Custom Indicator - No Trade Zone Warning Back Ground Highlights!
Years ago I did an analysis of my trades. Every period of the day was profitable except for two. From 10:00-1030, and 1:00 to 1:30. (I was actively Day Trading Futures) Imagine a vertical graph broken down in to 30 minute time segments. I had nice Green bars in every time slot (Showing Net Profits), and HUGE Red Bars from 10 to 10:30 and 1 to 1:30. After analysis I found I made consistent profits at session open, but then I would enter in to bad setups around 10 to make more money. I also found after I took lunch when I came back at 1:00 I would force trades instead of patiently waiting for a great trade setup. I created an indicator that plotted a red background around those times telling me I was not allowed to enter a trade. Profits went up!!! Details on How to adjust times are in 1st Post. You can adjust times and colors to meet your own trading needs.
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//Created By User ChrisMoody //Created on 3-5-14 //Special Thanks to TheLark for showing me who to create the On/Off Check Boxes for The Plots. study(title="CM_No-Trade-Zone", shorttitle="CM_NoTradeZone",overlay=true) timeinrange(res, sess) => time(res, sess) != 0 sNT1 = input(true, title="No Trade Zone 9:30-10:00 AM EST?") sLunch = input(true, title="Lunch 12:00-1:00 PM EST") sNT2 = input(true, title="NTZ 1:00-1:30 PM EST") warnClose = input(true, title="Warning Close 3:30-3:50 PM EST") warnCloseFinal = input(true, title="Warning Close Final 3:50-3:55 PM EST") //Extra Plots If Needed - Step1 - make sure you make active Step 2 and Step 3 Below // Make active by deleting the to forward slashes at the left of extraPlot1 and 2 //extraPlot1 = input(true, title="ExtraPlot1 add Time Description") //extraPlot2 = input(true, title="ExtraPlot2 add Time Description") noTrade1 = red lunchHour = yellow noTrade2 = red warn_Close = orange warn_CloseFinal = orange //Make active by deleting the to forward slashes at the left of extraPlot_1 and 2 - You can change colors here //extraPlot_1 = red //extraPlot_2 = red //Must use Military Time 1300 = 1:00PM //***Make sure your time zone is set to your correct time zone bgcolor(sNT1 and timeinrange(period, "0930-1000") ? noTrade1 : na, transp=60) bgcolor(sLunch and timeinrange(period, "1200-1300") ? lunchHour : na, transp=60) bgcolor(sNT2 and timeinrange(period, "1300-1330") ? noTrade2 : na, transp=60) bgcolor(warnClose and timeinrange(period, "1530-1550") ? warn_Close : na, transp=50) bgcolor(warnCloseFinal and timeinrange(period, "1550-1555") ? warn_CloseFinal : na, transp=10) //Additional Plots if needed STEP 3 Adjust Time //bgcolor(extraPlot1 and timeinrange(period, "1000-1030") ? extraPlot_1 : na, transp=60) //bgcolor(extraPlot2 and timeinrange(period, "1400-1430") ? extraPlot_2 : na, transp=60)