Premarket Levels

This indicator tracks premarket high and low levels for day trading, providing statistical analysis on how often these levels get touched during regular trading hours (9:30 AM-4:00 PM EST). It combines real-time level tracking with historical probability analysis and precise timing statistics to help traders make data-driven decisions. I use 4:00 - 9:30 AM on SPY/QQQ etc and 18:00 - 9:30 on Futures ES/NQ etc

Core Features
1. Premarket Level Tracking

Automatically identifies and plots premarket high and low levels
Displays levels with customizable colors and line styles
Shows optional midpoint and percentage/fibonacci retracement levels
Tracks when levels are set during premarket session

2. Historical Touch Analysis

Calculates probability of PM high/low being touched during regular hours
Tracks "Both Levels" touched rate (how often both get hit same day)
Tracks "Either Level" touched rate (how often at least one gets hit)
Adjustable lookback period (1-250 days) for statistical analysis

3. Timing Intelligence

Average time when levels get touched
Earliest and latest touch times in historical data
Four customizable time buckets showing touch distribution throughout the day
First touch time displayed for current session

4. Range Analysis

Current PM range vs historical average (adjustable period)
Range percentile ranking (where today ranks in historical distribution)
Min/Max historical ranges for context
Large/small range detection with customizable thresholds
Background highlighting for unusual range days

5. Smart Signals & Alerts

Buy/Sell signals on level breakouts (adjustable sensitivity)
Level rejection detection (failed breakout patterns)
Proximity alerts when approaching levels
Touch markers (diamond shapes) when levels are tested
Multiple alert conditions for various scenarios

6. Risk Management Tools

Automatic stop loss suggestions (ATR-based, percentage-based, or fixed points)
Target projections based on range extension
Position tracking relative to PM range
Distance calculations to both levels

How To Use
For Day Traders:

Check the "Either Level" percentage - if 90%+, at least one level will likely be touched
Review time bucket statistics - most touches happen 9:30-10:00 AM
Monitor "Both Levels" rate - typically only 20-30%, meaning round trips are rare
Use range percentile to gauge if expansion or mean reversion is likely

For Scalpers:

Enable touch markers to see exact level tests
Use proximity alerts to prepare for potential bounces
Monitor first touch times - early touches often lead to continuations
Check rejection signals for quick reversal trades

For Swing Position Sizing:

Use historical touch rates to assess probability of level tests
Review range size vs average for stop placement guidance
Check timing analysis to avoid holding through low-probability windows
Use target projections for realistic profit targets

Settings Overview
Basic Settings:

Premarket session time (default 4:00-7:30 AM EST)
Signal sensitivity for breakout detection
Timezone selection for accurate time labels

Historical Analysis:

Lookback period for statistics (default 20 days, max 250)
Toggle touch tracking and markers
Enable/disable daily statistics display

Range Analysis:

Adjustable average period (default 20 days)
Large/small range threshold customization
Range percentile display toggle

Timing Analysis:

Three customizable time buckets (default: 10:00, 11:00, 12:00)
Fourth bucket automatically covers afternoon (12:00-4:00 PM)
Toggle time bucket statistics display

Visual Features:

Midpoint line display
Percentage (25%, 75%) or Fibonacci (23.6%, 38.2%, 61.8%, 78.6%) levels
Table position and size customization
Comprehensive color scheme customization (background, text, headers)

Smart Alerts:

Proximity alerts with adjustable threshold
Level rejection detection
Failed breakout detector
Time-of-day filter to avoid lunch chop

Risk Management:

Stop loss method selection (ATR, PM Range %, Fixed Points)
Adjustable ATR multiplier
Target projection display

Statistics Explained
Touch Rates:

Percentage of days where level was touched during RTH
Based only on FIRST touch per day (not multiple re-tests)
Binary metric: Yes/No for each day

Timing Stats:

All based on timestamp of FIRST touch each day
Average, Earliest, Latest provide distribution context
Time buckets show concentration of first touches

Range Metrics:

Current range compared to historical average
Percentile shows where today ranks (0-100%)
Min/Max provide extreme boundaries from history

Important Notes

First Touch Only: All statistics track only the first time a level is touched each day, not subsequent re-tests
RTH Focus: Touch tracking occurs only during regular trading hours (9:30 AM-4:00 PM EST)
Data Accumulation: Historical statistics build over time as indicator runs; requires specified lookback period to populate
Chart Timeframe: Works on any timeframe but recommended 3-5 minute charts for best premarket level precision
Memory Reset: Each new premarket session resets tracking for fresh daily analysis

Best Practices

Use 60-100 day lookback for statistical significance
Combine high touch rates (80%+) with time bucket data for highest probability setups
Small ranges (< 50% of average) often lead to expansion moves
Large ranges (> 150% of average) often consolidate or mean-revert
First 30 minutes typically contains 50%+ of all level touches
After 12:00 PM, probability of untouched levels being hit drops significantly

Performance Considerations

Optimized for real-time calculation with minimal lag
Uses efficient array management for historical data
Table updates only on bar close for performance
Maximum lookback of 250 days to prevent memory issues

This indicator is for educational and informational purposes only. It is NOT financial advice.

The buy/sell signals are algorithmic suggestions based on historical patterns and should NOT be followed blindly
Past performance and historical statistics do NOT guarantee future results
All trading involves substantial risk of loss
You are solely responsible for your own trading decisions
Always perform your own analysis and risk assessment before entering any trade
The creator of this indicator is not responsible for any trading losses incurred from its use
No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in the indicator statistics

By using this indicator, you acknowledge that you understand these risks and accept full responsibility for your trading decisions.