How to Use the Session Manager

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Video Transcript:

Hello, traders. Welcome to the NinjaTrader tutorial and the first module, Introduction to NinjaTrader. In this lesson, I’m going to teach you how to use the session manager to create session templates. And it is a very cool and excellent tool within the NinjaTrader control center because it will enable to use only the market data that you actually trade with.

Session Manager Ninjatrader

Now, let’s go to the control center and let’s go to tools and click on session manager. This will prompt out the session manager and all the session templates that are loaded with NinjaTrader.

Session manager

You can see that, right here, we are using the default 24/7 session template, which means that we are using 24/7 data on our charts. But, for example, if you trade the Emini S&P 500 and you only trade the Chicago session, you might want to use only the Chicago Board of Exchange US Index Futures session template, which starts at 7 AM and ends every day at 3:15 PM. Now, this will give your chart only data from 7 AM to 3:15 PM, every single day. The next thing you need to do is to choose your time zone. My time zone is GMC-6.

Screen Shot 2015-08-12 at 12.16.14

Now, you can create your own session templates and, well, let’s create a new one. You can use, you can click on new to create a new one or you can copy this exact session template. Let’s copy this exact session template and name it MS2 CBOE. Okay? This is the session template we copied from the CBOE Index Futures session templates and we want to modify the start time because we start trading at 8 AM. So, we want to modify it every day to 7:30 AM. So, what we do is we double click on the start time and we modify the start time. And, of course, if we want to modify the end time, we can also do so. And we do so for every single one of the days. Okay?

Now, you can also create a new one. Let’s name this one just MS2 session template. And, as you can see, when you create a new session template, the sessions are in blank, so you need to add and let’s say you want the data to start at Monday at 4 AM and to end at Monday at 5 PM. Okay? So, you create that and, if you want the same template for every single day, you just right click on Monday and add Monday through Friday and you have your new created template for all of the days of the week.

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Now, we already told you that you need to choose the correct hour, which is GMC-6, and you click on OK. So, you have both session templates loaded on your session. Now, if we go to the chart, let me just get rid of some of these lines right here, because we just want the actual data feed on our charts. You can see that, if you look closely at the gold chart, you can see that we do have some very illiquid trading hours that are in the middle of our sessions. And if we don’t want that for our S&P 500 or Emini S&P 500 chart, what we do is we go right click on the chart, we go to data series and, right here on session template, we are going to choose one of the templates that we just created, which is MS2 CBOE, okay?

And because we do want a visual representation of the sessions, we are going to change the color on the session break line. And we are going to use a dark red. Okay? Now, we click OK and we wait for the data to load. And you are going to see the difference between this 50 minute chart with a 24/7 template and the MS2 CBOE template that we chose. Okay?

Now, you can see that the chart has these breaks or these gaps from one sessions end to the other sessions start. The reason is because we do not compile the market data that is not within the session templates rules on this chart. So, this means that, on this session, the market closed at 206725 but it opened on the next session lower, at 204975.

And this will help you, if you look at the very low time frames, because it will help you to avoid those very illiquid hours and, of course, it will help you to look at gap place, if you are into playing the gap. Just look at this gap to the downside and correctible to the outside to close the gap. Right here, we also close the gap. And, as you can see, it is very helpful for an intraday based strategy to use session template.

Adam

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