OPEN-SOURCE SCRIPT
Kviateq - Session Pivots
Updated
First of all, I must say that this script wouldn't be possible without the help of one of the best script developers on TradingView - ahancock (thanks a bunch for your help)
This script draws opening ranges for each of the sessions - Tokyo, London and New York and plots session high, low and pivot range of the previous session.
So if you trade London session - you would only take longs if we're above the Tokyo pivot range and vice versa for shorts.
Often times previous session's highs act as resistance and lows act as support, so careful trading around those levels.
It is obviously meant for lower timeframes, since each of the sessions only lasts a few hours.
Default settings are set to the exchange that I use and my timezone (GMT +7), so you might need to adjust the settings accordingly.
Tokyo - 12am GMT
London - 7am GMT
New York - 12pm GMT
This script draws opening ranges for each of the sessions - Tokyo, London and New York and plots session high, low and pivot range of the previous session.
So if you trade London session - you would only take longs if we're above the Tokyo pivot range and vice versa for shorts.
Often times previous session's highs act as resistance and lows act as support, so careful trading around those levels.
It is obviously meant for lower timeframes, since each of the sessions only lasts a few hours.
Default settings are set to the exchange that I use and my timezone (GMT +7), so you might need to adjust the settings accordingly.
Tokyo - 12am GMT
London - 7am GMT
New York - 12pm GMT
Release Notes
There was a bit of a confusion about the script and also I made a mistake but naming the pivots wrong.This update should solve this.
Basically now when it says "London Pivot" - it's a pivot that appears during the London session, however it's drawn using values of the previous (Tokyo) session. Similarly - the New York pivot range displays during New York session, however it uses London's High, Low and Close to determine the range.
I hope this update solves the confusion that might have been caused by me not triple checking the code before publishing it.
Release Notes
New version of the script!Upon reviewing the script I noticed how the pivot ranges were calculated using the time right before the opening of the new session, rather than previous session's time. It wasn't an issue if the current session began right when the previous session ended, however if there was a gap - it resulted in inaccurate pivot ranges.
That's already fixed.
I also color coded previous session's highest highs and lows and extended them using dotted lines.
I changed the opening range to one hour. For some reason the results are also better if you add 1 minute to session times (1601 instead of 1600).
Enjoy
Release Notes
Disregard adding one minute to the session times. The script does it now automaticallyRelease Notes
Fixed the session times. They're now set to GMTRelease Notes
Added a few new functions and clean up some thingsOpen-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.
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