OPEN-SOURCE SCRIPT
AltSession
Updated
Hello World
It’s no secret that trading sessions play a massive role in market movement and liquidity. We can clearly see in the image about how important identifying international trading hours are for a trader.
The Asian session starts around 1am GMT and often has a bearish bias through this session lasting for a few hours, after which Frankfurt and London traders start to come online and can often reverse the Asian sentiment.
The London session is the best session to trade traditionally starting around 7am GMT before the American traders come online and reverse market once again.
We have designed this indicator to help identify different trading hours easily with a background shade on the chart and also high/lows of the training session, as these levels can often be revisited.
We hope you find this indicator useful and please feel free to drop a comment if you have any updates you wish to be made or any future indicator script ideas, thank you.
It’s no secret that trading sessions play a massive role in market movement and liquidity. We can clearly see in the image about how important identifying international trading hours are for a trader.
The Asian session starts around 1am GMT and often has a bearish bias through this session lasting for a few hours, after which Frankfurt and London traders start to come online and can often reverse the Asian sentiment.
The London session is the best session to trade traditionally starting around 7am GMT before the American traders come online and reverse market once again.
We have designed this indicator to help identify different trading hours easily with a background shade on the chart and also high/lows of the training session, as these levels can often be revisited.
We hope you find this indicator useful and please feel free to drop a comment if you have any updates you wish to be made or any future indicator script ideas, thank you.
Release Notes
This is a major update. After a warm welcome of the original AltSession script, we decided to improve it for you. The change from bgcolor() to boxes allowed us to get rid of plotting historical sessions if they are not needed, add new features and improve existing ones.
It also brought a fresh and modern look😉
We hope you enjoy the update!
SETTINGS:
- You can select the time zone used to calculate sessions. There is an option to show only the last sessions or all history up to the limit of used boxes, lines and labels.
- We added an option to encapsulate the last candle of the session. It’s only a visual thing. Try and choose what you prefer.
- You can specify up to three sessions with their name, colors, an option to show Min/Max lines, and extend it or not.
- The session boxes could be styled using border style, width and background color opacity.
- Min / Max lines could be styled with line style, width. There is an option to turn ON/OFF Min/Max lines and values for all selected sessions.
- Data label by default shows session name, but could also show the name of the day and session range in price or pips. You can choose a location for the data label and font size.
- Script plots a New York Midnight open line with an optional price label. This line could be extended if needed. Of course, you can set color, line style and width.
- The last feature is InfoBox, showing running Session in the upper right corner of the chart. You can change the background color and text color.
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.