Market Maker

Sessions, Initial Balance & Range Stats

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More Indicator Info

This indicator has two main components: Time-Specific Sessions and High/Low Statistics. There are also several subcomponents: Day of Week Separators, Specific Session High/Low Extenders, Day Range Statistics, Week Range Statistics, User Input Session Titles, etc.

Each component is explained and demonstrated how it could be utilized as a trading tool.

The basis of this indicator is to analyze session-specific price movements through automatic display and statistics.

Indicator Components:

5 Time-Session inputs

Vertical lines and labels separate days of the week.

These sessions could be based on a full market period, such as London Open to Close (0800 UTC to 1630 UTC), the Initial Balance of the day (0000 UTC to 0100 UTC), or a session Initial Balance New York (1430 UTC to 1530 UTC). The settings input text can be updated to reflect this on the chart.

The chart to the right shows the example noted above, with the added subcomponents of:

  • Shaded areas to define each session
  • Extension of the Sessions highs and lows (extension 24/48/72-hour options)
  • Future line projection (provides a reminder of when the market opens)

This allows you to see potential levels of resistance and support and market open volatility.

Range Statistics

The Range Statistics can be selected for up to 31 days.

Within the settings Weekly, Daily and Session range data can be selected to allow you to analyze past and potential future price action.

Trade Example 1

Settings:  New York Session Open to Session Close.

The colored boxes are manually drawn to emphasize how the New York Lows and Highs can act as a confluence for support and resistance areas.

Trade Example 3

Once London closes New York has control of the market; one push-up stop out the shorts that placed stop losses at the London high, then bring price back down to the mean.

By having the reminder lines and shaded sessions the user is prepared and can anticipate some type of price reaction, often a reversal if price has been steadily moving in one direction.