Count) ELSIF Hour = 8 THEN H8 = (H8 + (High - Low)) H8Count = (H8Count + 1) H8Avg = (H8 / H8Count) ELSIF Hour = 9 THEN H9 = (H9 + (High - Low)) H9Count = (H9Count + 1) H9Avg = (H9 / H9Count) ELSIF Hour = 10 THEN H10 = (H10 + (High - Low)) H10Count = (H10Count + 1) H10Avg = (H10 / H10Count) ELSIF Hour = 11 THEN H11 = (H11 + (High - Low)) H11Count = (H11Count + 1) H11Avg = (H11 / H11Count) ELSIF Hour = 12 THEN H12 = (H12 + (High - Low)) H12Count = (H12Count + 1) H12Avg = (H12 / H12Count) ELSIF Hour = 13 THEN H13 = (H13 + (High - Low)) H13Count = (H13Count + 1) H13Avg = (H13 / H13Count) ELSIF Hour = 14 THEN H14 = (H14 + (High - Low)) H14Count = (H14Count + 1) H14Avg = (H14 / H14Count) ELSIF Hour = 15 THEN H15 = (H15 + (High - Low)) H15Count = (H15Count + 1) H15Avg = (H15 / H15Count) ELSIF Hour = 16 THEN H16 = (H16 + (High - Low)) H16Count = (H16Count + 1) H16Avg = (H16 / H16Count) ELSIF Hour = 17 THEN H17 = (H17 + (High - Low)) H17Count = (H17Count + 1) H17Avg = (H17 / H17Count) ELSIF Hour = 18 THEN H18 = (H18 + (High - Low)) H18Count = (H18Count + 1) H18Avg = (H18 / H18Count) ELSIF Hour = 19 THEN H19 = (H19 + (High - Low)) H19Count = (H19Count + 1) H19Avg = (H19 / H19Count) ELSIF Hour = 20 THEN H20 = (H20 + (High - Low)) H20Count = (H20Count + 1) H20Avg = (H20 / H20Count) ELSIF Hour = 21 THEN H21 = (H21 + (High - Low)) H21Count = (H21Count + 1) H21Avg = (H21 / H21Count) ELSIF Hour = 22 THEN H22 = (H22 + (High - Low)) H22Count = (H22Count + 1) H22Avg = (H22 / H22Count) ELSIF Hour = 23 THEN H23 = (H23 + (High - Low)) H23Count = (H23Count + 1) H23Avg = (H23 / H23Count) ENDIF RETURN H0Avg as "0", H1Avg as "1", H2Avg as "2", H3Avg as "3", H4Avg as "4", H5Avg as "5", H6Avg as "6", H7Avg as "7", H8Avg as "8", H9Avg as "9", H10Avg as "10", H11Avg as "11", H12Avg as "12", H13Avg as "13", H14Avg as "14", H15Avg as "15", H16Avg as "16", H17Avg as "17", H18Avg as "18", H19Avg as "19", H20Avg as "20", H21Avg as "21", H22Avg as "22", H23Avg as "23" |
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Very useful when initially learning the timing and rhythm of an instrument. Before using this, I already knew market open hours for Sydney, Tokyo, Frankfurt, London, New York. I also had some idea of when each one had greater or lesser activity. But this was very useful in helping me quantify it per forex currency and per hour. Not something you need on a daily basis, but good for long-term planning of your trading days and schedule. Now you can more precisely determine which times of day you want to trade, for greater or lesser volatility.