Market sessions and Volume profile - By Leviathan

The Market sessions and Volume profile - By Leviathan indicator tracks major Forex market sessions and higher-period timeframes while providing integrated Volume Profile analysis including Point of Control (POC) and Value Areas.

Usage

The Usage section focuses on identifying institutional trading zones and high-liquidity price levels. Users can toggle between specific trading sessions (Tokyo, London, New York) or broader intervals like Daily, Weekly, and Monthly.

• Session Tracking: The script visualizes session boundaries using customizable boxes. This is particularly useful for identifying the "London Breakout" or "New York Reversal" setups.
• Volume Profile Integration: Each session generates its own Volume Profile histogram. This allows traders to see where the most volume was transacted within a specific time window.
• Key Levels: The indicator automatically plots the Point of Control (POC), Value Area High (VAH), and Value Area Low (VAL) for each session. These levels often act as dynamic support and resistance.
• Timeframe Optimization: For shorter sessions (Tokyo, London, New York), lower timeframes like 5m or 15m are recommended for better resolution. For Monthly or Yearly sessions, higher timeframes should be used to ensure data processing efficiency.

Details

The script utilizes lower timeframe (LTF) data to construct volume profiles, ensuring that the distribution of volume across price levels is as accurate as possible.

• Volume Distribution: The profile calculates volume by analyzing price action within segments (nodes) of the session's total range.
• Resolution: The "Resolution" setting determines how many price bins the session range is divided into. A higher resolution provides a more detailed profile but requires more computational resources.
• Open Interest Mode: Beyond standard volume, the script supports Open Interest (OI) for specific instruments, allowing traders to see the accumulation or liquidation of positions within session levels.

Settings

Display

• Show Volume Profile: Toggles the visibility of the volume histogram.
• Show Session Box: Displays a rectangular border around the selected session.
• Show POC/VAH/VAL: Toggles the Point of Control and Value Area boundaries.
• Show Live Zone: Determines whether to display the profile for the currently active, unfinished session.

Volume Profile Settings

• Resolution: Sets the number of rows in the profile. Higher values create more detailed histograms.
• Value Area Volume %: Defines the percentage of total volume used to calculate the Value Area (typically 70%).
• Bar Mode: Changes how the histogram bars are aligned (Mode 1, 2, or 3).
• Smooth Volume Data: Applies an EMA to volume data to filter out extreme spikes that might distort the profile.

Appearance

• Up/Down Volume: Customizable colors for bullish and bearish volume nodes.
• POC/VAH/VAL Styling: Individual color and thickness settings for key horizontal levels.
• Box/Background Colors: Settings for session containers and Value Area backgrounds.

FAQ

How do I adjust the session times for my local timezone?
The Forex sessions (Tokyo, London, New York) are hardcoded to standard UTC/GMT times. You can select "Daily" or "Weekly" modes to align with your chart's exchange time settings.

Why is the Volume Profile not appearing on high timeframes?
The script requires lower timeframe data to build the profile. If you are on a Daily chart trying to view a Daily session profile, there is no LTF data to process. Switch to a lower timeframe like 1H or 15m.

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