Markets usually tend to stay within a range during a specific time frame (for example first hour of the regular trading session, the whole regular trading session). For traders before initiating a trade it can be helpful to determine the range potential left for the targeted time frame. So they can decide to either try to ride the current trend further or fade the current trend in the case there is no range potential left for the specific time frame. This could be especially helpful for example in the E-Mini S&P future during the first hour.
The script calculates the average range for the last x days of the session defined and plots a line at the expected range extremes based on that average (for example: RangeExtremeHigh would be currentSessionLow+average Range of the last x days.
Any feedback is appreciated.
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Some code cleanup Extend the code to display up to 4 sessions simultaniously. Usually my sessions of interest especially for the ES future contract are 1st hour, regular trading hours, overnight session and 24 hours session. The user may alter these according to his needs.
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more code streamlining include the option to also show the max range from the last x days for the specific session