Opening Range-Asia and Europe Session

The Opening Range-Asia and Europe Session indicator identifies and plots the high and low price levels of specific trading sessions to help traders identify breakout opportunities and potential profit targets.

Usage

The indicator is primarily used to trade session breakouts. By defining the high and low of the Asian or European session, traders can look for price to break out above or below these boundaries. Once a breakout occurs, the tool provides two levels of profit targets based on a multiple of the opening range's size.

• Breakout Identification: When price moves above the session high, the plot color shifts to green; when it falls below the session low, the plot color shifts to red.
• Profit Targets: The script automatically calculates and plots two upside and downside targets. These are visualized as circles and can be configured to show labels ('1' and '2') when hit.
• Session Selection: Users can choose between preset Asian and European sessions or a 24-hour cycle to determine the range calculation baseline.

Details

The script calculates the opening range by looking back at the high and low over a specific duration (defaulting to 540 minutes or 9 hours). All session times are based on Eastern Standard Time (EST/GMT-5), and users should be aware that these times may shift based on Daylight Savings Time. The profit targets are calculated as a percentage multiple of the total range (High - Low) and added/subtracted from the session boundaries.

Settings

• Session to use: Select the specific session for calculation (0 = 24 Hours, 1 = Asia Session, 2 = Europe Session).
• Asia Session: Sets the time range for the Asian session (Default: 1700-1659).
• Europe Session: Sets the time range for the Europe session (Default: 0200-0159).
• Profit Target 1: Adjusts the first profit target multiplier (calculated as Input * 0.1 of the range).
• Profit Target 2: Adjusts the second profit target multiplier (calculated as Input * 0.1 of the range).
• Length Of Opening Range: Defines the timeframe used to calculate the session range (Default is 540 minutes).
• Plot 1 and 2 When 1st and 2nd Profit Target are Achieved?: Toggles the visual labels on the chart when targets are reached.

FAQ

How do I change the session times for my local time zone?

The indicator uses New York Time (EST). To match your local session, you must adjust the session input strings to the corresponding EST equivalent.

Why is the US session not plotting correctly?

There is a known limitation when plotting sessions that span specific 24-hour transitions like 0800 to 0759; it is recommended to use the preset Asia and Europe session toggles for the most accurate results.

How can I get access to this tool?

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