A trading indicator that marks the Globex futures range and calculates standard deviation levels, providing potential support and resistance zones for the New York trading session.
Explore complementary indicator rolesHow it works
The indicator tracks the Globex futures range during the extended trading hours from 6 PM to 9:30 AM ET, identifying the opening, high, and low price levels. It then calculates the first and second standard deviations above and below this range, creating a series of potential support and resistance levels.
These standard deviation bands provide a statistical framework for understanding potential price movement boundaries. By plotting these levels, traders can visualize the expected price range and potential breakout points during the New York trading session, offering a quantitative approach to market analysis.
Why it may be useful
The Globex range indicator helps traders understand potential market structure and price dynamics by providing a statistically derived framework for market movement. It offers insights into potential support and resistance levels based on the overnight trading session, which can be crucial for making informed trading decisions.
By identifying these levels, traders can develop more strategic entry and exit points, manage risk more effectively, and gain a deeper understanding of potential price behavior. The standard deviation calculations add a mathematical precision to market analysis that goes beyond simple visual interpretation.
When to explore it
This indicator is most effective for traders focusing on futures markets, particularly during the New York trading session when the Globex range levels can provide meaningful insights. It works best in markets with clear overnight trading patterns and when used in conjunction with other technical analysis tools.
Traders should pay special attention to how price interacts with these levels, using them as potential bounce or breakout zones. The indicator is particularly useful for day traders and scalpers who need quick, statistically-backed reference points for market entry and exit strategies.
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What we’ve verified
Access, alerts and repainting behaviour have not been independently verified for this indicator. Check the creator’s current publication and settings.
General descriptions and classifications are recovered research. Verified details above identify the specific checks we have completed. Check the creator’s current publication for later changes.
