AIO Indicator — How to use SESSION & STD
I would like to explain in detail about function SESSION & STD of my All In One Price Action Indicator (TradingView) & give an example of how I use it to trade. This is an important indicator for intr
SESSION & STD
In the market, especially in the Forex world, there are 3 important sessions: Asian, London, and New York.
The Asian Session: the pairs that are not coupled with the USD or Crosses are most active during this time of day. The USD tends to consolidate until Midnight New York time. Which frees Crosses like AUDJPY, GBPAUD, or many other pairs that cross with the busy currencies of this time of day.
The London Session: typically creates the Low of the day when the market is primarily Bullish and the High of the day when Bearish.
The New York Session: typically has two potential scenarios — continuation of London’s Move or a complete Reversal on the daily direction.
I actually focus mainly in London Open & New York Open Session so the default settings in my indicator for these two sessions are their open time, not the whole session, you can change them if you like.
Asian: 19:00 ~ 00:00
London Open (London KillZone): 01:00 ~ 05:00
New York Open (New York KillZone): 07:00 ~ 10:00
The indicator displays lines above the chart & box on the chart itself to mark which session the market is in at the moment.
You also can choose to show or not equilibrium level (EQ) & extend high/low/EQ lines or not of a specific session.
It works well on all low time frames on any source. Ex: 1 minutes, 2 minutes, 5 minutes, 15 minutes, 1h, OANDA, FXCM, FOREX.COM, Capital.com,…
So how to use it to trade or what frames the daily setup?
High time frame order flow
Liquidity where? External liquidity & internal liquidity
Weekly chart current candle direction: until the high time frame key level is traded to, for example, we look to buy long in our daytrades as long as the price is higher than the current week opening price.
Day of week: personally I like trading on Tuesday, Wednesday, and Thursday. They are generally ideal daytrade days.
Time of day: use this indicator, which session the market is in now? I like London Open and New York Open.
You also can choose to show or not Standard Deviations (STD) for better analysis. The default values are set for Asian Range STD and max STD levels can be shown are 5. I usually use the following 3 types of STD (New York Time):
CBDR (Central Bank Deviations) STD: 14:00 ~ 20:00
Flout STD: 15:00 ~00:00
Asian Range STD: 19:00 ~ 00:00
When STD Range Adjustment Rate is enabled (default value is 0.5, you can set its value from 0→1), the range will be adjusted by [Rate] value before calculating the 1st STD range.
Please read the full article about my AIO — All In One Price Action Indicator below for more information & other functions of my indicator.
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Nguyen Tran