Market Sessions - By Leviathan

The Market Sessions - By Leviathan indicator provides a comprehensive visual framework for tracking the four major global market sessions (Tokyo, London, New York, and Sydney) to help traders identify liquidity windows and session-specific price action.

Usage

The Usage section describes how the script can be used to organize the trading day into distinct operational windows. Traders can utilize this tool to identify the start and end of specific market sessions, which often correspond with increased volatility and volume.

The script offers four primary visualization modes via the Display Type setting:

• Boxes: Draws rectangles encompassing the high and low price range of each session.
• Zones: Applies a background color to the entire vertical area of the session.
• Timeline: Displays a clean visual representation of session duration.
• Candles: Colors individual candlesticks based on the active session.

For traders looking to reduce chart clutter, the Merge Overlaps feature can be activated to ensure only one session is highlighted at a time, shifting the end of one session to the start of the next sequentially. Additionally, the Session 0.5 Level provides an automated "Equilibrium" line, marking the midpoint between the session high and low.

Details

The script executes by tracking the time intervals of each session based on UTC by default, ensuring consistency regardless of the user's local chart timezone. It identifies the high, low, open, and close for each session dynamically as the price develops.

One of the core technical implementations is the ability to customize session hours. While defaults are provided for the major global hubs, users can input custom UTC times to track specific exchange hours or "kill zones." The script also calculates performance metrics, such as pip or percentage changes, which can be measured either from the session's Open to Close or High to Low.

Settings

Sessions

• Tokyo/London/New York/Sydney: Toggle visibility, rename labels, adjust colors, and set specific start/end times.
• Input Timezone: Defines the timezone for the session start/end inputs (Default is UTC).

Additional Tools and Settings

• Change (Pips): Displays the pip distance on the session label.
• Change (%): Displays the percentage distance on the session label.
• Change Source: Selects whether change metrics are calculated using "Session High/Low" or "Session Open/Close."
• Merge Overlaps: Adjusts session boundaries to prevent visual overlap.
• Hide Weekends: Prevents session plotting during weekend market closures.
• Open/Close Line: Draws a line from the session open to the session close (or current price).
• Session 0.5 Level: Draws a horizontal line at the midpoint of the session range.
• Color Candles: Highlights candlesticks with the assigned session color.
• Display Type: Selects the visual format (Boxes, Zones, Timeline, Candles).
• Lookback (Days): Limits the number of past days for which sessions are calculated to optimize performance.

Appearance

• Box Border: Sets the width and style (Solid, Dashed, Dotted) of the box outlines.
• Line Style: Sets the style for the 0.5 and Open/Close lines.
• Label Size: Adjusts the text size for session labels.
• Session Labels: Toggles the visibility of session names and data.
• Box Background: Toggles the background fill for session boxes.

FAQ

How do I adjust the session times for my local timezone? The script uses UTC by default to ensure accuracy. You can simply input the session hours in UTC, or change the "Input Timezone" setting to match your preferred reference timezone.

Can I track custom sessions like the Frankfurt open or a specific "Kill Zone"? Yes, you can rename any of the four sessions and input custom start/end times to track any specific trading window you require.

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