I have made a session based indicator which helps to aid the decision making upon session opens and gives a good indication of trend during. It also has various fixes for bugs found in the above indicator.
It has multiple settings to configure:
Use session: This toggles the to be session based mode.
Session - Time: The session hours for the .
Session - Days of Week: This is the days for the session based to use.
Session - Mode: The is reset when a new session starts. This mode adjusts how the initial value of the is calculated:
OC: uses the absolute open - close * value.
TR: uses the true range * value.
VOL: uses the value.
TF - Resolution: This is the lower time frame to be used in calculating the wick adjusted buy and sell used in the calculation of weighted . A lower time frame produces more accurate buy and sell volumes.
Use Volume: Enabling this produces a weighted . Disabled produces a normal .
Use Wicks: Enabling this adjusts the calculation for buy and sell by taking wicks into account.
- Length: This is the length to be used for the . If session based this is the maximum value the length can be - length can be shorter to not include previous session data.
- Overbought: This is the "overbought" level for the .
- Oversold: This is the "oversold" level for the .
- Threshold: This is the threshold used to indicate trend change colours on the .
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.