High & Low Of Custom Session - Breakout True Open [cognyto]

9 Jul

This indicator is based on the High & Low Of Custom Session - OpeningRange Breakout (Expo) created by Zeiierman.

It adds new functionality and enhances existing settings, targeting ES, NQ, and YM:

• Manages session defaults to 12:00 to 13:00
  
• New true opening fully customizable (default 13:00)
  
• Manages timeframe visualization (default 15m and below)
  
• Manages session draw length until the end of the current session (default NY)
  
• Manages previous sessions, allowing the to be hidden
  
• Improves timezone selection (default NY)
  
  

Following the strategy called Paradox detailed by DayTradingRauf, it works with indices like ES, NQ, and YM.

The rules consider three possible profiles:

First

• AM session as consolidation (08:00-12:00)
  
• Lunch hour range as consolidation (less than 100 points)
  
• PM session breaking either side of the session range
  

Second

• AM session trending lower (08:00-12:00)
  
• Lunch hour range as consolidation (less than 100 points)
  
• PM session trending higher
  

Third

• AM session trending higher (08:00-12:00)
  
• Lunch hour range as consolidation (less than 100 points)
  
• PM session trending lower
  

After the session ends, the opening price at 13:00 is automatically drawn as it is a key point for the entry strategy.

The strategy can be monitored using a 5-minute or 15-minute timeframe as follows:

- Wait for a liquidity hunt (either the high or low of the lunch session range or AM is taken).
- If liquidity is taken, switch to the 1-minute timeframe and wait for a CISD (change in the state of delivery), where the price closes below an OB, or consider a breaker block or iFVG to enter the trade.
- Bullish entries should happen below the opening price at 13:00, and bearish entries should happen above.
- Consider a 1:2 reward ratio. However, runners can target the opposite side of the range that was not yet taken.


This indicator is for informational purposes only and you should not rely on any information it provides as legal, tax, investment, financial or other advice. Nothing provided by this indicator constitutes a solicitation, recommendation, endorsement or offer by cognyto or any third party service provider to buy or sell any securities or other financial instruments in this or any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.