Session Levels Predictor [LuxAlgo]

Jan 30, 2024

The "Session Levels Predictor" indicator predicts the maximum/minimum levels that will be made within a user-specified session. Hit rate percentages are displayed to measure how often a specific level has been hit.

🔶 USAGE



The indicator can be used to estimate the expected maximum/minimum levels within a specified session, these are directly displayed at the start of a session. This operation can be useful to set take profits/stop losses levels when we expect to exit within a specific session.



Users can display up to 3 upper and lower extremities on their chart (by default only 2 upper and lower extremities are displayed), with their distance from the session opening price being determined by the user-set percentile setting, values closer to 100 will return levels farther away from the session opening price.



Predicting maximum/minimum levels effectively allows obtaining support/resistance levels for the user-defined session, with a breakout probability indicating how easy it can be for the price to reach the estimated levels. These levels can be extended outside the specified session, allowing to test their relevancy as support/resistance levels to prices outside the specified sessions.

🔶 DETAILS

To predict maximum/minimum levels made within a session we keep a record of the distance between a session's maximum/minimum value and the session opening price (opening price when the session starts).

By using the percentile_nearest_rank() on our recorded distances we draw levels from the session opening price. If a level is hit between 2 sessions, this is saved for further calculations.





Lastly, a % hit rate of these levels is shown at the sessions open, indicating the probability that these levels could be hit before the next session.





🔹 array.percentile_nearest_rank()

Returns the value for which the specified percentage of array values (percentile) is less than or equal to it, using the nearest-rank method.

For example, taking the 75th percentile from our recorded distances between the maximum session level and session opening price will return a new distance where 75% of the recorded distances are lower.



The same goes for the green session's open - low levels



🔶 SETTINGS

• Session: User-defined session interval, uses the symbol timezone.
  
• Percentile (1, 2, 3): K-th percentile used to estimate session max/min levels, higher values will return more distant levels.
  
• Max Population: Maximum amount of recorded distance data for the calculation of percentiles.
  
  🔹 Style
  • Extend Middle Line: Toggle to extend the blue Middle Line to the next session - Default disabled
    

Jan 30, 2024

Release Notes

Minor changes

Jan 30, 2024

Release Notes

Minor changes