Session Bar Color (US Time)This script is designed to change the color of bars on a trading chart based on different trading sessions in Eastern Time (ET). It is different from currently published scripts in that it specifically focuses on US time sessions and provides a customizable approach to defining and coloring each session.
To use this script, you can apply it to a chart by selecting it from the list of available indicators or overlays.
The script is meant for traders who are interested in visualizing different trading sessions on their charts. By coloring the bars based on session boundaries, it can help traders quickly identify session changes and potentially adjust their trading strategies accordingly. Mostly it's used to draw the high and low zones of each session.
The markets this script is suitable for are those that operate within the US time zones, as it specifically focuses on Eastern Time (ET) sessions. It can be used for various types of markets, including stocks, futures, and forex.
The conditions for each session are defined using the input. session function, which allows you to specify the start and end times for each session. The script includes four sessions: Asian, London, USA, and New York. By modifying the defval parameter for each session input, you can customize the session times to fit your specific trading preferences or time zone.
The script uses the time function to check if the current bar falls within a particular session. If the condition is met, it sets the color of the bar using the bar color function. Each session is assigned a different color: black for the Asian session, teal for the London session, a custom RGB color (dark red) for the USA session, and red for the New York session.
It's important to note that this script assumes the time zone of the trading platform is set to "Etc/GMT+4" to align with Eastern Time (ET). If your platform uses a different time zone, you may need to adjust the time function calls to match your desired time zone.
Sessiondivider
Session High and Session LowI have heard many people ask for a script that will identify the high and low of a specific session. So, I made one.
Important Note: This indicator has to be set up properly or you will get an error. Important things to note are the length of the range and the session definition. The idea is that you would set it up for what's relevant to your trading. Going too far back in the chart history will cause errors. Setting the session for a time that is not on the chart can cause errors. If you set it to look farther back than there are bars to display, you may get an error. What I've found is that if you get an error, you just need to change the settings to reflect available data and it will be able to compile the script. At the time of its publishing, the default range start is set to 10/01/2020. If you're looking at this years later, you'll probably have to set the range to something more recent.
Features:
Plot or Lines:
Using Plot (displayed), the indicator will track the high/low from the end of the session into the next session. Then at the start of the next session, it will start tracking the high/low of that session until its end, then track that high/low until the start of the next session then reset.
Using lines, it will extend horizontal lines to the right indefinitely. The number of sessions back that the lines apply to is a user-defined number of sessions. There are limits to the number of lines that can be cast on a chart (roughly 40-50). So, the maximum number of sessions you can apply the lines to is the last 21 sessions (42 lines total). That gets really noisy though so I can't imagine that is a limiting factor.
Colors:
You can change the background color and its transparency, as well as turn the background color on or off.
You can change the highs and lows colors
You can adjust the line width to your preference
Session Length:
You can use a continuous session covering any user-defined period (provided its not tooooo many candles back)
You can define the session length for intraday
You can exclude weekends
Display Options:
You can adjust the colors, transparency, and linewidth
You can display the plotline or horizontal lines
You can show/hide the background color.
You can change how many sessions back the horizontal lines will track
Let me know if there's anything this script is missing or if you run into any issues that I might be able to help resolve.
Here's what it looks like with Lines for the last 5 sessions and different background color.
