This script draws opening ranges for each of the sessions - Tokyo, London and New York and plots session high, low and range of the previous session.
So if you trade London session - you would only take longs if we're above the Tokyo range and vice versa for shorts.
Often times previous session's highs act as resistance and lows act as support, so careful trading around those levels.
It is obviously meant for lower timeframes, since each of the sessions only lasts a few hours.
Default settings are set to the exchange that I use and my timezone ( GMT +7), so you might need to adjust the settings accordingly.
Tokyo - 12am GMT
London - 7am GMT
New York - 12pm GMT
This update should solve this.
Basically now when it says "London Pivot" - it's a pivot that appears during the London session, however it's drawn using values of the previous (Tokyo) session. Similarly - the New York pivot range displays during New York session, however it uses London's High, Low and Close to determine the range.
I hope this update solves the confusion that might have been caused by me not triple checking the code before publishing it.
Upon reviewing the script I noticed how the pivot ranges were calculated using the time right before the opening of the new session, rather than previous session's time. It wasn't an issue if the current session began right when the previous session ended, however if there was a gap - it resulted in inaccurate pivot ranges.
That's already fixed.
I also color coded previous session's highest highs and lows and extended them using dotted lines.
I changed the opening range to one hour. For some reason the results are also better if you add 1 minute to session times (1601 instead of 1600).
I sann TradingView-anda har författaren till detta skript publicerat det som öppen källkod, så att handlare kan förstå och verifiera det. Skål för författaren! Du kan använda den gratis men återanvändning av den här koden i en publikation regleras av våra Ordningsregler. Du kan göra den till favorit för att använda den i ett diagram.
I'd be more than happy to help in anyway ref bug testing if you'd like to look into this. As it's a great indicator to have. Many thanks in advance.
Have you tried changing the session times in settings? The default ones are set for my specific time zone (GMT +7). Let me know and I'll try to help.
Happy you're finding it useful
There is something else though please, that remains an issue within the new script. I’ll try my best to explain.
For example: I have my NYC session defined as 13:00 to the close of the 19:45 candle (GMT). This leaves a small gap between 20:00 and 22:00 - when the tradingview session ends. This isn’t a problem and the pivot calculation is correct, as long as price doesn’t break the high or low created between 13:00 and 19:45 - during this gap time between 20:00 and 22:00. If it ventures out of my range during this time, the pivot calculation is incorrect. Presumably it uses the new high or low created instead.
Does that make sense? If this doesn’t or you’d like examples and further info, please do PM me. I’m very happy to help.
If you take a peek at the below image you'll see an example of what I mean. The grey coloured range on the left shows my NYC session. 13:00 - 19:45 BST (Not GMT sorry). The right hand range is the one from the indicator. Same exact timings. But as price has broken the range in the gap time, the indicator has used the new low instead. You see the "low line: is lower. NB. There is another example on the right, same screenshot. With the tiny spike up in the gap time.