Session Filter is a simple trading indicator that enables traders to define their preferred trading sessions and optimise their approach based on individual preferences. By providing a range of flexible customisation options, Session Filter can help traders reduce risk, increase accuracy, by helping them to adhere to their trading sessions. Features include
🎯 Customisable Trading Sessions
One of the key features of Session Filter is the ability to select from four different trading sessions. These sessions are designed to be flexible, making it easy to tailor your approach to specific markets, assets, and trading styles. By selecting the sessions that are most relevant to your strategy, you can reduce the risk of making trades during less favourable market conditions.
For example, if you prefer to trade during the Asian session, you can set the session times to "Asian Session" in input settings. This will highlight the specific times when the Asian markets are open, allowing you to focus your trading activity during these periods. By doing so, you can avoid trading during times when the market is less active or more volatile.
🎯 Customisable Timezone and Days of the Week:
In addition to customisable trading sessions, Session Filter also allows users to select a timezone and specific days of the week. This ensures that the displayed trading zones and signals are aligned with your local time, and that you can tailor your approach to your preferred schedule. This is particularly useful for traders who have other commitments, or who prefer to focus on specific markets or assets on certain days.
For example, if you are based in New York and prefer to trade during the European session, you can select the "European Session" option in Session Filter and adjust the timezone to reflect your local time. You can also select specific days of the week when you prefer to trade during the European session, such as Tuesday through Thursday. This allows you to optimize your approach based on your personal preferences and schedule.
🎯 Easy Visual Interpretation:
Session Filter uses green and red overlays on the chart to indicate the trading zones, making it easy for users to visually identify their trading sessions
For example, when a green overlay is displayed on the chart, this indicates that the market is within the selected trading session and that it may be a good time to start trade. Conversely, when a red overlay is displayed, this indicates that the market is outside of the selected trading session and that it may be a good time close all trading. By providing this visual feedback, Session Filter helps traders stay focused and disciplined, and avoid making impulsive trading decisions.
🎯Force Exit Signal for Risk Management:
Session Filter also offers the ability to generate a force exit signal when not in any of the selected sessions. This can be used in conjunction with alerts to exit all trades outsize session zone.
For example, if you are using Session Filter to trade during the European session, but the market is particularly volatile during a specific day, the force exit signal will be generated to indicate that it may be a good time to exit your trade. This helps you avoid potential losses and stay disciplined during periods of market turbulence.
🎯External Signal Plots:
In addition to the chart overlays, Session Filter also plots signals on the data window that can be used as external inputs in other indicators and strategies. This feature allows traders to incorporate the signals generated by Session Filter into their existing trading systems and this can be used as additional filters on an existing strategy or methodology.
🎯Alerts using Alert Conditions
Alerts are provided for start and end of session so that users can make use of it to set auto turn on or off their bots.
Settings are pretty simple and are explained here.
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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.