P12 Session Levels

The P12 Session Levels indicator visualizes the high and low of the prior 12-hour period to provide a clear reference for current session context and market structure.

Usage

The Usage section focuses on how the script provides intraday context through specific session boundaries. By highlighting the prior 12-hour range (P12), traders can identify key areas where price may react, consolidate, or expand.

For example, a trader might monitor how price interacts with the P12 High or Low during the New York open. If price rejects a P12 level, it may indicate a rotation back toward the range midline. Conversely, a sustained break beyond these levels can signal a expansion into the provided extension levels (defaulted at 0.35% and 0.50%). The tool also includes an "Observation Box" (06:00 - 08:30) and an "Opening Range" (09:30) to help categorize different phases of the trading day.

Details

The script tracks price action during the designated P12 session (18:00 - 06:00 New York time) and locks in the high, low, and midline values once the session concludes. These values are then projected forward as horizontal levels.

Implementation details:

• P12 Range: Captured during the 12-hour overnight/pre-market window.
• Observation Box: A specific secondary window used to observe pre-market liquidity.
• Opening Range: Uses a Multi-Timeframe (MTF) request to accurately capture the high/low of the initial minutes of the market open (e.g., 09:30-09:31).
• Extensions: Calculated as a percentage offset from the absolute P12 High and Low, providing objective targets or exhaustion points.

Settings

General

• Timezone: Sets the reference timezone for all session calculations (Default: America/New_York).
• Show Observation Box: Toggles the visibility of the 06:00 - 08:30 range box.
• Show Opening Range: Toggles the visibility of the 09:30 opening range box.

Extensions

• Extension 1/2 (%): Defines the percentage offset for the upper and lower projection levels.

Opening Range

• Opening Range Timeframe: The timeframe used to calculate the opening range.
• Opening Range Session: The specific time window to capture the opening range.

Style

• Colors: Individual color pickers for the P12 box, observation box, high/mid/low lines, and extension levels.
• Line Styles: Options to change projections and midlines between solid, dashed, and dotted formats.

FAQ

How do I use the extension levels?

The extension levels represent percentage-based deviations from the previous 12-hour range. They are often used as profit targets or areas to look for potential mean reversion.

Can I change the session times?

The P12 and Observation sessions are currently hardcoded to standard New York times, but the Opening Range session and the overall Timezone can be adjusted in the settings.

How do I access P12 Session Levels?

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