RTH Session Highs & Lows

21 May

A Pine Script indicator designed to track and plot the Regular Trading Hours (RTH) session highs and lows on a chart, typically for U.S. equity markets (e.g., S&P 500, Nasdaq, etc.), which operate from 9:30 AM to 4:00 PM Eastern Time.

Session High & Low Lines:
During the RTH session, the indicator draws green and red horizontal lines that represent the highest and lowest price seen so far within that trading session.

These levels help traders identify intraday support (low) and resistance (high) levels.

New High/Low Markers:
Small triangle markers are placed:

• Above the bar when a new intraday high is made (green triangle).
  
• Below the bar when a new intraday low is made (red triangle).
  

This visually flags when momentum may be building or reversing.

Intraday Strategy Support:
Use the session high/low as dynamic support/resistance for scalping or breakout strategies.
For example:

• Breakouts above session highs may indicate bullish strength.
  
• Breakdowns below session lows may suggest bearish momentum.
  

Mean Reversion Tactics:
Prices approaching these lines and then rejecting can be used for mean reversion setups.
Combine with volume or candlestick patterns for confirmation.

Risk Management:
Set stops or targets relative to session highs/lows.
For instance, use session high as a stop-loss level in a short position.

Volatility Gauge:
Tracking how frequently new highs/lows are formed can help assess intraday volatility or range expansion.

Complement with Indicators:
Combine this with our "McGinley Dynamic Channel with Directional Shading" indicator or our "EMA Crossover with Shading" indicator to add context to breakouts or rejections.

21 May

Sürüm Notları

Updates
Midpoint Line: A line plotting the average of the session high and low, serving as a reference for range traders.
Retouch Marker Feature: Yellow triangle markers to highlight when the price retouches the previous session high or low without breaking through, indicating potential support or resistance levels.

21 May

Sürüm Notları

Updates:

Input for Tolerance: Allow users to customize the tolerance for retouch detection (e.g., as a percentage of the price) via the indicator’s settings.
Input to Enable/Disable Retouch Markers: Add a boolean input to toggle the display of yellow retouch markers (high and low) on or off.