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#1 Posted : Friday, July 28, 2017 10:44:11 PM(UTC)
MS Support

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Domenico D"Errico's article, “Daytrading with Night Volume”, expanded upon the standard first hour breakout system by adding a volume filter.  The article included an example chart with time sessions colored differently, a summation of the night time volume and a 5 day average of that volume.  Below are the formulas to create such a chart in MetaStock.  All the formulas assume you are using a 15 minute chart. 

Expert Advisor: 

These formulas can be used to color the bars with highlights and add buy and sell short symbols to the chart.

Highlights: 

Night Session (midnight to 8:30 AM)

Color: Black

Formula:

Code:
time:= (Hour()*100) + Minute();
time <= 830

First Hour (8:30 AM to 9:30 AM)

Color: Red

Formula:

Code:
time:= (Hour()*100) + Minute();
time <= 930 AND time > 830 

Main Session (9:30 AM to 3:15 PM)

Color: Blue

Formula:

Code:
time:= (Hour()*100) + Minute();
time <= 1515 AND time > 930

Evening Session (3:15 PM to midnight)

Color: Grey

Formula:

Code:
time:= (Hour()*100) + Minute();
time > 315

Symbols:

Buy signal:

symbol: up arrow

formula:

Code:
time:= (Hour()*100) + Minute();
night:= time <= 830;
nightvol:= If(night, Sum( If(night, V, 0), 36), 0);
avgnightvol:= 
(ValueWhen(1, time=830, nightvol)+ 
ValueWhen(2, time=830, nightvol)+
ValueWhen(3, time=830, nightvol)+
ValueWhen(4, time=830, nightvol)+
ValueWhen(5, time=830, nightvol))/5;
h1top:= ValueWhen(1, time=930, HHV(H,4));
ValueWhen(1, time=830, nightvol)>avgnightvol AND
time >930 AND time <=1445 AND H > h1top AND 
Ref(HighestSince(1, time=930, H),-1) <=h1top

Sell Short signal:

symbol: down arrow

formula:

Code:
time:= (Hour()*100) + Minute();
night:= time <= 830;
nightvol:= If(night, Sum( If(night, V, 0), 36), 0);
avgnightvol:= 
(ValueWhen(1, time=830, nightvol)+ 
ValueWhen(2, time=830, nightvol)+
ValueWhen(3, time=830, nightvol)+
ValueWhen(4, time=830, nightvol)+
ValueWhen(5, time=830, nightvol))/5;
h1bot:= ValueWhen(1, time=930, LLV(L,4));
ValueWhen(1, time=830, nightvol)>avgnightvol AND
time >930 AND time <=1445 AND L < h1bot AND 
Ref(LowestSince(1, time=930, L),-1) <=h1bot

Close all open positions:

symbol:  Exit sign

formula:

Code:
time:= (Hour()*100) + Minute();
closeout:= time >= 1515;
closeout AND Ref(closeout=0, -1)

Indicator:

The formula below will create an indicator that plots two lines.  After it has been added to the chart, change the lower line to a Histogram line style.  Then change the upper line to a dotted line and set the color to Red.

Night Session Volume:

Code:
time:= (Hour()*100) + Minute();
night:= time <= 830;
nightvol:= If(night, Sum( If(night, V, 0), 36), 0);
avgnightvol:= 
(ValueWhen(1, time=830, nightvol)+ 
ValueWhen(2, time=830, nightvol)+
ValueWhen(3, time=830, nightvol)+
ValueWhen(4, time=830, nightvol)+
ValueWhen(5, time=830, nightvol))/5;
nightvol;
avgnightvol

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