FXN - Asian Session Range

The FXN - Asian Session Range indicator visualizes the price boundaries of the Asian trading session and projects key support and resistance levels into subsequent market sessions. This tool helps traders identify potential breakouts or mean-reversion opportunities by highlighting the high, low, and mid-point of the initial daily range.

Usage

The Usage section describes how the script can be used, examples should be provided in this section. This section also focuses on how main settings affect the indicator interpretation and output.

The indicator is primarily designed for intraday timeframes, specifically the 15-minute chart, though it supports any interval from 1 minute to 4 hours. By default, it plots a box around the Asian session (20:00 to 02:00 EST). Once the session concludes, the high, low, and mid-point lines extend across the London and New York sessions to serve as reference points for price action.

Traders can use these extended lines to:

• Identify Breakouts: Watch for price breaking out of the Asian session high or low during the London open.
• Assess Mid-Range Support/Resistance: Use the mid-line as a pivot point for intraday trend continuation or reversal.
• Evaluate Session Overlaps: Compare the ranges of London and New York sessions against the Asian benchmark.

Details

The script calculates session boundaries based on user-defined Eastern Standard Time (EST) inputs. It utilizes drawing objects to create boxes for the Asian, London, and New York sessions. Beyond session ranges, the script incorporates broader market context by calculating the Average Daily Range (ADR) and plotting historical extremes.

The indicator includes logic to handle daily, weekly, and previous day price levels. These levels are dynamically updated and can be toggled to show labels like "YH/YL" (Yesterday's High/Low) or "PWH/PWL" (Previous Week's High/Low). The inclusion of ADR allows traders to gauge whether the current session's volatility is exhausted or has room to expand relative to the 21-day average.

Settings

Session Configuration

• Start Session/End Session Hour & Minute (EST): Defines the specific timeframe for the Asian session box.
• Extend Session Lines Until: Determines the point in time (EST) where the Asian range projections stop plotting.
• Show London/New York Session Box: Toggles the visibility of secondary session ranges.
• Session Start/End Times: Customizable hours and minutes for London and New York sessions.

Visuals

• Range Border Color/Width/Style: Sets the aesthetic properties for the session boxes.
• Session High / Low / Mid Line: Adjusts the appearance of the projected horizontal levels.
• Text Color/Size: Controls the labels for price levels and pips.

Daily and Weekly Levels

• Show Average Daily Range (ADR): Displays the average volatility over a specified period.
• ADR Length parameter (Days): The lookback period (default 21) used to calculate average volatility.
• Show Previous Day HiLo: Plots horizontal lines at the high and low of the preceding trading day.
• Show Last Weekly HiLo: Plots horizontal lines at the high and low of the previous trading week.

FAQ

How do I adjust the indicator for my local timezone? The script is configured for EST by default. You can adjust the "Start Session" and "End Session" inputs in the settings menu to align with your preferred session hours.

Can this indicator be used on daily or weekly timeframes? The indicator is optimized for intraday charts (1m to 4h). Using it on daily or higher timeframes will not yield meaningful session boxes as the data is compressed into a single bar.

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