OPEN-SOURCE SCRIPT
H1 Congestions V-1.0
This indicator is designed to highlight the night session, from 20:00 to 07:00 in the morning. The purpose is to study the congestion ranges. This is a useful condition to anticipate the volatility break out that occurs in the morning, driven by the European markets.
Below is the logic I have applied:
First of all, I defined a directive to activate the highlighter. I had to activate a highlighter for today's session and another one for yesterday's session, and I included fields to potentially modify the time range. I also added the possibility to change the time zone, as I did not understand the time zone of the TradingView server.
Then, I added a directive to color the night bars in white, from 20:00 to 07:00. For this function too, I added fields to modify the range. Finally, I inserted labels to count the range of the bars in pips, but only for bars over 20 pips. However, I was not able to correct the position to prevent the label from overlapping with the bars. If you have any suggestions on this issue, I would be grateful.
Below is the logic I have applied:
First of all, I defined a directive to activate the highlighter. I had to activate a highlighter for today's session and another one for yesterday's session, and I included fields to potentially modify the time range. I also added the possibility to change the time zone, as I did not understand the time zone of the TradingView server.
Then, I added a directive to color the night bars in white, from 20:00 to 07:00. For this function too, I added fields to modify the range. Finally, I inserted labels to count the range of the bars in pips, but only for bars over 20 pips. However, I was not able to correct the position to prevent the label from overlapping with the bars. If you have any suggestions on this issue, I would be grateful.
Open-source script
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 publication is governed by House rules. You can favorite it to use it on a chart.
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