OHLC, Sessions & Key Levels [Orderflowing]

2024년 8월 18일

Multi-Timeframe (+) OHLC, Sessions & Key Levels | Custom-Timeframe OHLC | Sessions Analysis | Market Key Levels
Built using Pine Script V5.

Introduction
The OHLC, Sessions & Key Levels Indicator is a tool designed for traders who want to integrate Multi-Timeframe (MTF) OHLC Data, Sessions Analysis, and Key Market Levels into their trading system.

This Indicator can help traders by automatically marking the OHLC, Sessions & Key Levels directly on the price chart, saving time furthermore potentially allowing for better judgement in their trading and risk management process.

Innovation and Inspiration
The Indicator draws from multiple concepts;
The OHLC levels across different timeframes, session-based analysis, and plotting potentially important and pivotal market levels.

Concept Inspiration from ICT-Traders / Market Maker Model Traders.

Use of Open-Source Code
Specific parts of this Indicator's code have been inspired by & further developed from publicly available code originally developed for the MetaTrader platform.

All such integrations have been wired to work within the TradingView environment, specifically using Pine Script Version 5.

Elements have been made to benefit the overall functionality, the code logic, to make sure it offers unique value to TradingView's users.

Core Features

OHLC MTF Analysis
Foundation
This component allows traders to track the Open, High, Low, and Close levels across different timeframes, ranging from intraday periods to yearly data.

Customization
Traders can adjust the bar offset, width, and colors of the OHLC bars, as well as display options. Option to highlight the Open/Close with labels and the High/Low with marks.

Application
The OHLC MTF component gives traders a clear view of important price levels, which can serve as support, resistance, or potential entry/exit points.

Main Trading Sessions & Custom Sessions

Starting Point
The Sessions component relies on the user-inputted key market sessions, defaults include New York, London, Asia, and optionally Sydney. Session Defaults to UTC.

Please Note: Adjust Time Zone in TradingView's Desktop App or Web Interface to use the sessions in correct local time.

Customization
Traders can adjust session names, session times, time zone, visibility, session colors, and session-specific high and low markers.
This allows us to visualize price movements during these selected periods.

Application
By highlighting different trading sessions, traders can potentially better time their trades, understanding when significant price movements usually occur. This can potentially be used to try and find patterns in a time-based method.

Key Levels

Customization
Traders can choose which key levels to display and adjust the visual style of these levels, including line width, style, and color.

Application
The Key Levels feature can help traders identify support and resistance levels that can serve as potential entry or exit points. Can be useful in market structure analysis by marking significant price levels based on different timeframes.

Designed for multi-timeframe analysis, allowing traders to track OHLC levels, session ranges, and key market levels.

It’s highly customizable, making it suitable across trading styles and charting setups, whether scalping, day trading, swing trading or longer term investing.

Multi-Timeframe (MTF) OHLC
Can be plotted as a Candlestick or Bar-Chart or Both

These can help traders keep an eye on price levels across multiple timeframes while allowing the actual chart to be on another timeframe than the displayed OHLC.

Example - OHLC on the Weekly Candle/Bar - Chart 4 Hourly Candles

While being on lower timeframes, the trader can keep an eye on how the OHLC candle is developing. ICT-Traders find the Daily (Default Setting) OHLC useful in analysis.

It can be customized to any timeframe the trader wishes to use.

Inspired by ICT-Traders / Market Maker Model Traders and Top-Down Analysis Style.

Combined with Session Analysis to view into the price behavior during specific trading sessions, could potentially be very useful for finding trading setups.

OHLC Levels
Creates lines based on user input - Can potentially be important reference points for trade setups / invalidation / confirmation, levels could be used as the HTF Origin.

Conclusion
The OHLC MTF, Sessions & Key Levels Indicator is a tool that combines multiple market analysis concepts into a single unique script. It offers another view of the market's behavior by combining OHLC data from a different timeframe, main trading sessions, and key levels.

Why Invite-Only?
The OHLC, Sessions & Key Levels Indicator is offered as invite-only because you receive a quality and customizable tool that combines multiple functions into one convenient script.

This Indicator stands out by being a complete and optimized trading tool based on three desirable components.
—
Multi-Timeframe OHLC Analysis, Sessions Tracking & Key Levels
—
Into One Customizable Indicator.

Disclaimer
While the Indicator offers a view of the OHLC price action on multiple timeframes, key levels & trading sessions, traders should not solely rely on it for trading decisions. As with all trading tools, it should be used as part of a complete trading strategy.

2024년 8월 27일

릴리즈 노트

V1.1 - Added Toggle to Show HTF Candle - Session Overlay Update

2024년 9월 1일

릴리즈 노트

V1.2 - Fixed function causing errors when using timeframes such as 2m, 6m, etc.

2024년 9월 17일

릴리즈 노트

V1.3 - Fixed function code to improve script performance.
Fixed "Draw Bar Chart" Logic.

2월 17일

릴리즈 노트

V1.4 - Pine Script™ v6 Update