Session Range Candles + 25% Level

The Session Range Candles + 25% Level indicator provides a comprehensive multi-session analysis tool that consolidates the Asia, London, and New York sessions into a unified interface to help traders identify session structure and key price levels. It automates the tracking of session ranges and calculates historical behavior statistics based on how these sessions interact, specifically focusing on the relationship between London and New York.

Usage

The Usage section describes how the script can be used to interpret intraday market dynamics.

Session Candles

The indicator generates composite candlesticks for each session, displayed to the right of the current price. These candles update in real-time, showing the open, high, low, and close for the Asia, London, and New York periods.

• Asia: 18:00–02:00 ET
• London: 02:00–08:00 ET
• New York: 08:00–17:00 ET

The 25% Level

A "direction-aware" level is calculated based on the session's body (open-to-close range).

• In a bullish session, the level marks the upper 25% of the body.
• In a bearish session, the level marks the lower 25% of the body. Traders use these levels to identify premium or discount zones within a session's delivery.

Statistical Analysis

The stats table categorizes the relationship between the Asia and London sessions into "regimes" (e.g., London Engulfs Asia, London Partial Up). Once a regime is identified, the table provides historical probabilities for New York’s behavior, such as the likelihood of NY taking the London high/low or closing bullishly.

Details

The script uses a rolling history (default 252 sessions) to generate its statistics. Data is committed to the historical array at the start of each new Asia session.

Regime Classification

Regimes are determined by comparing the wick-to-wick extremes of London and Asia:

• London Engulfs Asia: London's range exceeds Asia's in both directions.
• Asia Engulfs London: London remains entirely within Asia's range.
• London Partial Up/Down: London breaks only one side of the Asia range.
• Inside: London’s range is strictly inside Asia’s extremes.

Wick Interaction Metrics

The indicator tracks how often NY "sweeps" the London 25% level. For example, if London was bullish, the "Wick < Lon 25% → Close Above" metric shows how often NY dipped into the London discount zone before recovering, offering a statistical basis for long entries.

Settings

Session Configuration (Asia, London, NY)

• Session Start/End: Defines the active hours for each session in New York time.
• Show Session Open Line: Toggles vertical dividers at the start of each session.
• Show H/M/L/O Lines: Toggles horizontal lines for session High, Mid, Low, and Open.
• Show 25% Line on Chart: Displays the calculated 25% level as a horizontal reference.

Session Candles

• Offset from chart: Adjusts the horizontal placement of the session candles.
• Candle width/Spacing: Customizes the visual width and gap between the session blocks.
• Body fill transparency: Adjusts the opacity of the session candle bodies.
• Show 25% tick on candle: Adds a small marker on the session candle representing the 25% level.

Stats Table

• Lookback (sessions): Determines the historical sample size for probability calculations.
• Table Position: Adjusts where the statistics table is anchored on the chart.
• Text Size/Color: Customizes the visual appearance of the data table.

FAQ

How do I interpret the "Regime" in the stats table? The regime identifies the structural relationship between the current day's Asia and London sessions. Use the "Occurrences" row to ensure the sample size is large enough (ideally >20) to be statistically significant for the NY session's predicted behavior.

Why does the 25% level sometimes move? During an active session, the 25% level is calculated based on the current live candle body. Once the session closes, the level remains fixed as a historical reference.

How do I access the Session Range Candles + 25% Level? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.