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Session Levels - Ultimate Range Indicator

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Session Levels - Ultimate Range Indicator

Primarily developed for trading the E-MINI Futures Markets like NQ or ES from the CME Group ,
but also more than suitable for Crypto or other instruments.

This indicator highlights the chosen session, which can be Globex, Asian, London and New York.
It plots the important levels and also renders the Opening Range as it forms (a.k.a. Initial Balance).
After the 1st hour Opening Range is finished, it can plot the Standard Deviations / Projections.

See below for a complete feature list.

All Opening Ranges on chart and for the New York session the Range Projections are turned on:
https://s3.tradingview.com/snapshots/b/BikUOedj.png

How to use (example):

If you are trading the Nasdaq Futures (NQ!)
  • Enable the Globex Overnight session. Basically in the Futures Market, the Globex session is everything outside of US trading hours of Stocks. This draws the important overnight levels, like the Low, 25%, 50%, 75% and the High.
  • Enable the New York Session with Levels and Opening Range. Generally, 70% of the time the 1st hour will put a Low or High of the day.
  • If the price is trading above the Globex Low, most likely the Low of the Day is formed and the price target for the day will be 1.5x Standard Deviation and 2x Standard Deviation.
    [*} Deviation of the Initial Balance depends on the volume ad overall market structure.
  • ** This is not financial advice or any guarantee **

Features:

  • Show each Session Highlighted on Intraday chart in it's own color (each session can be turned off and has customizable times and color)
  • Show Line Levels of each session: Low, 25%, 50%, 75% and the High (customizable color)
  • Show the Opening Range (Initial Balance) of the Asian, London and New York session. Note: NY has more options.
  • Opening Range is displayed as a box with level lines (customizable color)
  • Levels are drawn to the end of the NY Cash session (customizable time)
  • Show IB Standard Deviations 0.5 - 3.0. Calculated from the Opening Range (Initial Balance)
  • Option to display Higher Timeframe levels: Previous Day Open/Close and Previous Week Open/Close
  • All level lines and OR boxes size dynamically as the session progresses
  • Built in Alerts for when price hits key levels. e.g. Alert when price crosses the NY Opening Range High. Or an Alert when the first STDEV is hit.
  • Option to toggle display of drawings for Today's trading session only, or Show all recent session levels. This keeps the chart clean or not.

Extras:

  • The NY Opening Range also has a 50% level line
  • The NY Opening Bar can be highlighted separately
  • The Level Lines can have small labels turned on/off. Values are only shown on mouse over to keep a clean chart

Keep in mind:

1) This indicator works on all instruments, but on instruments with limited market hours, your chart setting
has to be set to "Extended Hours" otherwise. For example TSLA on NASDAQ.

2) The Exchange Time Zone for the CME Group is Chicago UTC-6. So the session times you configure in the settings menu are based on that timezone too.

3) Globex opens at 5pm CST and closes when the US session starts 8:30CST.

4) When enabling the Alerts in the Indicator settings, be sure to also create an alarm for this indicator using the Alarm function of Tradingview.
Release Notes: Bug fixes:
  • OR Box and Levels started drawing too early at session start, instead of OR Start. Fixed
  • OR Logic sometimes used the high and low from pre-market instead of the high and low inside the OR 1st hour. Fixed.
  • Color of Level lines could not be changed in Asian and London session. Fixed

New Features:

Asian and London OR now have a 50% line too, like NY
Asian and London OR now have a 0.5 STDEV Projection line too, like NY
Release Notes: A new version of my Session Levels - Ultimate Range Indicator is available.

The following changes have been made:

  • Option to change colors of the HTF levels + add a small labels for more clarity. Like PDO = Previous Day's Open.
  • Option to toggle historic levels per session. This allows more control over what sessions you want to see. Example: show all New York sessions and only today's Globex session.
  • Reorganized the Settings panel a bit
  • Implemented a Timezone mechanism so it's easier to use on non-Futures instruments
  • Removed the Asian and London offset options

Examples of what you can do with this indicator:

Show historic New York sessions and only today's Globex levels:

Show only today's sessions: Asia, London and New York

Show All New York and All Globex sessions:

If you want to know more on how to use the Initial Balance or the find the IB times for different instruments, like Futures, Forex or Gold, then go visit Adam's blog
which is a wonderful primer on the subject:
https://tradingriot.com/market-profile/#Initial_Balance_in_Futures

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