Goldsands Asian Range indicator

What it does

While Asia trades, the major currency pairs usually build a range. Its high and low are where stop losses gather, and the London open often runs one side before the real move of the day. Goldsands Asian Range draws that box for you every day, from 00:00 to 07:00 UK time by default, and extends the high, low and halfway line into the London and New York sessions.

Times are set in UK time and the indicator handles the switch between GMT and BST automatically. On MetaTrader 5 it also converts your broker's server time, so the box always starts and ends at the right moment. The New York midnight open is marked as well, a reference level many intraday traders use to judge whether price is expensive or cheap for the day.

Not every range is worth trading. The label shows the size of the range in pips and compares it with the recent average. When the range is above a fixed limit (30 pips on EUR/USD and 40 on GBP/USD by default), or more than 1.5 times the average of the last 20 sessions, the box turns red and is flagged TOO WIDE. Both limits can be changed.

Key features

• Asian session box drawn automatically, 00:00 to 07:00 UK time by default
• GMT and BST handled automatically; broker server time converted on MT5
• Range size in pips, with the recent average and ratio
• TOO WIDE flag: above a fixed pip limit or more than 1.5× the 20-session average
• High, low and 50% line extended into London and New York
• New York midnight open marked
• Session times, limits and colours all adjustable

Questions

Goldsands Asian Range is an analysis tool. It doesn't give trade signals or financial advice, and how price has behaved around a level in the past doesn't guarantee how it will behave in future.