Session Levels

The Session Levels indicator tool plots critical intraday support and resistance levels derived from historical price action and volatility metrics. By automatically identifying key highs and lows from previous sessions, weeks, and months, it provides traders with a comprehensive framework for gauging market sentiment and potential breakout or reversal points.

Usage

The Usage section focuses on how these automated levels can be integrated into a trading strategy. These levels typically act as psychological barriers where price action reacts.

• Sentiment Identification: Closing above a previous session's high often indicates bullish momentum, while closing below a previous session's low indicates bearish sentiment.
• Volatility Boundaries: The VIX, ATR, and Percentage ranges provide an "expected" trading area for the day. Price reaching these boundaries can signal overextended conditions or high-probability reversal zones.
• Confluence Zones: When multiple levels (e.g., Previous Day High and 52-Week High) align in the same area, the level of support or resistance is considered significantly stronger.

Details

The script calculates and draws several types of session-based data points:

• Historical Highs/Lows: Includes Previous Day, Previous N Days, Previous Week, Previous Month, 52-Week, and All-Time levels.
• Session Opens: Highlights the opening price for the current Day, Week, and Month to track intraday trend relative to the start of the period.
• VIX Range: Uses a user-defined Volatility Index (defaulting to India VIX) to calculate an expected daily trading range based on market volatility.
• ATR & Percentage Ranges: Provides alternative volatility-based boundaries using Average True Range or a fixed percentage offset from the previous day's close.

Settings

General

• Show Labels: Toggles the display of text labels next to the levels.
• Show Prices: Toggles the display of numerical price values.
• Extend Line: Controls whether lines extend to the left, right, both directions, or remain fixed.

Session Open

• Show Current Day/Week/Month: Enables or disables the opening price lines for the respective periods.
• Line Color/Style: Customizes the visual appearance of opening price lines.

Session High Low

• Show Previous Day/Week/Month/52 Week/All Time: Toggles the visibility of specific historical peaks and troughs.
• Show Previous N Days: Allows for a custom lookback period for recent daily highs and lows.

Range Calculations

• Vix Range: Settings to enable VIX-based ranges and select the appropriate Volatility Index symbol.
• ATR Range: Configures the ATR length and visibility for volatility-based support/resistance.
• Percentage Range: Configures a fixed percentage distance from the previous close to define the expected range.

FAQ

How do I interpret the VIX range lines? The VIX range lines represent the expected high and low for the day based on market volatility. Staying within these lines is considered "normal" activity, while breaking outside them suggests significant volatility expansion.

Can I use this for long-term investing? While designed primarily for intraday session levels, the inclusion of 52-week and All-Time High/Low levels provides context that is useful for swing traders and long-term investors.

How do I access Session Levels? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.