Sessions on Chart

The Sessions on Chart indicator highlights major global trading sessions directly on the price chart to help traders identify liquidity cycles and volatility patterns. This tool is designed to provide visual clarity on market activity across London, New York, Tokyo, and Sydney sessions, allowing for better analysis of high-volume moves and session-specific price action.

Usage

The Usage section describes how the script can be used to monitor market activity across different time zones. By visualizing session boundaries, traders can spot institutional activity that typically occurs at session opens and closes.

• Volatility Analysis: Use the highlighted areas to observe how price reacts during the overlap of major sessions, such as the London and New York crossover, where volume is historically at its peak.
• High/Low Tracking: The indicator can be configured to highlight the specific price range (High/Low) of a session. This is useful for identifying "Initial Balance" breakouts or liquidity sweeps of session extremes.
• Time-Based Strategies: Traders can use the visual cues to avoid trading during low-liquidity periods (like the "dead zone" between New York close and Tokyo open) or to focus exclusively on specific regional trends.

Details

The script executes by tracking the exchange time and mapping it to the specified session strings. It utilizes the time() function to determine if the current bar falls within the user-defined hours for London, New York, Tokyo, or Sydney.

The tool includes two distinct visualization modes:

1. Background Color Mode: Highlights the entire vertical space of the chart for the duration of the session.
2. High/Low View (Fill Mode): Calculates the highest and lowest prices reached during the session in real-time and fills the space between them, creating a "box" that represents the session's range.

Calculations for session highs and lows are reset at the start of every new session bar based on the selected resolution, ensuring that the range accurately reflects the current day's price action.

Settings

• Activate High/Low View: Toggles between coloring the full chart background and filling only the price range (High to Low) established during the session.
• Resolution: Sets the timeframe used to determine session resets (options include Daily, Weekly, or Monthly).
• London/New York/Tokyo/Sydney Session Time: Allows users to input custom session hours using the TradingView session string format (e.g., "0300-1200").
• Show [Session Name]: Individual toggles to enable or disable the visibility of specific global trading sessions.

FAQ

How can I see the range of a session instead of just the background? Enable the "Activate High/Low View" setting in the indicator inputs to fill the area between the session high and session low.

Can I change the session hours to match my local timezone? Yes, you can modify the session strings in the settings menu; however, the script is optimized to process these via a standardized reference to ensure consistency across different user timezones.

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