The script plots the High/Low of the following trading sessions:
London - 02:00-05:00 NY AM - 09:30-12:00 New York Lunch - 12:00-13:30 New York PM - 13:30-16:00
Due to the high level of liquidity (resting orders), highs and lows of these sessions may be used as buy/sell areas and also as profit target areas. Typically, buy orders would be initiated below a session low and sell orders would be initiated above a session high.
The script also plots 'RTH (Regular Trading Hours) Opening Gaps'. The RTH gaps are drawn from the closing price of regular trading at 16:15 (EST) to the open price of regular trading at 09:30 (EST). Gaps can be areas that traders might anticipate to be filled at some time in the future. A gap 'midline' is available if needed and yesterday RTH close line can be shown and extended to the current bar.
This script is simply a means to draw boxes around certain areas/periods on the charts. It is in no way a trading strategy and users should spend much time to study the concept and should also perform extensive back-testing before taking any trades. By setting the lookback value to a much higher value then the default of 6, users can utilise the script to perform their own backtesting studies.
The above chart shows the default setup of the indicator. Note that the user has to choose how far (in days) to lookback and draw the sessions/gaps.
It is also possible to show the session high//low lines and extend them to the current bar time. If this is used it is advised to keep the lookback period as low as possible to ensure charts stay clean/uncluttered.
All boxes/lines styles/colors are fully customisable.
Notas de Lançamento
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Added Session H/L mitigation RTH gaps + midlines extend to current bar Default lookback days to 10 Default RTH gaps + midlines lookback to 3
Notas de Lançamento
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Added option for session 50% line Added option for user to decide how many hours forward RTH gaps are projected Added RTH gap 25%/75% line options
Notas de Lançamento
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added 00:00 and 08:30 (EST) opening lines
Notas de Lançamento
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fixed issue with RTH gap displaying incorrectly when new week has daylight savings. ie timezone changes from GMT-5 to GMT-4.
Notas de Lançamento
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Update to restore 00:00 and 08:30 open lines which went missing when I published an old version by mistake.
I just want to thank you for this indicator. It is permanently on my chart helping me. Thank you again.
BRJ292
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Hey Malk,
Daylight savings is affecting the indicator. Is it possible if you can code this to automatically adjust? If I adjust to GMT-5, all ranges before 11/5/23 is an hour off.
malk1903
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@BRJ292, do you have the setting in the indicator at GMT-5 and the setting in TV (bottom right) at GMT-5. works for me when i do this, im testing on ES futures.
malk1903
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@BRJ292, ok, ive republished with option to choose timezone as 'America/New York' (default). this will solve the issue.
malk1903
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@Ishaam, yeh, you'll find 19:00 mentioned sometimes and also 20:00 in more recent vids? you can change the settings, or if you want your version to be 1900 from default, just change line#52 for the asian time period. gd lk trading!