S1 & S2

3 hari lalu

This Pine Script™ defines an indicator called "S1 & S2" to calculate and plot the Opening Range Breakout (ORB) high and low values for four predefined trading sessions. Here’s a breakdown:

Key Features:
Input Parameters:

inputMax: Maximum time frame multiplier for intraday data (default: 30 minutes).
sess1 to sess4: User-defined trading session times.
Function: calculateORB(session):

Calculates the ORB high and low for a given session.
Tracks session entry, updating the ORB high and low values based on the highest high and lowest low within the session.
Session-Specific Calculations:

ORB high and low are calculated separately for Session 1 to Session 4 using the calculateORB function.
Plotting:

The ORB high and low for each session are plotted with distinct colors:
Session 1: Red
Session 2: Green
Session 3: Blue
Session 4: Black
Purpose:
This script is designed for traders who want to track and visualize significant price levels (highs and lows) during specific time intervals of the trading day. The indicator helps identify breakout or reversal points across multiple sessions.

Applications:
Breakout Trading: Use ORB levels as entry/exit signals.
Intraday Analysis: Monitor price action within specific trading windows.
Multi-Session Insights: Compare ORB dynamics across different sessions for better decision-making.