Session Levels IQ [TradingIQ]

16 abr

Hello Traders!
🔹Session Levels IQ

Session Levels IQ is a session-based percentage grid tool designed to map how far price typically travels away from each session open.

Instead of treating a session as a simple open-high-low-close range, this tool builds a structured level framework around the session open and tracks which distances tend to get reached, how often they get reached, and what price typically does after touching them.

Think of it as a way to study session expansion behavior around the open.
This indicator records historical observations to show what typically happens.

It’s not a strict probability model, but more of a history book of past behavior.

• session-based percentage levels built outward from the open
• custom session or timeframe-based session construction
• hit-rate tracking for each distance level
• typical move-after-hit measurement
• normal vs unusual level zoning
• optional coloring by historical hit rate or move-after-hit
• reference price line for inspecting post-hit behavior

🔹What the tool shows

🔸Session-centered level grid

Each session begins from its opening price, and the script builds levels outward in configurable percentage intervals.

This creates a structured grid above and below the session open, helping you visualize how price expands relative to where the session started.

This helps reveal:

• how far price tends to travel from the session open
• which percentage distances are reached most often
• how session expansion behaves over time

🔸Historical hit rate by level

The script tracks whether each percentage level gets touched across completed sessions.
Over time, this produces a running statistical view of how often price reaches specific distances from the open.

This allows you to observe:

• which distances are commonly reached
• which distances are less typical
• where session expansion begins to become unusual

🔸Typical move after hit

In addition to tracking whether a level is reached, the script also records what price typically does after touching that level.
For levels that get hit, it measures the median follow-through after contact.

This helps show:

• whether certain levels tend to lead to larger continuation
• whether some levels produce relatively small follow-through
• how post-hit behavior differs across the grid

This is not just about whether price gets somewhere.
It is also about what tends to happen once it gets there.



🔸Normal vs unusual zones

A configurable normal range defines which distances from the open are considered relatively typical and which fall outside that range.

Levels inside this zone are treated as normal, while levels beyond it are treated as more unusual.

This helps identify:

• common session movement areas
• stretched or less typical expansion zones
• where price is trading beyond its more ordinary session behavior

🔸Level coloring modes

The script can visually color levels in different ways depending on what you want to study.
Available modes include:

• By Hit Chance
• By Move After
• None

With hit-chance coloring, levels are shaded based on how frequently they are reached.
With move-after coloring, levels are shaded based on the magnitude of the typical move after price touches them.

This makes it easier to spot:

• frequently reached levels
• less common extension areas
• levels associated with larger follow-through

🔸Custom session support

You can build the framework using either:

• a standard session timeframe such as 1D
• a fully custom intraday session window

This makes the tool flexible for traders who want to study:

• daily opens
• custom market sessions
• specific trading windows

🔸Whole-number level emphasis

The script can optionally emphasize whole-number percentage distances so that major percentage thresholds stand out more clearly on the chart.

This can help when you want to quickly distinguish:

• major percentage levels
• minor intermediate levels
• cleaner structural reference points

🔸Reference price line

An optional draggable reference line lets you place a price directly onto a level and inspect the typical move after that level is hit.

This gives you a visual way to explore:

• how levels behave after being reached
• which zones tend to continue further
• which levels show more limited follow-through

This feature is best viewed as exploratory context, not as a standalone signal.



🔸Session range box

The script can also draw a box around the current session’s working range, helping frame the active expansion area as the session develops.

This gives additional context for:

• the current session’s high-to-low development
• where the grid sits relative to the active range
• how much of the session’s expansion has already formed

🔹How to read it

Each component provides a different layer of session information:

Session open → anchor point for the grid
Percentage levels → structured expansion distances from the open
Hit chance → how often a level gets reached across sessions
Move after hit → typical follow-through once a level is touched
Normal range → common vs unusual expansion territory
Reference line → exploratory view of post-hit behavior

🔹Why this tool is useful

It gives you:

• a structured way to study session expansion around the open
• historical context for which distances are commonly reached
• visibility into which extensions are relatively unusual
• insight into what price typically does after contacting a level
• a contextual framework for session movement analysis

🔹Best use cases

• studying how far sessions typically expand from the open
• identifying common vs stretched extension zones
• comparing likely and unlikely distance levels
• adding structure to open-based session analysis
• exploring how price tends to behave after touching key percentage levels

🔹Important note

This tool is based on historical session behavior and percentage-distance tracking.

That means:

• it is descriptive, not predictive certainty
• results depend on the instrument and timeframe being analyzed
• smaller level spacing creates more detail, but also more density
• typical move-after-hit is informational and should not be treated too literally

🔹Inputs you can customize

The script includes flexible controls such as:

• custom session toggle
• custom session time
• session timeframe
• level spacing percentage
• normal range percentage
• label detail level
• label size
• label side
• show all stored levels
• whole-number level emphasis
• session range box display
• level coloring mode
• reference price line

Closing Notes

Session Levels IQ is built to shift the focus from simply asking where price is now to asking how far price has historically tended to travel from a session open, how often those levels are reached, and what usually happens after contact.

It helps turn session expansion into a more structured and measurable framework, so you can view open-based movement with more context than raw candles alone.

Thank you for checking it out and thank you TradingView!

16 abr

Notas de prensa

Added option to only show the historical hit rate of a level. This is easier for onboarding as a default setting.