Session High/Low Levels with Mitigation

The Session High/Low Levels with Mitigation indicator tracks and visualizes historical high and low price levels across various timeframes, automatically identifying when these key levels have been tested or "mitigated" by subsequent price action.

Usage

The indicator can be used to identify significant supply and demand zones based on prior session extremes. Traders can use these levels as potential reversal points or breakout targets.

• Identifying Liquidity: Highs and lows from previous sessions often act as liquidity pools. Unmitigated lines represent "clean" levels that have not yet been touched.
• Mitigation Status: When price touches or exceeds a level, the script changes the line's visual appearance (color, style, and width) to signify it is mitigated.
• Custom Sessions: Users can choose between multiple periodicities including Daily, 4hr, 2hr, 1hr, Weekly, and Monthly to align the levels with their specific trading strategy.
• Alerting: The script includes built-in alerts for session starts and mitigation events, which can be restricted to specific hours (e.g., active trading sessions).

Details

The script utilizes arrays to manage data for a user-defined number of previous sessions. It tracks the exact price and bar index of each high and low. Upon the start of a new session (detected via ta.change on the selected timeframe), the previous session's data is pushed into the arrays.

The mitigation logic continuously monitors the current price against all active stored levels. If a breach is detected, the corresponding line is updated. If the "Extend Lines Past Mitigation" setting is disabled, the line will terminate at the exact bar where the mitigation occurred.

Settings

General Settings

• Session Timeframe: Selects the anchor timeframe for the high/low levels (Daily, 4hr, 2hr, 1hr, Weekly, Monthly).
• Sessions to Track: Determines how many historical sessions' levels remain visible on the chart.
• Extend Lines Past Mitigation: If enabled, lines continue to the right indefinitely. If disabled, they stop at the bar index where price touched the level.

Visuals

• High/Low Line Colors: Sets the color for unmitigated high and low levels.
• Mitigated Colors: Sets the color for levels once they have been touched (usually a faded or transparent version).
• Line Styles: Choose between Solid, Dashed, or Dotted for both unmitigated and mitigated states.
• Line Widths: Adjust the thickness of the lines for better visual hierarchy.

Alerts

• Alert Start/End Hour: Defines a window (in 24-hour format) during which mitigation and session alerts are allowed to trigger.

FAQ

How do I access Session High/Low Levels with Mitigation?

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

Can I change the session start time?

The session start is determined by the selected "Session Timeframe" (e.g., "Daily" starts at the beginning of the daily candle). You can change the timeframe in the settings to adjust which anchor points are used.

What is the difference between an unmitigated and mitigated level?

An unmitigated level is a price high or low that has not been touched by price since it was formed. A mitigated level has been tested, suggesting that the liquidity or "order flow" at that specific price point has been tapped.