This indicator highlights the Overnightsession (ONS), taught by TheCurrenyMerchant.
The Overnightsession is from 4-8 am UTC-5. This session can be used to form trades, e.g. after one side has been taken out.
It has the options to display Projection and the equilibrium level. Equilibrium level (50%) can be used to identify if price is currently in premium/discount of the range and the projections (standard deviations of the range) can be used to identify possible targets.
A classic setup he teaches is:
Price trades agressively out of the range taking liquidity. As soon as we trade above the high of the candle that took liquidity, that candle can be considered an orderblock, where the 50% level can be used for long setups.
⚠️ Open Source ⚠️
Coders and TV users are authorized to copy this code base, but a paid distribution is prohibited. A mention to the original author is expected, and appreciated.
⚠️ Terms and Conditions ⚠️
This financial tool is for educational purposes only and not financial advice. Users assume responsibility for decisions made based on the tool's information. Past performance doesn't guarantee future results. By using this tool, users agree to these terms.
The Overnightsession is from 4-8 am UTC-5. This session can be used to form trades, e.g. after one side has been taken out.
It has the options to display Projection and the equilibrium level. Equilibrium level (50%) can be used to identify if price is currently in premium/discount of the range and the projections (standard deviations of the range) can be used to identify possible targets.
A classic setup he teaches is:
Price trades agressively out of the range taking liquidity. As soon as we trade above the high of the candle that took liquidity, that candle can be considered an orderblock, where the 50% level can be used for long setups.
⚠️ Open Source ⚠️
Coders and TV users are authorized to copy this code base, but a paid distribution is prohibited. A mention to the original author is expected, and appreciated.
⚠️ Terms and Conditions ⚠️
This financial tool is for educational purposes only and not financial advice. Users assume responsibility for decisions made based on the tool's information. Past performance doesn't guarantee future results. By using this tool, users agree to these terms.
Release Notes:
fixed equilibrium line
Release Notes:
added half deviations. can be turned off/on in the settings