| eSignal Study: Automatically color codes the background to indicate "chop time" (also known as the "mid-day doldrums") or "overnight" data. This acts as a warning that "chop time" has begun and to trade at your own risk. This is the time of day when traders see their account "chopped up"! Default times are for CST (typical times are 11:30 - 14:30 EST). Be sure to set the correct times for your timezone. This ~3 hour period in the middle of the day is when traders in the the various timezones go to lunch. Thus, the market becomes less predictable. Also, the London stock market closes at 12:00 EST, which is another group of traders removed from the market action. When highlighting overnight data, this lets you visually see when the overnight data begins/ends and the PIT (regular trading hours) begin/end. Default times are for CST (typical times are 16:30-9:30 EST). Be sure to set the correct times for your timezone. Note: Only background color appears. Arrows and text in the sample image are for illustration purposes only and aren't drawn by the script. Colors and times are all customizable! IMPORTANT: This script requires the neoLibrary.efsLib. You can download it here (free). Source code for this script is provided. |