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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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