OPEN-SOURCE SCRIPT
Session Master
Updated
Session Master Indicator
Overview
The "Session Master" indicator is a unique tool designed to enhance trading decisions by providing visual cues and relevant information during the critical last 15 minutes of a trading session. It also integrates advanced trend analysis using the Average Directional Index (ADX) and Directional Movement Index (DI) to offer insights into market trends and potential entry/exit points.
Originality and Functionality
This script combines session timing, visual alerts, and trend analysis in a cohesive manner to give traders a comprehensive view of market behavior as the trading day concludes. Here’s a breakdown of its key features:
Last 15 Minutes Highlight: The script identifies the last 15 minutes of the trading session and highlights this period with a semi-transparent blue background, helping traders focus on end-of-day price movements.
Previous Session High and Low: The script dynamically plots the high and low of the previous trading session. These levels are crucial for identifying support and resistance and are highlighted with dashed lines and labeled for easy identification during the last 15 minutes of the current session.
Directional Movement and Trend Analysis: Using a combination of ADX and DI, the script calculates and plots trend strength and direction. A 21-period Exponential Moving Average (EMA) is plotted with color coding (green for bullish and red for bearish) based on the DI difference, offering clear visual cues about the market trend.
Technical Explanation
Last 15 Minutes Highlight:
The script checks the current time and compares it to the session’s last 15 minutes.
If within this period, the background color is changed to a semi-transparent blue to alert the trader.
Previous Session High and Low:
The script retrieves the high and low of the previous daily session.
During the last 15 minutes of the session, these levels are plotted as dashed lines and labeled appropriately.
ADX and DI Calculation:
The script calculates the True Range, Directional Movement (both positive and negative), and smoothes these values over a specified length (28 periods by default).
It then computes the Directional Indicators (DI+ and DI-) and the ADX to gauge trend strength.
The 21-period EMA is plotted with dynamic color changes based on the DI difference to indicate trend direction.
How to Use
Conclusion
The "Session Master" indicator is a powerful tool designed to help traders make informed decisions during the crucial end-of-session period. By combining session timing, previous session levels, and advanced trend analysis, it provides a comprehensive overview that is both informative and actionable. This script is particularly useful for intraday traders looking to optimize their strategies around session close times.
Overview
The "Session Master" indicator is a unique tool designed to enhance trading decisions by providing visual cues and relevant information during the critical last 15 minutes of a trading session. It also integrates advanced trend analysis using the Average Directional Index (ADX) and Directional Movement Index (DI) to offer insights into market trends and potential entry/exit points.
Originality and Functionality
This script combines session timing, visual alerts, and trend analysis in a cohesive manner to give traders a comprehensive view of market behavior as the trading day concludes. Here’s a breakdown of its key features:
Last 15 Minutes Highlight: The script identifies the last 15 minutes of the trading session and highlights this period with a semi-transparent blue background, helping traders focus on end-of-day price movements.
Previous Session High and Low: The script dynamically plots the high and low of the previous trading session. These levels are crucial for identifying support and resistance and are highlighted with dashed lines and labeled for easy identification during the last 15 minutes of the current session.
Directional Movement and Trend Analysis: Using a combination of ADX and DI, the script calculates and plots trend strength and direction. A 21-period Exponential Moving Average (EMA) is plotted with color coding (green for bullish and red for bearish) based on the DI difference, offering clear visual cues about the market trend.
Technical Explanation
Last 15 Minutes Highlight:
The script checks the current time and compares it to the session’s last 15 minutes.
If within this period, the background color is changed to a semi-transparent blue to alert the trader.
Previous Session High and Low:
The script retrieves the high and low of the previous daily session.
During the last 15 minutes of the session, these levels are plotted as dashed lines and labeled appropriately.
ADX and DI Calculation:
The script calculates the True Range, Directional Movement (both positive and negative), and smoothes these values over a specified length (28 periods by default).
It then computes the Directional Indicators (DI+ and DI-) and the ADX to gauge trend strength.
The 21-period EMA is plotted with dynamic color changes based on the DI difference to indicate trend direction.
How to Use
- Highlight Key Moments: Use the blue background highlight to concentrate on market movements in the critical last 15 minutes of the trading session.
- Identify Key Levels: Pay attention to the plotted high and low of the previous session as they often act as significant support and resistance levels.
Assess Trend Strength: Use the ADX and DI values to understand the strength and direction of the market trend, aiding in making informed trading decisions. - EMA for Entry/Exit: Use the color-coded 21-period EMA for potential entry and exit signals based on the trend direction indicated by the DI.
Conclusion
The "Session Master" indicator is a powerful tool designed to help traders make informed decisions during the crucial end-of-session period. By combining session timing, previous session levels, and advanced trend analysis, it provides a comprehensive overview that is both informative and actionable. This script is particularly useful for intraday traders looking to optimize their strategies around session close times.
Release Notes
add alertOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Trading Con Toto
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.