Market Session Times and Volume [Market Spotter]

4일 전

Market Session Times and Volume

Market Session Times

Inputs

The inputs tab consists of timezone adjustment which would be the chosen timezone for the plotting of the market sessions based on the market timings.

Further it contains settings for each box to show/hide and change box colour and timings for Asian, London and New York Sessions.



How it works

The indicator primarily works by marking the session highs and lows for the chosen time in the inputs, each of the sessions can be input a custom time value which would plot the box. It helps to identify the important price levels and the trading range for each individual session.

The midpoint of each session is marked with a dashed line. The indicator also marks a developing session while it being formed as well to identify potential secondary levels.

Usage

It can be used to trade session breakouts, false breaks and also divide the daily movement into parts and identify possible patterns while trading.

2. Volumes

Inputs

The volume part has 2 inputs - Smoothing and Normalisation. The smoothing period can simply be used to take in charge volumes of last X bars and normalisation can be used for calculating relative volumes based on last Y bars.



How it works

The indicator takes into account the buy and sell volumes of last X bars and then displays that as a relative smoothed volume which helps to identify longer term build or distribution of volume. It plots the positive volume from 0 to 100 and negative volume from 0 to -100 which has been normalised. The colors identify gradual increase or decrease in volumes


Usage

It can also be used to trade volume spikes well and can identify potential market shifts