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Currently, the night session stops at the opening range, which is 8:30 AM Central Time.
For the European Session I would use 8:00 AM to 1:00 PM CET (Central European Time), so converted to Cental Time this would be 1:00 AM to 6:00 AM. 1:00 PM CET is quite an important pivot, as the price action that comes afterwards is dominated by expectations or early news for the US session. So I understand that you do not want to take the full night session, and will add some more flexibility.
Also price actions often stops and/or reverses after 1:00 PM CET.
Continue to work on this, as I am interested myself.
(a) Opening Range (start time and length of opening period selectable)
(b) Pivot Range (according to session template)
(c) European Range (Session start and end times selectable in Central European Time*)
The default for the European Session is 8:00 to 13:00 CET, as European news move the market during this period. Instead of the European Session also the Globex session can be displayed (time depending on instrument, always complement of the RTH session).
Chart for ES attached. The Pivot Range is blue, the 30 min opening range red, and the European Session range gray. Colors are user selectable. The colored ranges are drawn behind the candes and the opacity can be reduced. What do you think?
*) Yeah, I want it to work correctly, when the US still has DST and Europe already has returned to Standard Time.
If I let the user define different ranges, they need to be changed all the time.
Let us assume you trade FDAX TF and YM. You open a FDAX chart. You enter your range times. Now you toggle to YM. Now you need to reenter the correct range times for trading session, opening session and night session. So whenever you change instruments, you need to reenter. You wil make mistakes, because you have forgotten that the US and Europe have different daylight saving times.
This indicator is intelligent. It knows that the European Session range, cannot be applied to FDAX, because it is traded during the European Session. It will adapt the European Session according to European and US DST schedules. It will choose the correct session via session template. It will select the appropriate opening range and night session.
And you can toggle between instruments without changing the settings.
The pivot range is a symmetrical range around the main pivot PP. Its borders are the prior day midline and the midline mirrored through the main pivot, which is 2 * PP - Prior Midline. The pivot range is a reference comparable to a reduced value area. Its width tells you, whether the prior day was a balancing or a trending day.
Nice work
Today I used the Pivot Range for the first time after I read about it in one of your posts. I draw it manually on the chart. It looks like a relevant support/resistance area. It would be nice to have an indicator that plots these zones automatically. IŽm looking forward to it.
FT,
First of all thanks for all your work and contribution....
Want to know if this last version (plotting areas in color) is already available or still working on it....
also as I am installing NT7 now and did not play around with the indis yet want to know if there is a way to plot Globex H/L but keep them plot as a reference after they are taken out.....
I do not have that colour version, but I have updated my Opening Range Indicator to suit your needs. The indicator now plots (selectable)
- either the opening range and the Globex night session range
- or the opening range and the European Session range
Opening Range
First you need to select an appropriate session template for your chart via the session manager. The start of the opening range is defined by the session length (RTH) that you will enter via indicator panel. The open time is the session end as per template - session length (RTH).
Example: You select the Globex session for ES (CME US Index Futures ETH). The session end for this session is 3:15 PM Central Time. For the opening period, which starts at 8:30 Central Time, you will enter a session length of 6 h 45 min. You can then select the opening period, for example 30 minutes or 60 minutes.
Night Session Range (Globex)
If you select "Use European Session = false", the indicator will display the Globex range through out the day session. The Globex range is determined by the high and low of the period starting with the session close of the prior day (as per template) and ending with the open.
European Session Range
The indicator is preconfigured to display the high and low made during the European Session, which is 8:00 AM to 1:00 PM CET. The start and end time for the European Session can be selected.
The latest version of the indicator can be found here: