Session Levels IQ

The Session Levels IQ indicator is a session-based analysis tool designed to map and track price expansion behavior relative to each session open. It creates a structured percentage-based grid that helps traders understand historical price travel, identifying common vs. unusual expansion zones through hit-rate statistics and post-contact follow-through measurements.

Usage

The indicator builds a grid starting from the session opening price. Each level represents a specific percentage distance from the open, allowing you to visualize how far price typically travels within a given timeframe.

• Identifying Typical Ranges: Use the historical hit rate to see which percentage levels are reached most frequently. Levels inside the "Normal Range" are colored differently to highlight standard expansion.
• Analyzing Follow-Through: The script measures the median move after a level is hit. This helps determine if touching a certain level typically leads to further continuation or if the expansion tends to stall.
• Reference Price Exploration: By enabling the Reference Price Line, you can drag a line to any specific price to inspect the typical statistical move associated with that level.
• Visualizing Active Sessions: The Session Range Box can be enabled to frame the high and low of the current active session, providing context on how the current expansion sits relative to the historical grid.

Details

Unlike standard OHLC tools, this script records a running history of session behavior. It treats the session open as an anchor and builds levels outward in configurable percentage intervals. The "Hit Chance" is calculated based on how many historical sessions touched a specific level relative to the total number of sessions tracked. The "Move After Hit" is calculated by taking the median of the maximum expansion reached after the initial contact with that level. This structured framework shifts analysis from simple price action to a measurable model of session expansion.

Settings

Main Settings

• Use Custom Session: Toggles between a standard timeframe or a custom-defined time window.
• Custom Session Time: Defines the specific hours for custom session construction.
• Session Timeframe: Sets the anchor period (e.g., 1D) when not using a custom session.
• Level Spacing (%): Adjusts the distance between each percentage level in the grid.

Style Settings

• Highlight Unusual Level Area: Displays a background color for levels exceeding the normal percentage range.
• Label Detail Level: Toggles between Detailed, Regular, Minimal, or None for level information.
• Normal Range (%): Defines the threshold for what is considered "typical" expansion.
• Emphasize Whole Number Levels: Visually distinguishes whole percentage increments.
• Label Side: Positions labels on the right or left of the levels.

Level Coloring

• Level Color Mode: Choose to color levels by Hit Chance (frequency), Move After (follow-through), or fixed colors.
• Unusual/Normal Level Color: Customizes the colors for the expansion zones.

FAQ

How do I interpret the Hit Chance on the levels? The Hit Chance percentage indicates how often price has reached that specific distance from the open across all recorded historical sessions. A higher percentage suggests a more common expansion level.

What does the "Move After" measurement signify? It represents the median follow-through price typically achieves once that level has been touched. It helps identify levels that often act as springboards for further movement versus those that often mark the end of an expansion.

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