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Yes, I meant 7:20 AM CT and was thinking 8:20 AM Eastern. Of course, the FOREX market opens around 8:00 AM, I would not want to be over an hour late!
You should definitely use an ETH session template. The official values published by all exchanges refer to the extended trading hours as per contract specifications. To start with use the regular ETH session template for the exchange as it comes with NinjaTrader.
Later you can subdivide your session template, if you wish to use specific indicators like the opening range or noise bands indicator.
Take into account local time and daylight savings schedules.
@monpere: Your indicator will not correctly take into account the shift of the London or Tokyo sessions versus the New York session. The London traders observe their own local time, and so do the Asian traders which do not have any daylight savings schedules.
@drunkcolonel: Particularly for a backtest, if you want to trade European exchanges, you would need to reference the local session in London time. This cannot be done via a segmented session template, because the session template can only use a single time zone, which would be either fit for the US, for London or for Tokyo, but not for all three of them.
Attached is the little indicator that takes into account the different timezones and which requires that you enter the London session in GMT (Greenwich Mean Time) and the Tokyo session in TST (Tokyo Standard Time). The indicator is attached. If you apply it onto a chart go back to end of March and watch how the pattern of the overlapping session changed, when London switched to summer time. This increased the overlap from the Tokyo and London business hours to 2 hours, but reduced the London - New York overlap. Also watch how this affected trading volume during the first two hours of the London session for currency futures.
