Measuring Intraday Performance by Hour and Trading Session

Summary

This indicator summarizes intraday behavior by hour and by named trading session. Its ranking boards compare average bar range, volume, the proportion of bars closing up, average open-to-close drift, and a composite ranking that equally combines percentile ranks for range, volume, and directional edge. A session panel ranks sessions by average range and reports additional descriptive statistics. A focus panel and chart shading translate selected rankings into visual context, while alerts mark session starts, ends, and the London–New York overlap.

Users can choose timezone, lookback, bar limits, minimum sample size, session windows, and which bars feed the calculations. These controls matter: small samples can distort rankings, different timezones relabel hours and sessions, and a longer lookback can mix market regimes. The script also has a platform history limit, so fine chart intervals may cover fewer calendar days than requested. The document describes a descriptive analysis tool, not a trading signal or evidence of profitable timing; rankings are sensitive to the selected symbol, period, and settings.

Key ideas

• Hourly boards rank range, volume, bullish close rate, drift, and a composite of selected measures.
• The session panel compares average range and includes directional and sample information.
• Timezone, session definitions, bar filters, and lookback choices determine what observations are counted.
• Minimum sample requirements help prevent thinly sampled hours from dominating rankings.
• The rankings describe historical intraday patterns and do not establish a profitable trading edge.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.