Statistics: High & Low timings of custom session; 1yr historyGet statistics of the Session High and Session Low timings for any custom session; based on around 1yr of data.
//Purpose:
-To get data on the 'time of day' tendencies of an asset.
-Narrow in on a custom defined session and get statistics on that session.
//Notes:
-Input times are always in New York time (but changing the timezone after setting WILL adust both table stats and background highlight correctly.
-For particularly long sessions, make sure text size is set to 'tiny' (very long vertical table), or adjust table to display horizontally.
-You'll notice most assets show higher readings around NY equities open (9:30am NY time). Other assets will have 'hot-spots' at other times too.
-Timings represent the beginning of a 15m candle. i.e. reading for 15:45 represents a high occurring between 15:45 and 1600.
-Premium users should get 20k bars => around 1year's worth of data on a 15minute chart. Days of history is displayed in the top left corner of the table.
//Limitations
-only designed and working on 15minute timeframe (to gather a full year of meaningful/comparable % stats, need 15minute 'buckets' of time.
-sessions cannot cross through midnight, or start at midnight (00:15 is ok). 00:15 >> 23:45 is the max session length. On BTC, same applies but 01:00 instead of midnight (all in NY time).
-if your session crosses through 'dead time' (e.g. 17:00-18:00 S&P NY time); table will correctly omit these non-existent candles, but it will add on the missing hour before the start time.
//Cautionary note:
-Since markets are not uncommonly in a trending state when your defined session starts or ends, the high/low timings % readings for start and end of session may be misleadingly high. Try to look for unusually high readings that are not at the start/end of your session.
Wheat (ZW1!) 15min chart; Table displayed vertically:
Nasdaq (NQ1!) 15m chart; Table displayed horizontally and with smaller text to view a very long custom session:
Sessionlow
[DisDev] Market Maker | Sessions | Initial Balance | Range StatsThis indicator has two main components: Time-Specific Sessions and High/Low Statistics . There are also several subcomponents: Day of Week Separators, Specific Session High/Low Extenders, Day Range Statistics, Week Range Statistics, User Input Session Titles, etc.
Each component is explained and demonstrated how it could be utilized as a trading tool.
The basis of this indicator is to analyze session-specific price movements through automatic display and statistics.
Key:
Dotted lines = Developing Session
Solid Line = Session complete
Dashed lines = Past Session
1) The primary function is the five manual time-session inputs. These sessions could be based on a full market period, such as London Open to Close (0800 UTC to 1630 UTC), the Initial Balance of the day (0000 UTC to 0100 UTC), or a session Initial Balance New York (1430 UTC to 1530 UTC). The user can update settings input text to reflect this on the chart.
The following shows the example noted above, with the added subcomponents of:
• Shaded areas to define each session
• Extension of the Sessions highs and lows (extension 24/48/72-hour options)
• Future line projection (provides a reminder of when the market opens)
This allows you to see potential levels of resistance and support and market open volatility.
The below example shows the input sessions configured for five Session Initial Balances. You can see that the Sessions Initial Balances were in a tight price range. A range breakout occurred with price move of $1400 visualized.
2) The secondary function is the Range statistics. Range statistics can be used to track the volatility of each session, day or week and can be selected for up to 31 days. This helps the user to determine overbought or oversold conditions as well as pattern recognition.
Trade Example 1
Settings: New York Session Open to Session Close.
The colored boxes are manually drawn to emphasize how the New York Lows and Highs can act as a confluence for support and resistance areas.
Trade Example 2a
Settings: London Session Open to Session Close and New York Session Open to Session Close.
This chart shows how the Session Open (in this case, the New York Open) reminder notifies you that there could be volatility when a new session opens.
Trade Example 2b
Notice how price breaks to the upside at the opening of the New York session. In this instance it was a $2,250 or 5.17% increase in the opening hour.
3. Once London closes New York has control of the market; one push-up stops out the shorts that placed stop losses at the London high, then brings price back down to the mean.
By having the reminder lines and shaded sessions, the user is prepared and can anticipate some price reaction, often a reversal if price has been steadily moving in one direction.
