External Range Liquidity by fx4_living

External Range Liquidity Indicator

This indicator visualizes the evolving price range boundaries and subdivisions for a user-defined intraday session period on the chart.
It computes and displays the highest and lowest prices observed within the specified session (used as external range liquidity), updating dynamically with each bar, and includes optional midpoint and quartile levels represented by horizontal lines that adjust as the range develops.

Key Features:

• Session Range Calculation: Tracks the maximum high and minimum low prices during the active session, refreshing in real-time.
  
• Midpoint Display: Optionally plots a median level between the session high and low, with selectable styles (solid, dotted, or dashed).
  
• Quadrant Display: Optionally segments the range into quarters by displaying levels at 25% and 75% from the low, with customizable line styles.
  
• Color Customization: Allows selection of colors for the high boundary (default blue), low boundary (default red), midpoint (default gray), and quadrants (default gray).
  
• Session Input: User-configurable session timeframe, defaulting to 18:00-16:14 across all weekdays and weekends, using America/New York time zone.
  
• Timeframe Compatibility: Optimized for intraday use on charts of 30 minutes or lower; attempts to apply on higher timeframes will display an error.
  
• Visualization Style: High and low ranges appear as stepped lines with diamond markers indicating external liquidity purges. Midpoint and quadrant lines are horizontal segments without extension for precise session representation.
  

Settings:

• Range: Specifies the session window (e.g., "1800-1614").
  
• High Color: Color for the upper range line.
  
• Low Color: Color for the lower range line.
  
• Show range mid point: Enable/disable the midpoint line.
  
• (Midpoint color and style): Inline choices for color and line type (Solid, Dotted, Dashed).
  
• Show range quadrants: Enable/disable both the 25% and 75% lines.
  
• (Quadrants color and style): choices for color and line type (Solid, Dotted, Dashed).
  

This tool serves purely for visual analysis of session price dynamics on charts.
It offers no signals, predictions, or guidance for any market actions.
Users are encouraged to perform independent evaluations and align with their own strategies when incorporating charting elements.