Session Levels - Ultimate Range Indicator

The Session Levels - Ultimate Range Indicator is a comprehensive session-tracking tool designed to identify and visualize key intraday price levels and ranges across global trading sessions. It provides traders with critical structural data, such as the Initial Balance (Opening Range) and standard deviation projections, to help identify potential daily targets and reversal zones.

Usage

This indicator is highly versatile and can be used to track the Globex (Overnight), Asian, London, and New York sessions. By highlighting these periods, traders can observe how price interacts with the high, low, and various percentage levels (25%, 50%, 75%) of a previous or current session.

• Initial Balance (IB) Trading: Use the Opening Range (Initial Balance) boxes for the New York, London, or Asian sessions to identify the early range of the day. A breakout or rejection of these levels often sets the tone for the remainder of the session.
• Standard Deviation Projections: When enabled, the indicator plots projections based on the Initial Balance. For example, if the price trades above the Globex low during the New York session, the 1.5x and 2.0x standard deviation levels can serve as upside price targets.
• HTF Level Interaction: The tool can display Previous Day and Previous Week High/Low/Open/Close levels, allowing users to see how intraday session ranges align with higher-timeframe liquidity zones.

Details

The script uses precise session timing based on the exchange timezone (e.g., Chicago UTC-6 for CME Group futures). It dynamically calculates levels as the session progresses, ensuring that the range and subsequent projections are updated in real-time.

Key concepts implemented include:

• Initial Balance: The range established during the first hour (or a user-defined period) of a session.
• Dynamic Scaling: Level lines and range boxes size themselves dynamically based on the session's development.
• Alert Integration: Users can set alerts for price crossing key session thresholds, such as the New York Opening Range High or specific standard deviation levels.

Settings

Session Settings

• Timezone Selection: Choose the specific exchange or local timezone to align session times.
• Session Sessions (Globex, Asian, London, New York): Define the start and end times for each specific trading window.
• Session/Level Colors: Customize the background highlights and level line colors for each session.
• New York Open Offset: Determines how many minutes after the session start the Opening Range calculation begins.

Drawings & Highlights

• Show Session Highlights: Toggles the background coloring for specific sessions.
• Show Levels: Enables or disables the display of Low, 25%, 50%, 75%, and High lines.
• Show Opening Range: Displays a box representing the Initial Balance.
• Show OR STDEV Projections: Toggles standard deviation levels (0.5 - 3.0) derived from the Opening Range.
• Show Todays Drawings Only: A toggle to clear historical session drawings for a cleaner chart.

HTF Levels

• Previous Day/Week Open/Close: Toggles for various higher-timeframe horizontal levels.

FAQ

• How do I access the Session Levels - Ultimate Range Indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
• Why are the levels not appearing correctly on my chart? Ensure your chart is set to "Extended Hours" for instruments with limited market hours (like equities) to ensure the indicator can process pre-market and overnight data.
• Which timezone should I use for Futures? For CME Group instruments like NQ or ES, it is recommended to use the "America/Chicago" timezone setting within the script inputs.