Intraday Bias Engine

The Intraday Bias Engine indicator estimates the highest-probability intraday scenario (bullish, bearish, or sideways) by combining opening auction data, classic market models, and volume-based momentum. It serves as a comprehensive context and decision-support tool to help traders identify the day's likely structure and directional conviction.

Usage

The Usage section describes how the script can be used, typically on intraday timeframes with symbols that provide reliable volume data. The engine's calculations finalize once the opening range window (defined in settings) closes, providing a baseline for the session.

• Directional Selection: Traders can favor long or short setups that align with the dominant probability percentage shown on the dashboard.
• Confidence Grading: Higher "Confidence Grades" (e.g., Elite or Strong) suggest a clearer market environment, whereas "Weak" grades indicate conflicting signals.
• No-Trade Zones: The script highlights compression zones where the price is caught in a tight range; staying sidelined during these periods can prevent overtrading in sideways markets.
• Targeting & Risk: The "Expected Range" bands provide visual targets for the day's potential expansion based on the day's ATR and opening volatility.

Details

The script integrates several technical concepts to calculate the session bias:

• Opening Range (OR): Classifies the initial balance as Narrow, Normal, Wide, or Extreme relative to the 14-day ATR.
• Gap Analysis: Measures the distance from the previous close and provides a "Gap-Fill" probability based on historical tendencies.
• Central Pivot Range (CPR): Uses the Pivot, Top Central (TC), and Bottom Central (BC) levels to determine if the day is likely to be trending or range-bound.
• Smart-Money Pressure: A proprietary 0-100 score derived from volume-delta approximations, relative volume, and VWAP distance.
• Market Structure: Monitors higher-highs and lower-lows to identify real-time trend shifts within the session.

Settings

• Session Settings:
  • Timezone: Sets the local time for session calculations.
  • Opening Range Session: Defines the start and end time (e.g., "0915-0930") used to lock in the day's initial range.
• Classification Thresholds:
  • OR Narrow/Wide/Extreme: Multipliers of the daily ATR used to classify the opening range's width.
  • Significant Gap %: The percentage threshold required to classify a price gap as significant.
• Visuals:
  • Opening Range: Toggles the visibility of the high/low/mid lines of the OR.
  • CPR: Displays the Pivot, TC, and BC levels.
  • VWAP: Shows the Volume Weighted Average Price.
  • Expected Range Bands: Draws projected price targets for the session.
  • Highlight No-Trade: Enables a visual zone on the chart when compression is detected.
• Dashboard:
  • Show Dashboard: Toggles the info panel visibility.
  • Accuracy Window: Sets the number of lookback days used to calculate the directional hit-rate.

FAQ

How do I interpret the "Confidence Grade"? The grade is a weighted calculation of directional dominance and market clarity. "Elite" or "Strong" grades suggest high alignment between volume, structure, and pivots, while "Weak" suggests a lack of clear participants.

Do the levels repaint? No, the daily anchors use confirmed data from prior sessions. Current-day levels such as the Opening Range and VWAP draw forward in real-time as the day develops and do not change their historical placement.

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