Session Breakout/Sweep with alerts

The Session Breakout/Sweep with alerts indicator provides a comprehensive framework for tracking price action relative to specific time-based sessions, allowing traders to identify both trend continuation breakouts and mean-reversion liquidity sweeps. By automatically highlighting session ranges and extending key high/low levels, this tool helps visualize institutional activity and potential price pivots across various timeframes.

Usage

This script is highly versatile and can be adapted to several trading styles:

• Breakout Trading: In this mode, the indicator signals when price moves and closes (optional) outside the established session high or low. This is commonly used for London Breakout strategies where the Asian session range dictates the day's direction.
• Liquidity Sweeps: When set to "Liquidity Sweep" mode, the tool identifies instances where price briefly pierces a session level before reversing and closing back within the range. This is often used by reversal traders to find "fakeouts" or stop hunts.
• Previous Level Confluence: By enabling previous day or week high/low levels, users can look for confluences between session breakouts and significant long-term structural levels.

Details

The indicator calculates the highest high and lowest low during a user-defined session (defaulted to the Asian session). Once the session concludes, it draws horizontal levels that extend into the following hours. The logic detects breakthroughs of these levels based on either candle wicks or closes.

Users should note that the indicator is optimized for timeframes lower than 45 minutes to ensure precision in session boundary detection. The script also includes a flexible alert system that can trigger on the initial breakout or every time price interacts with the levels.

Settings

Session Time Range

• Show session time range box?: Toggles the visibility of the colored background box representing the session duration.
• Box Infill/Border: Customizes the visual appearance of the session range.
• Session Timing: Defines the start and end time of the session (e.g., "1800-0101").

Breakout Levels

• Show breakout Levels?: Toggles the horizontal support and resistance lines derived from the session.
• Use close as breakout confirmation?: If enabled, signals only trigger when a candle closes outside the range; otherwise, a wick touch is sufficient.
• Extend breakout lines: Determines how many hours the levels remain visible after the session ends.
• Breakout indicator style: Chooses between "Fixed" (static icons), "Moving" (dynamic lines), or hiding indicators.
• Use as: Switches logic between "Breakout" (continuation) and "Liquidity sweep" (reversal).

Previous Levels

• Show previous day/week high low?: Toggles historical reference levels for added confluence.

FAQ

How do I access Session Breakout/Sweep with alerts? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Why are the session boxes not appearing correctly on my chart? Ensure you are using a timeframe below 45 minutes. Additionally, check the "Session Timing" setting; if your session ends at 13:00, it is recommended to set it to 13:01 to include the final candle of that hour.

Can I set alerts for specific sessions? Yes, the indicator allows you to configure alerts for the first breakout of the session or every time a breakout/sweep occurs, helping you stay notified without constantly monitoring the charts.