Timely Opening Range Breakout Strategy [TORB] (Zeiierman)█ Overview
The Timely Opening Range Breakout (TORB) indicator builds upon the classic Open Range Breakout (ORB) concept. The ORB strategy is a popular trading setup used to identify trades around the opening range of an asset. It's based on the idea that the first few minutes (15-60 minutes) of trading often set the tone for the rest of the day, with breakouts above or below the opening range signifying potential trends.
TORB refines the concept by stating that a trade is only valid if there is sufficient market activity. This means a breakout beyond the upper or lower range is only of interest during the most active trading hours, as defined by PMMV (Per-Minute Mean Volume)
█ How It Works
ORB
The indicator works by first defining a session's opening range based on user-specified settings, including the session's start and end times and the applicable time zone. During this session, it calculates the high and low price points, which form the basis for identifying potential breakout levels.
PMMV
PMMV (Per-Minute Mean Volume) provides a snapshot of the market's activity level at each minute of the trading day. PMMV is calculated by averaging the trading volume in a one-minute interval over a specified number of trading days. This script uses the average volume over the last N periods to determine the PMMV value. This average volume provides a smoother representation of volume activity compared to using a single volume value. It considers the volume over a broader timeframe, filtering out short-term fluctuations and potentially offering a more reliable indicator of underlying market activity.
TORB
TORB works by integrating the Opening Range Breakout (ORB) highs and lows with the Per-Minute Mean Volume (PMMV) metric to assess the validity of breakouts. The objective is to identify breakouts from the opening high and low levels during periods of heightened market activity, as indicated by PMMV.
█ How to Use
To effectively utilize the Timely Opening Range Breakout (TORB) strategy, follow these steps:
Identify Active Hours: Employ PMMV to pinpoint periods of peak activity within the trading day.
Apply Basic ORB Rules: If the price surpasses the upper range (resistance), buy; if it breaches the lower range (support), sell.
Breakouts
The TORB strategy identifies breakout signals when the price moves beyond the established range, supported by volume exceeding a set threshold. This technique aims to eliminate false signals, focusing on price movements during high market activity.
█ Settings
Session
Trading Session: Customize the trading session's start and end times.
Volume
Volume analysis is integral to the TORB strategy, as it uses volume data to confirm the strength and validity of breakout signals.
Period: Sets the number of periods (or bars) to calculate the average volume, which is then used to assess market activity level.
Sensitivity and Significance: Adjusts how responsive the volume analysis is to changes in trading volume. By adjusting the sensitivity, traders can decide how much emphasis to place on volume spikes, potentially reducing false breakouts and focusing on those supported by significant trading activity.
Breakout Threshold
This setting establishes a criterion to identify when the price movement is significant enough.
Threshold: Traders set a threshold level to identify high market activity. If the PMMV is greater than or equal to this threshold, it indicates significant market activity.
Setting the correct threshold is key to balancing sensitivity and specificity. Too low of a threshold may lead to many false positives, while too high of a threshold might filter out potentially profitable breakouts. This setting helps in pinpointing when market activity indicates a strong move, thereby aligning trade entries with moments of heightened market momentum.
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Komut dosyalarını "session" için ara
CPR (Central Pivot Range)Central Pivot Range is a trend and volatility forecasting tool. It is calculated from previous session's (day, week, or month) high, low, close values. It works on the idea that every trading session must be the result of its previous trading session.
Pivot, top pivot and bottom pivot values form the CPR. If the CPR for each trading session is getting higher (and also the price is trading above it) then it denotes bullish bias and vice versa for bearish. And the width of the CPR (i.e., distance between top and bottom pivot) denotes the volatility of the session.
If the CPR width is narrow, we can expect a trending or volatile trading session. If it's wide, then we can expect a range bound or sideways trading session.
Support and Resistance levels can be used as a profit booking zone or to add/reduce position sizing.
In this Indicator you have the following:
1. CPR with traditional support and resistance levels (S1-S5 & R1-R5).
2. Developing CPR for next trading day, week, and month.
3. Customizable lookback period, line width.
4. Option to show/hide labels, prices, SR levels, developing CPR.
BTMM V2Similar to the first BTMM (R.Noodle) this version of the script is tailored towards key level traders. This includes intraday, daily, and higher TF traders.
**REMOVED** background tckr info, candle color according to day, and market sessions
**Replaced**key levels & market sessions
**NEW**initial balance analytics first Friday and every Monday
Market Sessions
UK=1ST 3HRS US=1ST 3 HRS =ASIA/DAILY INITIAL BALANCE = 1ST SESS 1ST 1HR HIGH/LOW
Since the Asian session starts the day we can also grab the initial balance for the day as well. (note that using the Asian session extend function you will not be given the Asian session end time. Extend function makes the session close run through the entire day)
INITIAL BALANCE PANEL/BOX
WEEKLY INITIAL BALANCE
PIP LINES
double zero (00) and 50 pip levels are strong levels the market respects. one can reduce risk by entering at major confluences and key levels examlpe below
FIRST FRIDAY + EVERY MONDAY
KEY LEVELS
you can have today, yesterday, last week, last month, last qtr, and last year along with the mid point of all. below are key levels for day traders
S&P Merval Index Volume Indicator (Shares, ARS, U$S CCL GGAL)S&P Merval Index Volume Indicator (Shares, ARS, U$S CCL GGAL)
◾ This indicator reflects a close estimate of the traded volume in the S&P Merval Index BCBA:IMV for nominal shares, traded money in ARS & USD using a financial FX rate.
◾ The constituents of the index "must meet minimum size and liquidity requirements" as it is been declared by S&P Dow Jones Indexes. On this version of the indicator were reflected the current set of stocks for the Index as of Monday, July 27, 2020 for actual and historical sessions.
◾ Eventually, there could be changes in consitutents as per the S&P Dow Jones Indexes classification and re-balance that will be reflected on this script or a new one.
◾ Aggregated volume of nominal shares for each of the stocks constitutents is multiplied by their closing prices to estimates the effective volume in ARS & adjusted by the FX rate with "Contado con Liquidación" FX rate closing session price.
◾ It serves as a dynamical volume indicator available for standard and customized timeframes. Provides an assertive look over trading activity which allows the analyst to measure effectively either resistance or support zones in Bull / Flat or Bear markets.
◾ Output of 10 trading days of effective volume was cross-checked with "IAMC Informe diario" www.iamc.com.ar the official daily report by the exchange ByMA (Bolsas y Mercados de Argentina).
1) Trading Sessions Dates
7/27/20; 7/23/20; 7/22/20; 7/21/20; 7/20/20; 7/16/20; 7/15/20; 7/14/20; 7/13/20
2) IAMC Informe Diario S&P Merval Index Effective volume (ARS) for each of 1)
$1309.4M; $1999.3M; $1691.1M; $1585.6M; $949.7M; $818.6M; $1010.4M; $962.3M; $1515.7M
3) Pine indicator S&P Merval Index Effective volume (ARS) for each 1)
$1294.6M; $1911.7M; $1691.3M; $1526.6M; $901.4M; $796.7M; $961.9M; $939.7M; $1404.7 M
4) Variance 3) | 2)
-1%; -4%; 0%; -4%; -5%; -3%; -5%; -2%; -7%
Average Deviation: -4%
Standard Deviation: 2%
* This quick analysis depicts that effective volume displayed may (or not) have a non significance variance over the real data reported by the National Exchange due to the script calculation.
* Thanks to Alan who helped me a lot with the code!
BB and RSI Indicator Alert v0.3 by JustUncleLI have just recently revised this indicator alert for public release. This is for the 60sec Bollinger Band break Binary Option traders.
This indicator alert is a variation of one found in a well known Broker's marketing videos. It uses Bollinger bands, RSI and moving averages. Included is a pre-warning alert condition. The strategy and settings are designed for 1min charts and Binary Options, but it could work for up to 15 min charts.
The default settings are BB(14,2) and RSI(11) with 75/25 Levels boundaries. To be a valid trade the RSI needs to be within 75/25 channel. The optional Market direction filter is enabled by default and is calculated by two EMA (200 and 50):
When 200ema rising and 50ema above 200ema then market going up.
When 200ema falling and 50ema below 200ema then market going down.
A potential Bollinger Break reversal trades identified by shapes: The purple diamond is the pre-warning purple alert and the green and red pointers with the PUT/CALL labels are the trade alerts. Make Binary Option trade in specified direction 60sec (or can also use 120sec trade without Martingale).
* Notes and Hints *
The original videos specified a Martingale money management strategy, be careful using this management. When I use Martingale I recommend go to 3 levels: 10, 25, 65 if no win at 65 stop trading this alert and start next alert back at 10, you should recovery loss by future wins given you are able to get a reasonable ITM rate with this strategy. Alternatively instead of using Martingale use 120sec Binary Option trade.
Be wary of break alerts on a steep Bollinger, they tend to keep running away for awhile, especially if steep on both sides of Bollinger channel.
As with most of this style of indicator the alert conditions will redraw until the candle is closed. For me this is okay, as it is an Alert is only to a potential trade and final decision to trade is made by me.
You need to practise this and be aware of market news, sessions boundaries, slow trading periods etc. Plan your periods of when you should trade, I prefer Asian session before lunch and London sessions.
ES OHLC BASED ON 9:301. RTH Price Levels
YC (Yesterday's Close): Previous day's RTH closing price at 4:00 PM ET
0DTE-O (Today's Open): Current day's RTH opening price at 9:30 AM ET
T-E-M (Today's Europe-Asia Midpoint): Midpoint of overnight session high/low
T-E-R (Today's Europe-Asia Resistance): Overnight session high
T-E-S (Today's Europe-Asia Support): Overnight session low
Y-T-M (Yesterday-Today Midpoint): Midpoint between YC and 0DTE-O
2. Previous Bar Percentage Levels
Displays 50% retracement level for all bars
Shows 70% level for bullish bars (close > open)
Shows 30% level for bearish bars (close < open)
Lines automatically update with each new bar
3. Custom Support/Resistance Lines
Up to 4 customizable horizontal levels (2 resistance, 2 support)
Useful for marking key psychological levels or pivot points
4. VIX-Based Options Strategy Suggestions
Real-time VIX value display
Time Zone Handling
The indicator is configured for Central Time (CT) as Pine Script's default:
RTH Open: 8:30 AM CT (9:30 AM ET)
RTH Close: 3:00 PM CT (4:00 PM ET)
Overnight session: 7:00 PM CT to 8:30 AM CT next day
Usage Notes
Chart Requirement: This indicator only works on 5-minute timeframe charts
Auto-refresh: All lines and labels automatically refresh at each new trading day's RTH open
24-hour Market: Designed for ES futures which trade nearly 24 hours
Visual Clarity: Different line styles and colors for easy identification
Ideal For
Day traders focusing on ES futures
0DTE options traders needing key reference levels
Traders using overnight gaps and previous day's levels
Those incorporating VIX-based strategies in their trading
LANZ Strategy 2.0 [Backtest]🔷 LANZ Strategy 2.0 — Structural Breakout Logic with Dynamic Swing Protection
LANZ Strategy 2.0 is a precision-focused backtesting system built for intraday traders who rely on structural confirmations before the London session to guide directional bias. This tool uses smart swing detection, risk-defined position sizing, and strict time-based execution to simulate real trading conditions with clarity and control.
🧠 Core Components:
Structural Confirmation (Trend & BoS): Detects trend direction and break of structure (BoS) using a three-swing logic, aligning trade entries with valid structural movement.
Time-Based Execution: Trades are triggered exclusively at 02:00 a.m. New York time, ensuring disciplined and repeatable intraday testing.
Swing-Based SL Models: Traders can select between three stop-loss protection types:
First Swing: Most recent structural level
Second Swing: Prior level
Full Coverage: All recent swing levels + configurable pip buffer
Dynamic TP Calculation: Take-Profit is projected as a risk-based multiple (RR), fully adjustable via input.
Capital-Based Risk Management: Risk is defined as a percentage of a fixed account size (e.g., $100 per trade from $10,000), and lot size is automatically calculated based on SL distance.
Fallback Entry Logic: If structural breakout is present but trend is not confirmed, a secondary entry is triggered.
End-of-Session Management: Any open trades are automatically closed at 11:45 a.m. NY time, with optional manual labeling or review.
📊 Visual Features (Optional in Indicator Version):
(Note: Visuals apply to the indicator version of LANZ 2.0, not this backtest script)
Swing level labels (1st, 2nd) and dynamic SL/TP lines.
Real-time session coloring for clarity: Pre-London, Entry Window, and NY Close.
Outcome labels: +RR, -RR, or net % at close.
Auto-cleanup of previous drawings for a clean chart per session.
⚙️ How It Works:
Detects last trend and BoS using swing logic before 02:00 a.m. NY.
At 02:00 a.m., evaluates directional bias and executes BUY or SELL if confirmed.
Applies selected SL logic (1st, 2nd, or full swing protection).
Sets TP based on the RR multiplier.
Closes the trade either on SL, TP, or at 11:45 a.m. NY manually.
🔔 Alerts:
Time-of-day alert at 02:00 a.m. NY to monitor execution.
Can be extended to cover SL/TP triggers or new BoS events.
📝 Notes:
Designed for backtesting precision and discretionary decision-making.
Ideal for Forex pairs, indices, or assets active during the London session.
Fully customizable: session timing, swing logic, SL buffer, and RR.
👤 Credits:
Strategy built by @rau_u_lanz using Pine Script v6, combining structural logic, capital-based risk control, and London-session timing in a backtest-ready framework for traders who demand accuracy and structure.
Auto Anchored VWAPs for FuturesAbout the Script
This indicator automatically plots five anchored VWAPs based on predefined starting times, offering traders key reference points across multiple timeframes. These starting points are hardcoded and cannot be customized, ensuring consistency across all time zones. Below are the anchored VWAPs and their respective starting times:
NY Session: Starts daily at 9:30 AM EST
Globex: Starts daily at 6:00 PM EST
Weekly: Resets every Sunday at 6:00 PM EST
Monthly: Anchored to the first session of the month at 6:00 PM EST
Yearly: Anchored to the first session of the year at 6:00 PM EST
How to Use the Script
1) Add the script to your chart.
2) Select the appropriate Daylight Savings Time format.
3) Customize the visual appearance to your preference.
4) Click "OK" to apply the changes.
Once configured, the VWAP levels will automatically adjust based on the predefined timeframes.
How the Script Works
The script calculates and plots anchored VWAPs at the predefined starting times listed above. As each session, week, month, and year progresses, the corresponding VWAP is recalculated and updated on the chart, providing traders with dynamic insights into market trends and volume-weighted price action.
Follow Line Strategy Version 2.5 (React HTF)Follow Line Strategy v2.5 (React HTF) - TradingView Script Usage
This strategy utilizes a "Follow Line" concept based on Bollinger Bands and ATR to identify potential trading opportunities. It includes advanced features like optional working hours filtering, higher timeframe (HTF) trend confirmation, and improved trend-following entry/exit logic. Version 2.5 introduces reactivity to HTF trend changes for more adaptive trading.
Key Features:
Follow Line: The core of the strategy. It dynamically adjusts based on price breakouts beyond Bollinger Bands, using either the low/high or ATR-adjusted levels.
Bollinger Bands: Uses a standard Bollinger Bands setup to identify overbought/oversold conditions.
ATR Filter: Optionally uses the Average True Range (ATR) to adjust the Follow Line offset, providing a more dynamic and volatility-adjusted entry point.
Optional Trading Session Filter: Allows you to restrict trading to specific hours of the day.
Higher Timeframe (HTF) Confirmation: A significant feature that allows you to confirm trade signals with the trend on a higher timeframe. This can help to filter out false signals and improve the overall win rate.
HTF Selection Method: Choose between Auto and Manual HTF selection:
Auto: The script automatically determines the appropriate HTF based on the current chart timeframe (e.g., 1min -> 15min, 5min -> 4h, 1h -> 1D, Daily -> Monthly).
Manual: Allows you to select a specific HTF using the Manual Higher Timeframe input.
Trend-Following Entries/Exits: The strategy aims to enter trades in the direction of the established trend, using the Follow Line to define the trend.
Reactive HTF Trend Changes: v2.5 exits positions not only based on the trade timeframe (TTF) trend changing, but also when the higher timeframe trend reverses against the position. This makes the strategy more responsive to larger market movements.
Alerts: Provides buy and sell alerts for convenient trading signal notifications.
Visualizations: Plots the Follow Line for both the trade timeframe and the higher timeframe (optional), making it easy to understand the strategy's logic.
How to Use:
Add to Chart: Add the "Follow Line Strategy Version 2.5 (React HTF)" script to your TradingView chart.
Configure Settings: Customize the strategy's settings to match your trading style and preferences. Here's a breakdown of the key settings:
Indicator Settings:
ATR Period: The period used to calculate the ATR. A smaller period is more sensitive to recent price changes.
Bollinger Bands Period: The period used for the Bollinger Bands calculation. A longer period results in smoother bands.
Bollinger Bands Deviation: The number of standard deviations from the moving average that the Bollinger Bands are plotted. Higher deviations create wider bands.
Use ATR for Follow Line Offset?: Enable to use ATR to calculate the Follow Line offset. Disable to use the simple high/low.
Show Trade Signals on Chart?: Enable to show BUY/SELL labels on the chart.
Time Filter:
Use Trading Session Filter?: Enable to restrict trading to specific hours of the day.
Trading Session: The trading session to use (e.g., 0930-1600 for regular US stock market hours). Use 0000-2400 for all hours.
Higher Timeframe Confirmation:
Enable HTF Confirmation?: Enable to use the HTF trend to filter trade signals. If enabled, only trades in the direction of the HTF trend will be taken.
HTF Selection Method: Choose between "Auto" and "Manual" HTF selection.
Manual Higher Timeframe: If "Manual" is selected, choose the specific HTF (e.g., 240 for 4 hours, D for daily).
Show HTF Follow Line?: Enable to plot the HTF Follow Line on the chart.
Understanding the Signals:
Buy Signal: The price breaks above the upper Bollinger Band, and the HTF (if enabled) confirms the uptrend.
Sell Signal: The price breaks below the lower Bollinger Band, and the HTF (if enabled) confirms the downtrend.
Exit Long: The trade timeframe trend changes to downtrend or the higher timeframe trend changes to downtrend.
Exit Short: The trade timeframe trend changes to uptrend or the higher timeframe trend changes to uptrend.
Alerts:
The script includes alert conditions for buy and sell signals. To set up alerts, click the "Alerts" button in TradingView and select the desired alert condition from the script. The alert message provides the ticker and interval.
Backtesting and Optimization:
Use TradingView's Strategy Tester to backtest the strategy on different assets and timeframes.
Experiment with different settings to optimize the strategy for your specific trading style and risk tolerance. Pay close attention to the ATR Period, Bollinger Bands settings, and the HTF confirmation options.
Tips and Considerations:
HTF Confirmation: The HTF confirmation can significantly improve the strategy's performance by filtering out false signals. However, it can also reduce the number of trades.
Risk Management: Always use proper risk management techniques, such as stop-loss orders and position sizing, when trading any strategy.
Market Conditions: The strategy may perform differently in different market conditions. It's important to backtest and optimize the strategy for the specific markets you are trading.
Customization: Feel free to modify the script to suit your specific needs. For example, you could add additional filters or entry/exit conditions.
Pyramiding: The pyramiding = 0 setting prevents multiple entries in the same direction, ensuring the strategy doesn't compound losses. You can adjust this value if you prefer to pyramid into winning positions, but be cautious.
Lookahead: The lookahead = barmerge.lookahead_off setting ensures that the HTF data is calculated based on the current bar's closed data, preventing potential future peeking bias.
Trend Determination: The logic for determining the HTF trend and reacting to changes is critical. Carefully review the f_calculateHTFData function and the conditions for exiting positions to ensure you understand how the strategy responds to different market scenarios.
Disclaimer:
This script is for informational and educational purposes only. It is not financial advice, and you should not trade based solely on the signals generated by this script. Always do your own research and consult with a qualified financial advisor before making any trading decisions. The author is not responsible for any losses incurred as a result of using this script.
Custom NYSE Hourly Intervals (Gris Extra Claro/T)NYSE Custom Hourly Intervals (Background Shading)
Indicator Overview:
This TradingView indicator visually highlights specific hourly intervals during the NYSE trading session (9:30 AM - 4:00 PM ET) using background shading. Its purpose is to help traders easily identify these key periods while analyzing price action.
Features:
Hourly Segmentation: Clearly marks the following hourly blocks within the NYSE session:
9:30 - 10:00 ET
10:00 - 11:00 ET
11:00 - 12:00 ET
12:00 - 13:00 ET
13:00 - 14:00 ET
14:00 - 15:00 ET
15:00 - 16:00 ET
Alternating Background: Uses a subtle, alternating background pattern for visual distinction:
Transparent: Applied during the 9:30-10:00, 11:00-12:00, 13:00-14:00, and 15:00-16:00 intervals (shows your default chart background).
Very Light Gray: Applied during the 10:00-11:00, 12:00-13:00, and 14:00-15:00 intervals.
Timeframe Restriction: The background shading is active only on chart timeframes of 30 minutes or less (e.g., 30m, 15m, 5m, 1m). It will not appear on higher timeframes.
Session Restriction: Shading only occurs during the defined NYSE session hours (9:30 AM - 4:00 PM ET).
Customization: The color and transparency level of the "Very Light Gray" shading can be adjusted in the indicator's settings.
Purpose & Use Case:
This indicator is ideal for intraday traders who want a clean visual guide to track price movement within specific hourly segments of the NYSE trading day, without needing complex overlays.
Opal Title: Opal Lines
Short Title: Opal Lines
Description:
Opal Lines is a dynamic overlay indicator that plots horizontal price levels at the open of key market sessions throughout the trading day, based on Eastern Time (ET). Designed for traders who rely on session-based price action, it marks significant intraday events such as the European Open (3:00 AM ET), Gold Open (8:20 AM ET), Regular Market Open (9:30 AM ET), and Globex Open (6:00 PM ET), among others. Each line is color-coded and toggleable via inputs, allowing users to customize which sessions they want to track.
Unlike generic time-based tools, Opal Lines captures the opening price at precise minute intervals and extends these levels across the chart until the daily reset at 5:00 PM ET (except for the Globex line, which persists into the next day). This makes it ideal for identifying support/resistance zones, breakout levels, or reference points tied to major market openings. Traders can use it across forex, futures, equities, or commodities to align their strategies with global session dynamics.
Key Features:
Seven toggleable session lines with distinct colors for easy identification.
Time-specific logic using ET, adaptable to any chart timeframe.
Persistent lines that reset daily, with Globex extending overnight.
Lightweight and overlay-friendly, preserving chart clarity.
How to Use:
Add the indicator to your chart and enable the sessions relevant to your trading style. Watch for price interactions with these levels—e.g., bounces, breaks, or retests—especially during high-volume periods. Combine with other tools like volume or oscillators for confirmation.
Note: Ensure your chart’s timezone is set to “America/New_York” (ET) for accurate alignment.
ICT First Presented FVG - NY Open [LuckyAlgo]
This indicator identifies the first Fair Value Gap (FVG) that occurs during the New York trading session, combined with NY session opening price levels. It's an essential tool for traders who follow ICT concepts and focus on the NY trading session.
ICT refers to this as the First Presented FVG, while other traders may call it the 9:30 FVG.
This indicator is best for the 1 minute timeframe, while 5 minute also works.
Detects and marks the first FVG of the NY session
Displays both bullish (green) and bearish (red) FVGs with customizable transparency
Shows the NY session opening price with clear labels
Includes optional vertical line at 9:30 AM NY open
Maintains clean chart visibility with adjustable maximum display days
Includes session date and time labels for easy reference
The indicator helps traders identify potential reversal zones and continuation opportunities by combining two powerful concepts: Fair Value Gaps and NY session opening price. This makes it particularly valuable for day traders and swing traders who want to capitalize on institutional order flow patterns during the most liquid trading session.
You can customize the indicator's appearance, including FVG box colors, time range display, and whether to show the NY open markers. This flexibility allows you to integrate it seamlessly with your existing trading setup.
Intraday Volume### Intraday Volume Indicator Explanation
--- this was Mostly created by OpenAI ChatGPT --- it's pretty good!
--- My Commentary: One of the problems I find is with Volume is - it is skewed by the overwhelming volume around the Open and Close. So, as an experiment, I asked ChatGPT to create an indicator to plot the volume everywhere BUT the open.
I added in the CandleColor() function and set the times.
I also changed the Intraday Volume calculation from Cumulative to live.
still Chat GPT - did about 90% of the heavy lift! And, wrote the summary !
----
The "Intraday Volume" indicator is a custom script designed for use on the TradingView platform. It provides a visual representation of the total accumulated trading volume during the intraday trading session, specifically between the market open and close times. Below is a detailed explanation of its functionality:
#### **Key Features:**
1. **Session Times:**
- The indicator defines the intraday session as the period between 9:30 AM EST (market open) and 4:00 PM EST (market close).
- It uses the `timestamp` function to set these times dynamically for each trading day.
2. **Intraday Volume Calculation:**
- During the defined intraday session, the indicator accumulates the trading volume from each bar (candlestick).
- Outside the intraday session, the volume is reset to `na` (not available) to ensure only intraday data is plotted.
3. **Plotting the Volume:**
- The accumulated intraday volume is plotted as a blue column chart in a separate pane below the price chart.
- This provides a clear visualization of how the trading volume evolves throughout the trading session.
4. **Horizontal Reference Line:**
- A horizontal line is added at zero as a visual reference, making it easier to interpret the volume data.
#### **Use Cases:**
- **Volume Analysis:**
- Traders can use the indicator to identify periods of high or low trading activity during the intraday session.
- Peaks in the volume chart may correspond to key market events, such as news releases or significant price movements.
- **Trend Confirmation:**
- Comparing intraday volume with price action can help traders confirm the strength of a trend or the likelihood of a reversal.
- **Custom Time Frames:**
- Although this script is tailored for regular U.S. market hours, it can be adapted for other markets or time zones by modifying the session times.
#### **Customization:**
- **Colors and Styles:**
- The plot color (blue) and style (columns) can be customized to suit user preferences.
- **Session Times:**
- Users can change the session start and end times to match their trading needs or regional market hours.
This indicator is especially useful for intraday traders seeking insights into trading volume dynamics within the trading day. By visualizing the intraday volume, traders can gain a deeper understanding of market behavior and make informed decisions.
Volume HighlightVolume Highlight
Description:
This script helps users analyze trading volume by:
1. Highlighting the highest volume bars:
• Trading sessions with volume equal to or exceeding the highest value over the last 20 periods are displayed in purple.
• Other sessions are displayed in light gray.
2. Displaying the 20-period SMA (Simple Moving Average):
• A 20-period SMA line of the volume is included to track the general trend of trading volume.
Key Features:
• Color-coded Highlights:
• Quickly identify trading sessions with significant volume spikes.
• 20-Period SMA Line:
• Observe the overall trend of trading volume.
• Intuitive Volume Bars:
• Volume bars are clearly displayed for easy interpretation.
How to Use:
1. Add the script to your chart on TradingView.
2. Look at the color of the volume bars:
• Purple: Sessions with the highest trading volume in the past 20 periods.
• Light gray: Other sessions.
3. Use the 20-period SMA line to analyze volume trends.
Purpose:
• Analyze market momentum through trading volume.
• Support trading decisions by identifying significant volume spikes.
Illustration:
• A chart showing color-coded volume bars and the 20-period SMA line.
ATT Model with Buy/Sell SignalsIndicator Summary
This indicator is based on the ATT (Arithmetic Time Theory) model, using specific turning points derived from the ATT sequence (3, 11, 17, 29, 41, 47, 53, 59) to identify potential market reversals. It also integrates the RSI (Relative Strength Index) to confirm overbought and oversold conditions, triggering buy and sell signals when conditions align with the ATT sequence and RSI level.
Turning Points: Detected based on the ATT sequence applied to bar count. This suggests high-probability areas where the market could turn.
RSI Filter: Adds strength to the signals by ensuring buy signals occur when RSI is oversold (<30) and sell signals when RSI is overbought (>70).
Max Signals Per Session: Limits signals to two per session to reduce over-trading.
Entry Criteria
Buy Signal: Enter a buy trade if:
The indicator displays a green "BUY" marker.
RSI is below the oversold level (default <30), suggesting a potential upward reversal.
Sell Signal: Enter a sell trade if:
The indicator displays a red "SELL" marker.
RSI is above the overbought level (default >70), indicating a potential downward reversal.
Exit Criteria
Take Profit (TP):
Define TP as a fixed percentage or point value based on the asset's volatility. For example, set TP at 1.5-2x the risk, or a predefined point target (like 50-100 points).
Alternatively, exit the position when price approaches a key support/resistance level or the next significant swing high/low.
Stop Loss (SL):
Place the SL below the recent low (for buys) or above the recent high (for sells).
Set a fixed SL in points or percentage based on the asset’s average movement range, like an ATR-based stop, or limit it to a specific risk amount per trade (1-2% of account).
Trailing into Profit
Use a trailing strategy to lock in profits and let winning trades run further. Two main options:
ATR Trailing Stop:
Set the trailing stop based on the ATR (Average True Range), adjusting every time a new candle closes. This can help in volatile markets by keeping the stop at a consistent distance based on recent price movement.
Break-Even and Partial Profits:
When the price moves in your favor by a set amount (e.g., 1:1 risk/reward), move SL to the entry (break-even).
Take partial profit at intermediate levels (e.g., 50% at 1:1 RR) and trail the remainder.
Risk Management for Prop Firm Evaluation
Prop firms often have strict rules on daily loss limits, max drawdowns, and minimum profit targets. Here’s how to align your strategy with these:
Limit Risk per Trade:
Keep risk per trade to a conservative level (e.g., 1% or lower of your account balance). This allows for more room in case of a drawdown and aligns with most prop firm requirements.
Daily Loss Limits:
Set a daily stop-loss that ensures you don’t exceed the firm’s rules. For example, if the daily limit is 5%, stop trading once you reach a 3-4% drawdown.
Avoid Over-Trading:
Stick to the max signals per session rule (one or two trades). Taking only high-probability setups reduces emotional and reactive trades, preserving capital.
Stick to a Profit Target:
Aim to meet the evaluation’s profit goal efficiently but avoid risky or oversized trades to reach it faster.
Avoid Major Economic Events:
News events can disrupt technical setups. Avoid trading around significant releases (like FOMC or NFP) to reduce the chance of sudden losses due to high volatility.
Summary
Using this strategy with discipline, a structured entry/exit approach, and tight risk management can maximize your chances of passing a prop firm evaluation. The ATT model’s turning points, combined with the RSI, provide an edge by highlighting reversal zones, while limiting trades to 1-2 per session helps maintain controlled risk.
Overnight Positioning w EMA - Strategy [presentTrading]I've recently started researching Market Timing strategies, and it’s proving to be quite an interesting area of study. The idea of predicting optimal times to enter and exit the market, based on historical data and various indicators, brings a dynamic edge to trading. Additionally, it is integrated with the 3commas bot for automated trade execution.
I'm still working on it. Welcome to share your point of view.
█ Introduction and How it is Different
The "Overnight Positioning with EMA " is designed to capitalize on market inefficiencies during the overnight trading period. This strategy takes a position shortly before the market closes and exits shortly after it opens the following day. What sets this strategy apart is the integration of an optional Exponential Moving Average (EMA) filter, which ensures that trades are aligned with the underlying trend. The strategy provides flexibility by allowing users to select between different global market sessions, such as the US, Asia, and Europe.
It is integrated with the 3commas bot for automated trade execution and has a built-in mechanism to avoid holding positions over the weekend by force-closing positions on Fridays before the market closes.
BTCUSD 20 mins Performance
█ Strategy, How it Works: Detailed Explanation
The core logic of this strategy is simple: enter trades before market close and exit them after market open, taking advantage of potential price movements during the overnight period. Here’s how it works in more detail:
🔶 Market Timing
The strategy determines the local market open and close times based on the selected market (US, Asia, Europe) and adjusts entry and exit points accordingly. The entry is triggered a specific number of minutes before market close, and the exit is triggered a specific number of minutes after market open.
🔶 EMA Filter
The strategy includes an optional EMA filter to help ensure that trades are taken in the direction of the prevailing trend. The EMA is calculated over a user-defined timeframe and length. The entry is only allowed if the closing price is above the EMA (for long positions), which helps to filter out trades that might go against the trend.
The EMA formula:
```
EMA(t) = +
```
Where:
- EMA(t) is the current EMA value
- Close(t) is the current closing price
- n is the length of the EMA
- EMA(t-1) is the previous period's EMA value
🔶 Entry Logic
The strategy monitors the market time in the selected timezone. Once the current time reaches the defined entry period (e.g., 20 minutes before market close), and the EMA condition is satisfied, a long position is entered.
- Entry time calculation:
```
entryTime = marketCloseTime - entryMinutesBeforeClose * 60 * 1000
```
🔶 Exit Logic
Exits are triggered based on a specified time after the market opens. The strategy checks if the current time is within the defined exit period (e.g., 20 minutes after market open) and closes any open long positions.
- Exit time calculation:
exitTime = marketOpenTime + exitMinutesAfterOpen * 60 * 1000
🔶 Force Close on Fridays
To avoid the risk of holding positions over the weekend, the strategy force-closes any open positions 5 minutes before the market close on Fridays.
- Force close logic:
isFriday = (dayofweek(currentTime, marketTimezone) == dayofweek.friday)
█ Trade Direction
This strategy is designed exclusively for long trades. It enters a long position before market close and exits the position after market open. There is no shorting involved in this strategy, and it focuses on capturing upward momentum during the overnight session.
█ Usage
This strategy is suitable for traders who want to take advantage of price movements that occur during the overnight period without holding positions for extended periods. It automates entry and exit times, ensuring that trades are placed at the appropriate times based on the market session selected by the user. The 3commas bot integration also allows for automated execution, making it ideal for traders who wish to set it and forget it. The strategy is flexible enough to work across various global markets, depending on the trader's preference.
█ Default Settings
1. entryMinutesBeforeClose (Default = 20 minutes):
This setting determines how many minutes before the market close the strategy will enter a long position. A shorter duration could mean missing out on potential movements, while a longer duration could expose the position to greater price fluctuations before the market closes.
2. exitMinutesAfterOpen (Default = 20 minutes):
This setting controls how many minutes after the market opens the position will be exited. A shorter exit time minimizes exposure to market volatility at the open, while a longer exit time could capture more of the overnight price movement.
3. emaLength (Default = 100):
The length of the EMA affects how the strategy filters trades. A shorter EMA (e.g., 50) reacts more quickly to price changes, allowing more frequent entries, while a longer EMA (e.g., 200) smooths out price action and only allows entries when there is a stronger underlying trend.
The effect of using a longer EMA (e.g., 200) would be:
```
EMA(t) = +
```
4. emaTimeframe (Default = 240):
This is the timeframe used for calculating the EMA. A higher timeframe (e.g., 360) would base entries on longer-term trends, while a shorter timeframe (e.g., 60) would respond more quickly to price movements, potentially allowing more frequent trades.
5. useEMA (Default = true):
This toggle enables or disables the EMA filter. When enabled, trades are only taken when the price is above the EMA. Disabling the EMA allows the strategy to enter trades without any trend validation, which could increase the number of trades but also increase risk.
6. Market Selection (Default = US):
This setting determines which global market's open and close times the strategy will use. The selection of the market affects the timing of entries and exits and should be chosen based on the user's preference or geographic focus.
Premarket Std Dev BandsOverview
The Premarket Std Dev Bands indicator is a powerful Pine Script tool designed to help traders gain deeper insights into the premarket session's price movements. This indicator calculates and displays the standard deviation bands for premarket trading, providing valuable information on price volatility and potential support and resistance levels during the premarket hours.
Key Features
Premarket Focus: Specifically designed to analyze price movements during the premarket session, offering unique insights not available with traditional indicators.
Customizable Length: Users can adjust the averaging period for calculating the standard deviation, allowing for tailored analysis based on their trading strategy.
Standard Deviation Bands: Displays both 1 and 2 standard deviation bands, helping traders identify significant price movements and potential reversal points.
Real-Time Updates: Continuously updates the premarket open and close prices, ensuring the bands are accurate and reflective of current market conditions.
How It Works
Premarket Session Identification: The script identifies when the current bar is within the premarket session.
Track Premarket Prices: It tracks the open and close prices during the premarket session.
Calculate Premarket Moves: Once the premarket session ends, it calculates the price movement and stores it in an array.
Compute Averages and Standard Deviation: The script calculates the simple moving average (SMA) and standard deviation of the premarket moves over a specified period.
Plot Standard Deviation Bands: Based on the calculated standard deviation, it plots the 1 and 2 standard deviation bands around the premarket open price.
Usage
To utilize the Premarket Std Dev Bands indicator:
Add the script to your TradingView chart.
Adjust the Length input to set the averaging period for calculating the standard deviation.
Observe the plotted standard deviation bands during the premarket session to identify potential trading opportunities.
Benefits
Enhanced Volatility Analysis: Understand price volatility during the premarket session, which can be crucial for making informed trading decisions.
Support and Resistance Levels: Use the standard deviation bands to identify key support and resistance levels, aiding in better entry and exit points.
Customizable and Flexible: Tailor the averaging period to match your trading style and strategy, making this indicator versatile for various market conditions.
ORB Heikin Ashi SPY 5min Correlation StrategyOverview:
The ORB (Opening Range Breakout) strategy combined with Heikin Ashi candles and Relative Volume (RVOL) indicator aims to capitalize on significant price movements that occur shortly after the market opens. This strategy identifies breakouts above or below the opening range, using Heikin Ashi candles for smoother price visualization and RVOL to gauge the strength of the breakout.
Components:
Opening Range Breakout (ORB): The strategy starts by defining the opening range, typically the first few minutes of the trading session. It then identifies breakouts above the high or below the low of this range as potential entry points.
Heikin Ashi Candles: Heikin Ashi candles are used to provide a smoother representation of price movements compared to traditional candlesticks. By averaging open, close, high, and low prices of the previous candle, Heikin Ashi candles reduce noise and highlight trends more effectively.
Relative Volume (RVOL): RVOL compares the current volume of a stock to its average volume over a specified period. It helps traders identify abnormal trading activity, which can signal potential price movements.
Candle for correlation : In this case we are using SPY candles. It can also use different asset
Strategy Execution:
Initialization: The strategy initializes by setting up variables and parameters, including the ORB period, session timings, and Heikin Ashi candle settings.
ORB Calculation: It calculates the opening range by identifying the high and low prices during the specified session time. These values serve as the initial reference points for potential breakouts. For this we are looking for the first 30 min of the US opening session.
After that we are going to use the next 2 hours to check for breakout opportunities.
Heikin Ashi Transformation: Optionally, the strategy transforms traditional candlestick data into Heikin Ashi format for smoother visualization and trend identification.
Breakout Identification: It continuously monitors price movements within the session and checks if the current high breaches the ORB high or if the current low breaches the ORB low. These events trigger potential long or short entry signals, respectively.
RVOL Analysis: Simultaneously, the strategy evaluates the relative volume of the asset to gauge the strength of the breakout. A surge in volume accompanying the breakout confirms the validity of the signal. In this case we are looking for at least a 1 value of the division between currentVolume and pastVolume
Entry and Exit Conditions: When a breakout occurs and is confirmed by RVOL and is within our session time, the strategy enters a long or short position accordingly. It does not have a stop loss or a takie profit level, instead it will always exit at the end of the trading session, 5 minutes before
Position Sizing and Commissions: For the purpose of this backtest, the strategy allocated 10% of the capital for each trade and assumes a trading commission of 0.01$ per share ( twice the IBKR broker values)
Session End: At the end of the trading session, the strategy closes all open positions to avoid overnight exposure.
Conclusion:
The combination of ORB breakout strategy, Heikin Ashi candles, and RVOL provides traders with a robust framework for identifying and capitalizing on early trends in the market. By leveraging these technical indicators together, traders can make more informed decisions and improve the overall performance of their trading strategies. However, like any trading strategy, it's essential to backtest thoroughly and adapt the strategy to different market conditions to ensure its effectiveness over time.
LIT - Timings Fx MartinThe Asia Liquidity Points Indicator is a powerful tool designed for traders to identify key liquidity points during the Asia trading session. This script is tailored specifically to aid traders in capitalizing on the unique characteristics of Asian markets, providing invaluable insights into liquidity zones that can significantly enhance trading decisions.
Key Features:
Asia Session Focus: The indicator focuses exclusively on the Asia trading session, which encompasses the trading activity primarily in the Asian markets such as Tokyo, Hong Kong, Singapore, and others.
Liquidity Zones Identification: The script utilizes advanced algorithms to identify and map out liquidity zones within the Asia trading session. These zones represent areas where significant buying or selling pressure is likely to occur, thus presenting lucrative trading opportunities.
Customizable Parameters: Traders have the flexibility to customize various parameters such as time frame, sensitivity, and display options to suit their trading preferences and strategies.
Visual Alerts: The indicator provides visual alerts on the trading chart, clearly indicating the location and strength of liquidity points. This feature enables traders to quickly identify potential entry or exit points based on the liquidity dynamics in the market.
Real-Time Updates: The script continuously monitors market activity during the Asia session, providing real-time updates on liquidity points as they evolve. This ensures traders stay informed and adaptable to changing market conditions.
Integration with Trading Strategies: The Asia Liquidity Points Indicator seamlessly integrates with various trading strategies, serving as a valuable tool for both discretionary and algorithmic traders. Whether used in isolation or in combination with other technical analysis tools, this indicator can enhance trading performance and profitability.
User-Friendly Interface: The indicator boasts a user-friendly interface, making it accessible to traders of all levels of experience. Whether you are a novice trader or a seasoned professional, you can easily incorporate this tool into your trading arsenal.
In conclusion, the Asia Liquidity Points Indicator offers traders a strategic advantage in navigating the nuances of the Asia trading session. By identifying key liquidity zones and providing real-time insights, this script empowers traders to make informed decisions and capitalize on lucrative trading opportunities in the dynamic Asian markets.
ORB Algo | Flux Charts💎 GENERAL OVERVIEW
Introducing our new ORB Algo indicator! ORB stands for "Opening Range Breakout" which is a common trading strategy. The indicator can analyze the market trend in the current session and give "Buy / Sell", "Take Profit" and "Stop Loss" signals. For more information about the analyzing process of the indicator, you can read "How Does It Work ?" section of the description.
Features of the new ORB Algo indicator :
Buy & Sell Signals
Up To 3 Take Profit Signals
Stop-Loss Signals
Alerts for Buy / Sell, Take-Profit and Stop-Loss
Customizable Algoritm
Session Dashboard
Backtesting Dashboard
📌 HOW DOES IT WORK ?
This indicator works best in 1-minute timeframe. The idea is that the trend of the current session can be forecasted by analyzing the market for a while after the session starts. However, each market has it's own dynamics and the algorithm will need fine-tuning to get the best performance possible. So, we've implemented a "Backtesting Dashboard" that shows the past performance of the algorithm in the current ticker with your current settings. Always keep in mind that past performance does not guarantee future results.
Here are the steps of the algorithm explained briefly :
1. The algorithm follows and analyzes the first 30 minutes (can be adjusted) of the session.
2. Then, algorithm checks for breakouts of the opening range's high or low.
3. If a breakout happens in a bullish or a bearish direction, the algorithm will now check for retests of the breakout. Depending on the sensitivity setting, there must be 0 / 1 / 2 / 3 failed retests for the breakout to be considered as reliable.
4. If the breakout is reliable, the algorithm will give an entry signal.
5. After the position entry, algorithm will now wait for Take-Profit or Stop-Loss zones and signal if any of them occur.
If you wonder how does the indicator find Take-Profit & Stop-Loss zones, you can check the "Settings" section of the description.
🚩UNIQUENESS
While there are indicators that show the opening range of the session, they come short with features like indicating breakouts, entries, and Take-Profit & Stop-Loss zones. We are also aware of that different stock markets have different dynamics, and tuning the algorithm for different markets is really important for better results, so we decided to make the algorithm fully customizable. Besides all that, our indicator contains a detailed backtesting dashboard, so you can see past performance of the algorithm in the current ticker. While past performance does not yield any guarantee for future results, we believe that a backtesting dashboard is necessary for tuning the algorithm. Another strength of this indicator is that there are multiple options for detection of Take-Profit and Stop-Loss zones, which the trader can select one of their liking.
⚙️SETTINGS
Keep in mind that best chart timeframe for this indicator to work is the 1-minute timeframe.
TP = Take-Profit
SL = Stop-Loss
EMA = Exponential Moving Average
OR = Opening Range
ATR = Average True Range
1. Algorithm
ORB Timeframe -> This setting determines the timeframe that the algorithm will analyze the market after a new session begins before giving any signals. It's important to experiment with this setting and find the best option that suits the current ticker for the best performance. More volatile stocks will often require this setting to be larger, while more stabilized stocks may have this setting shorter.
Sensitivity -> This setting determines how much failed retests are needed to take a position entry. Higher senstivity means that less retests are needed to consider the breakout as reliable. If you think that the current ticker makes strong movements in a bullish & bearish direction after a breakout, you should set this setting higher. If you think the opposite, meaning that the ticker does not decide the trend right after a breakout, this setting show be lower.
(High = 0 Retests, Medium = 1 Retest, Low = 2 Retests, Lowest = 3 Retests)
Breakout Condition -> The condition for the algorithm to detect breakouts.
Close = Bar needs to close higher than the OR High Line in a bullish breakout, or lower than the OR Low Line in a bearish breakout. EMA = The EMA of the bar must be higher / lower than OR Lines instead of the close price.
TP Method -> The method for the algorithm to use when determining TP zones.
Dynamic = This TP method essentially tries to find the bar that price starts declining the current trend and going to the other direction, and puts a TP zone there. To achieve this, it uses an EMA line, and when the close price of a bar crosses the EMA line, It's a TP spot.
ATR = In this TP method, instead of a dynamic approach the TP zones are pre-determined using the ATR of the entry bar. This option is generally for traders who just want to know their TP spots beforehand while trading. Selecting this option will also show TP zones at the ORB Dashboard.
"Dynamic" option generally performs better, while the "ATR" method is safer to use.
EMA Length -> This setting determines the length of the EMA line used in "Dynamic TP method" and "EMA Breakout Condition". This is completely up to the trader's choice, though the default option should generally perform well. You might want to experiment with this setting and find the optimal length for the current ticker.
Stop-Loss -> Algorithm will place the Stop-Loss zone using setting.
Safer = The SL zone will be placed closer to the OR High for a bullish entry, and closer to the OR Low for a bearish entry.
Balanced = The SL zone will be placed in the center of OR High & OR Low
Risky = The SL zone will be placed closer to the OR Low for a bullish entry, and closer to the OR High for a bearish entry.
Adaptive SL -> This option only takes effect if the first TP zone is hit.
Enabled = After the 1st TP zone is hit, the SL zone will be moved to the entry price, essentially making the position risk-free.
Disabled = The SL zone will never change.
2. ORB Dashboard
ORB Dashboard shows the information about the current session.
3. ORB Backtesting
ORB Backtesting Dashboard allows you to see past performance of the algorithm in the current ticker with current settings.
Total amount of days that can be backtested depends on your TV subscription.
Backtesting Exit Ratios -> You can select how much of percent your entry will be closed at any TP zone while backtesting. For example, %90, %5, %5 means that %90 of the position will be closed at the first TP zone, %5 of it will be closed at the 2nd TP zone, and %5 of it will be closed at the last TP zone.
Seek liquidityGuided by ICT tutoring, I create this versatile "Seek liquidity" indicator.
This indicator shows an easy way to view the Liquidity that has been Created - Eliminated - and what liquidity is left to eliminate.
Liquidity levels appear after the sessions are over, and the lines get stuck on the candle that eliminates them.
Timing session =
//---Asian
- 18:00-00:00
//---London
- 00:00-02:00
- 02:00-05:00
- 00:00-06:00
//---New York
- 06:00-12:00
- 09.30-12.00
//---Lunch
- 12:00-13:30
//---PM
- 1.30pm - 4.00pm
- 12:00-18:00
The user has the possibility to:
- Choose whether or not to view sessions
- Choose to show levels from previous sessions
- Choose to show today's session levels
- Choose whether to view the boxes
- Choose to view the division is open daily
The indicator should be used as ICT shows in its concepts, the indicator takes into consideration both the previous and today's Liquidity, and the session levels can be used for a reversal as in the example below:
Intraday Volatility Bands [Honestcowboy]The Intraday Volatility Bands aims to provide a better alternative to ATR in the calculation of targets or reversal points.
How are they different from ATR based bands?
While ATR and other measures of volatility base their calculations on the previous bars on the chart (for example bars 1954 to 1968). The volatility used in these bands measure expected volatility during that time of the day.
Why would you take this approach?
Markets behave different during certain times of the day, also called sessions.
Here are a couple examples.
Asian Session (generally low volatility)
London Session (bigger volatility starts)
New York Session (overlap of New York with London creates huge volatility)
Generally when using bands or channel type indicators intraday they do not account for the upcoming sessions. On London open price will quickly spike through a bollinger band and it will take some time for the bands to adjust to new volatility.
This script will show expected volatility targets at the start of each new bar and will not adjust during the bar. It already knows what price is expected to do at this time of day.
Script also plots arrows when price breaches either the top or bottom of the bands. You can also set alerts for when this occurs. These are non repainting as the script knows the level at start of the bar and does not change.
🔷 CALCULATION
Think of this script like an ATR but instead it uses past days data instead of previous bars data. Charts below should visualise this more clearly:
The scripts measure of volatility is based on a simple high-low.
The script also counts the number of bars that exist in a day on your current timeframe chart. After knowing that number it creates the matrix used in it's calculations and data storage.
See how it works perfectly on a lower timeframe chart below:
Getting this right was the hardest part, check the coding if you are interested in this type of stuff. I commented every step in the coding process.
🔷 SETTINGS
Every setting of the script has a tooltip but I provided a breakdown here:
Some more examples of different charts:
90cycle @joshuuu90 minute cycle is a concept about certain time windows of the day.
This indicator has two different options. One uses the 90 minute cycle times mentioned by traderdaye, the other uses the cls operational times split up into 90 minutes session.
e.g. we can often see a fake move happening in the 90 minute window between 2.30am and 4am ny time.
The indicator draws vertical lines at the start/end of each session and the user is able to only display certain sessions (asia, london, new york am and pm)
For the traderdayes option, the indicator also counts the windows from 1 to 4 and calls them q1,q2,q3,q4 (q-quarter)
⚠️ Open Source ⚠️
Coders and TV users are authorized to copy this code base, but a paid distribution is prohibited. A mention to the original author is expected, and appreciated.
⚠️ Terms and Conditions ⚠️
This financial tool is for educational purposes only and not financial advice. Users assume responsibility for decisions made based on the tool's information. Past performance doesn't guarantee future results. By using this tool, users agree to these terms.
