OPEN-SOURCE SCRIPT

Sessions [LuxAlgo]

Updated

This indicator shows when user set sessions are active and returns various tools + metrics using the closing price within active sessions as an input. Users have the option to change up to 4 session times.

The indicator will increasingly lack accuracy when the chart timeframe is higher than 1 hour.

Settings

Sessions

Enable Session: Allows to enable or disable all associated elements with a specific user set session.
Session Time: Opening and closing times of the user set session in the hh:mm format.
Range: Highlights the associated session range on the chart.
Trendline: Returns the associated session trendline on the chart.
Mean: Returns the associated session mean average on the chart.
VWAP: Returns the associated session volume weighted average price on the chart.

Ranges Settings

Range Area Transparency: Transparency of the area highlighting sessions ranges.
Range Outline: Highlights the borders of the session range area.
Range Label: Shows the session label at the mid-point of the session interval.

Dashboard

Show Dashboard: Enables sessions dashboard on the chart.
Advanced Dashboard: Returns more information regarding user set sessions on the dashboard.

Dividers

Show Session Divider: Highlights active sessions using intervals on the bottom of the chart (this can lead to less responsive charts)
Show Daily Divider: Highlights days on the chart.

Usage

This tool is versatile and allows the user to perform a wide variety of tasks all focusing on highlighting and analyzing price movements within a specific user set session in a periodic fashion.

Significant forex trading sessions are used by default, but the users are free to choose the opening and closing time of their choices.

Using ranges can indicate which sessions returned the most volatile price movements.

Trendlines can be useful to estimate the underlying trend of a specific session, but they can also offer a quick way to see which session started a trend reversal.

The session Mean highlights the equilibrium level within a session, extrapolating these levels can provide potential support and resistances levels of interest.

Finally, users can use the sessions VWAP's for real time applications, using them as trailing supports and resistances.

Using The Advanced Dashboard

The advanced dashboard returns useful information regarding the user set sessions. Each dashboard elements are described below:
- Status: Highlights whether the user set session is active (open) of inactive (closed).
- Trend: Shows correlation coefficient between the session prices and a linear sequence of values. Values above 0 indicates an up-trending session, while values under 0 indicates a down-trending session. Values closer to (1, -1) indicates a more trending session.
- Volume: Shows accumulated volume within the session
- σ (Standard Deviation): Shows standard deviation of the session, while this value is not bounded it can be useful to compare it with the other ones to see which session was the most volatile.
Note that when a session becomes inactive the value on the dashboard will hold until the specific session becomes active again.

Release Notes

- Added option to use custom time zone
- Minor changes

Release Notes

- Users can now display extended maximum/minimum levels made during a session.
- Minor changes.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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