OVN H/L OVN H/L (Overnight High/Low)
Description:
The "OVN H/L" indicator is designed to plot the highest and lowest price levels within a specified time interval on your chart. This tool is especially useful for traders who focus on key support and resistance levels established during specific trading sessions, such as overnight or pre-market hours.
Features:
Custom Time Interval: Input your desired start and end times in HH
format (UTC+0). Handles intervals that span midnight seamlessly. Session Count Control: Choose the number of past sessions to display on the chart. Helps keep your chart organized by limiting the number of lines. Line Extension Options: Option to extend lines indefinitely to the right. If disabled, lines can be set to end or be interrupted upon price crossing. Upper and Lower Line Customization: Color Selection: Customize the color of the upper (high) and lower (low) lines separately. Line Width: Adjust the thickness of the lines from 1 to 5. Line Style: Choose between solid, dashed, or dotted lines for both upper and lower lines. Dynamic Line Management: Automatically updates high and low levels during the specified interval. Draws lines after the interval ends, reflecting the captured high and low. Price Interaction Detection: If line extension is disabled, lines will adjust if the price crosses them, providing visual cues.
Usage:
Overnight Trading: Identify key high and low levels from overnight sessions that may influence the upcoming trading day. Intraday Analysis: Customize the time interval to focus on specific market sessions (e.g., London or New York sessions). Support and Resistance Levels: Use the plotted lines as potential support and resistance zones for trading strategies.
How to Use:
Apply the Indicator: Add the "OVN H/L" indicator to your chart from the TradingView indicator library. Configure Time Settings: In the indicator settings, set the start and end times for the interval you're interested in. Adjust Appearance: Customize the colors, widths, and styles of the upper and lower lines to your preference. Set Session Display: Determine how many previous sessions' lines you wish to display. Line Extension Preference: Decide whether you want the lines to extend indefinitely or to end/interact based on price movement. Analyze Price Action: Use the high and low lines to identify key levels for potential entries, exits, or stop-loss placements.
Notes:
Time Zones: The script uses UTC+0 for time calculations. Ensure you adjust the input times accordingly if your chart is in a different timezone. Compatibility: Best used on intraday timeframes where sessions and intervals are relevant. Limitations: The indicator may not display correctly on historical data beyond the number of sessions specified.
Conclusion:
The "OVN H/L" indicator is a versatile tool that enhances your chart analysis by highlighting significant price levels within custom time intervals. By visualizing these critical zones, traders can make more informed decisions and refine their trading strategies.
