zathruswriter

Daily Defining Range

zathruswriter Uppdaterad   
Shows the highest probability daily high and low for the New York session in its first hour.
Then detects the trend in which this session is likely to move during the day.

This script will use the first hour of NY session (9:30 am to 10:30 am) to determine the Defining Range between that range's highest high and lowest low.

It will also determine the Implied Defining Range, which are the actual close values of the highest and lowest candle in the Defining Range.

Once a highest high or lowest low is broken, this script shows you the most likely direction of the trend for the day with 88% probability.

Credits: this idea originates from TheMas7er
Release Notes:
added a more graphical representation of the defining range
Release Notes:
added a mid line in the half of the defining range, so you can check which of your FVGs is more likely to be hit after the defining range was broken
Release Notes:
added the option to set your own session timezone and session start time
Release Notes:
fix: DR and IDR are actually broken by a close price, not high/low
Release Notes:
added alerts for when DR or IDR high/low lines are broken
Release Notes:
fix: IDR range was calculated incorrectly
Release Notes:
fix: IDR bottom range and both, top and bottom lines were drawn incorrectly
Release Notes:
fix #1: DR and IDR ranges end on the correct candle
fix#2: resetting now works correctly with markets that don't start at midnight
Release Notes:
fix: DR and IDR lines positioned incorrectly in some cases (the range was highlighted correctly though)
Release Notes:
added the possibility to show 0.5% fibo levels for the IDR + fixed IDR lines not being positioned where they should be (IDR range box was still correct)
Release Notes:
fix for instances where one candle closes almost at the DR/IDR level but fails to break it and then next candle actually opens above/below the DR/IDR level, essentially breaking it at the open - this was previously ignored and only candle close value was taken into consideration for breaking the range
Release Notes:
fix #1: starting bar on Indian markets now correctly shows 9:15, fix #2: DR/IDR lines showing correct on Indian markets
Release Notes:
fix: IDR lines positioned at the wrong places
Release Notes:
fix: IDR line once again not positioned correctly as per candle's body (this is the last IDR line fix, I promise! :-)
Release Notes:
1) fixed IDR range reliability statistics that is showing when Debug Mode is on, 2) added the ability to color 0.5 Fibo levels differently and also to adjust Fibo labels offset, so it doesn't get in the way

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