AsiaSessionHighLowMidLines

The AsiaSessionHighLowMidLines indicator automatically highlights the Asian trading session range by plotting horizontal levels for the session high, low, and midpoint. This tool helps traders identify key liquidity zones and price boundaries established during the Tokyo market hours, which often serve as significant support or resistance during the London and New York sessions.

Usage

The Usage section describes how the script can be used to visualize session-specific price action. Traders can use this tool to monitor breakouts or mean reversion strategies based on the overnight range.

• Range Identification: The script draws a shaded box over the user-defined session time (defaulting to the Asian session).
• Liquidity Levels: The high and low lines represent the extremes of the session. Traders often look for "liquidity grabs" above or below these levels.
• Midpoint Analysis: The center line (Midpoint) acts as an equilibrium level. Price trading above the midpoint may indicate bullish sentiment within the session range, while trading below suggests bearishness.
• Alerts: Built-in alerts trigger when the price crosses the high, low, or midpoint levels, allowing for real-time monitoring of session breakouts.

Details

The script operates by tracking the highest high and lowest low within a specific time window defined by the "Session" input. It uses a boolean check to determine if the current bar falls within the allowed time range.

• Session Calculation: Upon the start of a new session, the script resets its reference points. It then dynamically updates the high and low lines as new price data arrives within the session hours.
• Persistence: Once a session ends, the script preserves the lines and box for historical reference, allowing users to see how previous Asian ranges affect subsequent price action.
• Midpoint Logic: The midpoint is calculated as a simple average of the session's high and low (High + Low) / 2.

Settings

• Session: Defines the time range for the session calculation (e.g., "1800-0200").
• Level Color: Sets the color for the high and low horizontal lines.
• Level Style: Determines the visual style (solid, dotted, dashed, etc.) of the high and low lines.
• Level Width: Adjusts the thickness of the high and low lines.
• MA Level Color: Sets the color for the midpoint (MA) line.
• MA Level Style: Determines the visual style of the midpoint line.
• MA Level Width: Adjusts the thickness of the midpoint line.
• Background Color: Sets the fill color for the box highlighting the session range.

FAQ

How can I change the session time to match a different market? You can modify the "Session" input in the settings menu to any UTC time range that fits your specific trading needs, such as the London or New York open.

Does this indicator work on all timeframes? Yes, the indicator functions on all intraday timeframes; however, it is most commonly used on the 1-minute to 15-minute charts to precisely identify session extremes.

How do I get access to this indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.