RTH/ETH Session Ranges

5 Jun

Simple script that adds a table to the bottom left of the chart - shows the high and low of the Full Session with range, and shows the high and low of the RTH/USA session with same calculations.

This simple script enhances your charting experience by adding a comprehensive table to the bottom left corner of your trading chart. The table is designed to provide key market data at a glance, specifically focusing on the high and low metrics for different trading sessions. Here's a breakdown of what the script offers:

Features of the Script
Full Session Data:
High: The highest price point reached during the entire trading session.
Low: The lowest price point reached during the entire trading session.
Range: The difference between the high and low prices, providing insight into the session's volatility.

RTH/USA Session Data (Regular Trading Hours):
High: The highest price point reached during the RTH, typically reflecting the most active part of the trading day.
Low: The lowest price point reached during the RTH.
Range: The difference between the high and low prices during the RTH, indicating the session's intraday volatility.

How to Use the Script for Trading

Identify Key Levels:
Use the high and low points to identify significant support and resistance levels. These levels can guide your entry and exit points, helping you make informed trading decisions.

Gauge Market Volatility:
The range values for both the Full Session and RTH provide a quick snapshot of market volatility. Higher ranges suggest more significant price movements, which can inform your risk management strategies and position sizing.

Compare Sessions:
By comparing the Full Session data with the RTH data, you can identify differences in price behavior between the broader market hours and the more active trading periods. This comparison can help in understanding market dynamics and planning trades accordingly.
Unique Aspects of the Script

Ease of Access: The table's placement in the bottom left corner ensures that it is always visible without obstructing the main chart view, allowing for quick reference without disrupting your analysis.

Comprehensive Insights: By covering both the Full Session and RTH, the script provides a holistic view of the market, catering to traders who focus on different timeframes.
Customization Potential: Although simple, the script can be customized further to include additional metrics or visual tweaks to better suit individual trading strategies.

Practical Example
Imagine you're trading a particular stock and want to decide on a potential breakout strategy. By using this script, you can quickly identify the high of the Full Session as a potential breakout point. If the price approaches this level during the RTH, you can prepare to enter a trade with the confidence that this level has previously acted as a significant resistance. Conversely, knowing the low of the RTH can help you set stop-loss orders to manage risk effectively.