Carryover Levels Tracker

The Carryover Levels Tracker indicator tracks and projects historical session extremes to identify potential support, resistance, and liquidity targets in current market sessions. It automatically calculates highs and lows from Asia and London sessions, carrying these levels forward into the New York session and subsequent trading days with detailed hit-rate statistics.

Usage

The Usage section describes how the script can be used to monitor institutional levels across sessions. Traders typically use this tool to identify where liquidity may reside based on previous session extremes.

• Intraday Analysis: By default, the script identifies the Asia session (20:00–02:00 ET) and London session (02:00–08:00 ET) ranges. These levels are projected forward to the New York session, where the script monitors for "wick touches" or "close breaks."
• Targeting: The script tracks levels for a user-defined period (up to 10 sessions). This allows users to see which historical session levels remain unmitigated or have high historical touch rates.
• Statistical Edge: Users can analyze the statistics table to determine the probability of a level being touched based on its "age" (e.g., Today, D2, D3). This helps in assessing whether a level is likely to hold as resistance or act as a magnet for price.
• Level Management: Broken levels can be automatically hidden to maintain chart cleanliness, while active levels can be styled to fade as they get older, providing a visual cue of their significance.

Details

The indicator functions by segmenting the trading day into specific time blocks defined by the user. It captures the high and low of these blocks and stores them as "Carryover Levels."

• Logic: Once a session ends, its high and low are stored in an array. During the specified "Hit Tracking" session (usually New York), the script checks if the current price crosses these stored values.
• ALN Engine: The script includes an Asia-London-New York (ALN) pattern engine that tracks the relationship between session ranges, such as London Expansion of Asia (LEA) or Asia Expansion of London (AEL).
• Edge Erosion: A unique feature that monitors how the probability of hitting a session high or low changes if the opposite side of the range is broken first.
• Label Merging: To prevent visual clutter when multiple levels are close to each other, the script can merge labels based on a percentage-based price threshold.

Settings

Session Times (ET)

• Asia/London/NY Start & End: Defines the specific hours and minutes for each trading session.
• Timezone: Sets the reference timezone for session calculations (default: America/New_York).

Tracking Settings

• Expire carryover after N sessions: Determines how many days a level remains active on the chart.
• Track Asia/London/NY H/L: Independent toggles to enable or disable tracking for specific session extremes.
• Track hits during: Filters when hit/break statistics are recorded (NY only, NY + London, or All sessions).

Display

• Fade lines with age: Gradually reduces the opacity of level lines as they get older.
• Merge labels of close levels: Combines labels for levels within a specific price proximity.
• Show Wick/Close Rates: Toggles the visibility of the historical probability tables.
• Table Position/Size: Customizes the UI placement and text scaling of the statistics dashboard.

Line Styling

• Color/Style/Width: Individual customization options for Asia, London, and New York level appearances.

FAQ

How do I interpret the "D2, D3" age labels? "Today" refers to levels created in the most recent sessions. "D2" refers to levels from one day ago, "D3" from two days ago, and so on. The higher the number, the older the carryover level.

Why are some levels disappearing from my chart? Levels disappear if they have been "broken" by price (if "Hide broken levels" is enabled) or if they have exceeded the "Expire carryover" session limit set in the Tracking Settings.

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