This script is a combination of my overnight fakeout script and bollinger band color bars. It's designed to be used on CME /CBOT Equity Indexes during their GLOBEX session. It uses the built in Bollinger Band script and highlights bars that exceed the upper/lower bands during the overnight session.
@Maexis, The script was designed to be used as a decision support tool, the user takes a signal and then applies their own execution and risk management to it. The idea of the script is that overnight moves (outside of black swan events) tend to mean revert as the underlying market is open during the US daytime, and large moves that occur overnight are a product of arbitrage against foreign equity index futures, as well as liquidity driven price moves.