Average Session Range Indicator
Statistics

Average Session Range Indicator

6 August 2024, 04:44
Tien Long Tu
Tien Long Tu
0
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Average Session Range: Calculate and Average the High-Low Range of Specific Time Sessions Over Multiple Days.

The Session Average Range is a sophisticated and precise tool designed to calculate the volatility of specific time sessions within the trading day. By meticulously analyzing the range between the high and low prices of a defined trading session over multiple days, this tool provides traders with a clear and actionable average range.

Key Features:

  • Precision Calculation: Accurately measures the high and low range of a selected time session.
  • Multi-Day Analysis: Aggregates data over a specified number of days to ensure reliability and robustness.
  • Dynamic Adaptation: Adjusts to different market conditions, providing consistent insights across various trading environments.
  • User-Defined Sessions: Flexibly set the start and end times for the session of interest, allowing for customized analysis.
  • Handling Non-Continuous Trading Days: Accurately displays the average price range for shorter trading sessions during holidays or breaks, ensuring reliable data even when trading days are less than 24 hours.

Benefits:

  • Enhanced Volatility Understanding: Gain deeper insights into the typical price movements within specific trading sessions, enabling better risk management and strategy development.
  • Optimal Entry and Exit Points: Use the average range data to identify optimal trading windows and improve timing for entries and exits.
  • Adaptability: Whether you're focusing on the London, New York, or Tokyo sessions, the Session Average Range adapts to your needs, providing relevant and timely data.

With the Session Average Range, you can transform raw market data into powerful trading insights, enabling you to make informed and strategic trading decisions with confidence. Experience the precision and adaptability of this essential trading tool and elevate your trading performance to new heights.

Having an indicator that calculates the range of high and low prices within a specific time frame is extremely valuable for measuring volatility, particularly when assessing the performance of distinct trading sessions such as the New York or London sessions. This type of indicator allows traders to accurately capture the price movements within these defined periods, providing insights into the market dynamics specific to these sessions. For instance, knowing the range of the New York session can help traders understand the volatility and potential price fluctuations that typically occur during this time, which can be crucial for making informed trading decisions. Similarly, the London session range can reveal the market's behavior during one of the most active trading periods, aiding in the identification of optimal entry and exit points. By quantifying the volatility within these sessions, traders can better manage risk, optimize their strategies, and improve their overall trading performance.

note: Works for timeframes of H4 and below. 

Main inputs

- NumberOfDays: Specifies the number of days for averaging the high-low range. For instance, setting it to 5 averages the range over the last 5 days.

- SBegin (Broker time): Sets the starting hour of the session in 24-hour format. 

- SBeginMinute  (Broker time) : Defines the starting minute of the session. A value of 0 means the session starts exactly on the hour.

- SEnd  (Broker time) : Determines the ending hour of the session in 24-hour format.

- SEndMinute  (Broker time) : Specifies the ending minute of the session. A value of 0 means the session ends exactly on the hour.

- SColor: Chooses the color for displaying the session on the chart. `clrBlue` will show the session in blue.

- InpTextColor: Sets the color for the text displayed by the indicator. `clrYellow` will render the text in yellow.

- InpLabelColor: Defines the color for labels within the indicator. `clrRed` will color the labels red.

- InpFill: Selects whether to fill the session area with color. `true` fills the session area with the color specified by `S1Color`.

- InpPrint: Determines whether to print error messages to the log. `true` enables error logging.

- InpPushNotification: Chooses whether to send push notifications to your mobile device. `true` enables push alerts.

- InpEmailNotification: Specifies whether to send email notifications. `true` enables email alerts.



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