Time-of-Day Frequencies for Session Highs and Lows

Summary

This indicator measures when a trading session’s highest high and lowest low occur. It tracks each session’s extremes, records the hour of each extreme when the session ends, and aggregates those observations into hourly counts. A chart display presents the share of sampled session tops and bottoms associated with each hour, with separate colored columns and tooltips showing sample counts and time boundaries.

Users can choose a timezone, use the symbol’s regular session or define a custom session, filter sessions by whether they closed up or down, and restrict the date range. The instructions recommend chart intervals aligned with the session’s opening time so that the indicator can identify the relevant bars. This is a descriptive timing tool, not a trading signal: it gives no evidence that observed frequencies predict future price action, and results depend on the selected market, session definition, timezone, date range, and available history.

Key ideas

• The indicator records the hour of each session’s highest high and lowest low.
• It aggregates those events into hourly frequencies and displays the top and bottom distributions separately.
• Timezone, custom session, session direction, and date-range filters shape the sample.
• Chart intervals should align with the session start for accurate collection of extremes.
• The frequency report is descriptive and does not establish that these timing patterns are predictive.

Tags

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