How I Use This FREE TradingView Indicator to Unlock More Prop-Firm Payouts — Transcript

Full transcript

1. 0:00All right, welcome back. It's Thrax
2. 0:02Trades. Today, I'm excited to go over
3. 0:04something I've been working on for a
4. 0:06couple weeks now, and it's a new
5. 0:08indicator that I've been building out.
6. 0:09I'm going to go over exactly what it is,
7. 0:11what it does, um, what it's showing, and
8. 0:15how you can use it. I'm not really going
9. 0:17to talk about too much about how I use
10. 0:19it just because that just becomes a
11. 0:21whole video on my strategy in general,
12. 0:24but it's completely free. It's called
13. 0:26Session Range Projections. It's
14. 0:29currently in the Trading View community
15. 0:31library, so you can go put it on your
16. 0:33chart right now if you want to. I'll put
17. 0:35a link below in the description so that
18. 0:37you guys can just click the link and add
19. 0:39it to your chart. Um, this is an updated
20. 0:42version. I'm getting ready to roll out
21. 0:44the update and it's much better than the
22. 0:46original version. I just need to forward
23. 0:49test it a little bit for some bugs. Um,
24. 0:51but I want to explain what it is. So
25. 0:55essentially what this indicator is doing
26. 0:57is it is marking out a range based on a
27. 1:02specified slot of time. So that can be
28. 1:06uh a custom range of time down to the
29. 1:08minute. It can be based off of an hourly
30. 1:10candle, weekly, monthly sessions. We're
31. 1:14currently looking at the weekly right
32. 1:16now. So, this marked out the week from
33. 1:19June 8th to the end of June 15th. It
34. 1:24marks out the range, it gives you a
35. 1:26premium, and it gives you a discount.
36. 1:27Marks out the high of the range, the low
37. 1:30of the range, the OT levels. And what
38. 1:34the is is basically the optimal trade
39. 1:37entry for premium or for discount. It's
40. 1:41based off of Fibonacci levels that I use
41. 1:43in my strategy. So this would be um the
42. 1:47extended or deep premium here and this
43. 1:51would be deep discount. Um so you can
44. 1:53use those to try and take trades off of
45. 1:55it or support or resistance level or
46. 1:57just for a good entry if you're looking
47. 1:59for a continuation in a direction. It
48. 2:02also has the equilibrium line which is
49. 2:04basically the 50% of the range.
50. 2:07Sometimes as price is trending you'll
51. 2:08see that it likes to come back and
52. 2:10retest 50% of the range it's creating.
53. 2:13um which is just natural normal
54. 2:15pullbacks unless of course you have a
55. 2:18move that just doesn't turn around or
56. 2:20doesn't pull back at all then of course
57. 2:21but you have the equilibrium here the
58. 2:2450% and then something else I added was
59. 2:27I added the first fair value gap the
60. 2:29first presented fair value gap of the
61. 2:32range that we have marked out here. So,
62. 2:36the reason why I added the first
63. 2:38presented fair value gap is because I
64. 2:40use this a lot in my own trading. You
65. 2:42can turn it on and off if you don't want
66. 2:44to see it. Um, and it is it'll show for
67. 2:47whatever time frame you're on. So, if
68. 2:49you're on a 15minute, it's going to show
69. 2:50you the first 15-minute fair value gap
70. 2:52that got printed. If you're on a
71. 2:551 hour, let's go to the 1 hour. It will
72. 2:59show you the first one hour fair value
73. 3:01gap that printed. Um, and basically I
74. 3:04just pay a little bit more attention to
75. 3:06these fair value gaps more than others,
76. 3:09but you can turn it on and off if you
77. 3:11don't want it there. So, I'm going to go
78. 3:12over the settings um, so you can see.
79. 3:15So, there's presets here for the ranges.
80. 3:18So, you can either go custom and you can
81. 3:21designate a custom slot of time. So,
82. 3:23let's say you wanted to do uh a random
83. 3:27slot of time from 3:33
84. 3:31a.m. to, I don't know, 9 a.m.
85. 3:36It will then mark out that slotted time
86. 3:38for you
87. 3:42and it will give you the range that was
88. 3:43created for that time that you specified
89. 3:46and it'll give you all the levels for it
90. 3:49um that come with that specified slot of
91. 3:52time. So you can either do custom or
92. 3:55there's also all of these presets. So we
93. 3:58have uh presets here for Asia session,
94. 4:02London session, the New York AM session,
95. 4:06New York PM session, the previous
96. 4:0815-minute candle, 1 hour, 2 hour, 4
97. 4:10hour, daily, weekly, and monthly. So
98. 4:14what you can do is in the session times
99. 4:16right here, some people like to
100. 4:18designate their session times a little
101. 4:19bit differently. Maybe they like to
102. 4:21include the pre-market, maybe they
103. 4:23don't. Um, so I allow you the
104. 4:25flexibility to just put whatever you
105. 4:27think the session time is for your
106. 4:29sessions and how you like to trade them.
107. 4:31And just so you know, you do need to
108. 4:33select the time zone here for whatever
109. 4:35time zone you're in. Um, that way these
110. 4:39times are accurate.
111. 4:42But I'll give you an example of what it
112. 4:44looks like for Asia. So for uh the
113. 4:47sessions, something I forgot to mention
114. 4:50is that there are fib projections away
115. 4:53from the zones. Uh and the reason for
116. 4:55that is because I use those all the
117. 4:57time. You can use them as reversal
118. 5:00spots. You can use them as TPS if you're
119. 5:05doing a breakout of the range, but I
120. 5:07find them very valuable. You can turn
121. 5:09them off if you don't like the way they
122. 5:10look. Uh but they're there. And the way
123. 5:13that I trade it is I use this a lot for
124. 5:14Asia session. One of the ways I trade is
125. 5:18um I think of Asia session as the anchor
126. 5:20session meaning that price will deviate
127. 5:22away from Asia session and then
128. 5:24eventually come back to tap back into
129. 5:26Asia. So as you can see it did that
130. 5:29here. It deviated away into the 23325
131. 5:32level and then came back into Asia
132. 5:35session. The same thing happened today.
133. 5:38price deviated away from Asia session,
134. 5:40came into the 2.33 2.5, came back into
135. 5:43Asia session, deviated away again, and
136. 5:46came back into Asia session. So, I'll
137. 5:49use them for areas where I want to look
138. 5:51for a reversal if it aligns with my
139. 5:53other strategies, uh, the rest of my
140. 5:56strategy, or I'll use it as a TP level
141. 5:58of a potential rejection area or area
142. 6:01that we need to break through. You can
143. 6:03configure these Fibonacci levels to
144. 6:06whatever you want them to be. They're
145. 6:08down here. Oh, you can't see. They're
146. 6:11down here in the settings. So, these are
147. 6:14the default settings for it.
148. 6:17Specifically, I look at -2.33, -2.5, and
149. 6:22I look at -4 and -4.5. So, that's why
150. 6:26they're a different color, and all the
151. 6:27rest of them are grayed out. But, you
152. 6:30can use them however you want to use
153. 6:31them. change the colors on them. It's
154. 6:33totally customizable. You can change the
155. 6:35fib levels if you want to put like the
156. 6:37golden ratio of 1.618 or however you
157. 6:40trade. Or if you don't use fib levels at
158. 6:43all, then just take them off. You don't
159. 6:45need them. So, back in the settings, we
160. 6:48have the time range settings. So, again,
161. 6:51you can do custom. You can do it based
162. 6:53off of a session that you would then
163. 6:55designate the time to be right here for
164. 6:56your session. And then you can just
165. 6:58click it and it will use whatever time
166. 7:01you set for the session. You can also do
167. 7:04the previous 15 minute. So in that case
168. 7:08price will mark out the 15minute range
169. 7:10of the last 15-minute candle. It will
170. 7:13give you your levels here. And then as
171. 7:16price then reaches the end, it will then
172. 7:18make a new 15-minute range and it will
173. 7:21continue to roll basically. And the same
174. 7:24goes for all the other ones. So, if you
175. 7:27were to change this to a 1 hour, here is
176. 7:29your 1 hour range. This was the last 1
177. 7:32hour candle. And once this reaches the
178. 7:35end, it's going to create a new 1 hour
179. 7:36candle and continue the process.
180. 7:40And it does it for it does it for the
181. 7:422our, the 4 hour, and the daily. So,
182. 7:45here we are in OT currently on the
183. 7:48previous daily candle. You could do it
184. 7:50for the weekly. Right now the fair value
185. 7:52gap is showing this uh new week opening
186. 7:55gap. It's kind of big so you can adjust
187. 7:57the opacity of it or turn it off
188. 7:59completely. Um and then last one is you
189. 8:03can do the monthly. So if we were
190. 8:07looking at previous month's candle
191. 8:11here it is. Let's go to the 4 hour to
192. 8:13make it look a little better.
193. 8:15So something that's interesting is this
194. 8:17is the previous monthly candle. We're
195. 8:20now in the June candle, of course,
196. 8:21because it's June 2025.
197. 8:24And if you're on the 4 hour, this was
198. 8:25the first 4 hour fair value gap that was
199. 8:28presented um at the beginning of this
200. 8:31month. And since then, price has been
201. 8:34using it and has been stuck in this
202. 8:36range and has been basically
203. 8:40consolidating sideways majority of the
204. 8:42month. But what I like about it and the
205. 8:45the goal of it was to make it
206. 8:47customizable so that you can either use
207. 8:52candles if you want, whether it's
208. 8:54previous candles that were created or a
209. 8:56custom time range if that's better for
210. 8:58you. So you can do it with you can use
211. 9:00this if you really wanted to with the
212. 9:02orb. I know a lot of traders trade the
213. 9:04orb, the opening range breakout. So if
214. 9:06you wanted to trade the orb, you would
215. 9:08just set your orb time here. So let's
216. 9:10say you you trade the orb. And for me,
217. 9:12I'm Pacific Standard Time. So, let's
218. 9:14just say you were trading the 15minute
219. 9:17orb. Okay, you would make this 6:30, 645
220. 9:21because I'm Pacific Standard Time. And
221. 9:24we'll drop down into a one minute.
222. 9:27And it will present you with the range
223. 9:30for the orb. So, here was orb 15-minute
224. 9:33orb high, 15-minute orb low. Price
225. 9:36breaks out of the opening range for the
226. 9:3815-minute. This was also the first
227. 9:41presented fair value gap on the one
228. 9:43minute. Price comes back into it and
229. 9:44then shoots off. So if you trade the
230. 9:47orb, you can use it. And also look where
231. 9:50price ends up stopping right here at one
232. 9:53of our levels. Let me pull it
233. 9:56at the negative one. So price breaks the
234. 9:58orb, projects out into the negative one,
235. 10:01and then turns around and comes back.
236. 10:04It's pretty versatile. You can use it
237. 10:06for different strategies. If you trade
238. 10:08open, high, low, close, you can use that
239. 10:10with the previous candles. If you trade
240. 10:13orb, you can trade it with the orb. If
241. 10:16you trade with sessions, you can
242. 10:17designate your session times and trade
243. 10:20with sessions, waiting for the price to
244. 10:23sweep the lows of Asia session to go
245. 10:24long or waiting for whatever, right? So,
246. 10:28in the settings, you can um change the
247. 10:32colors of all this stuff. You can change
248. 10:34the range colors. You can change the OT
249. 10:36box colors. You could change the lines
250. 10:38for high and low. You can change
251. 10:39equilibrium. Everything. You can change
252. 10:42the colors. You can change the opacity.
253. 10:44And then you can turn on and off the
254. 10:46first presented fair value gap. And
255. 10:48there's also historical look back for
256. 10:51first presented fair value gap as well.
257. 10:53So, if you wanted it to show um the fair
258. 10:57value gap that came from this range when
259. 11:00this range started, you would just
260. 11:02increase the historical look back to
261. 11:04two.
262. 11:06And once it's there, now you can see the
263. 11:09first presented fair value gap from this
264. 11:11range. You can keep going. You can do
265. 11:13three, you can do four, all the way up
266. 11:15to 10. And same goes for the ranges
267. 11:18themselves. So, you have a historical
268. 11:20ranges to show. You can do one or two or
269. 11:22three or four all the way up to 10. And
270. 11:25then the last thing here is that there
271. 11:27are custom alerts added to the
272. 11:29indicator. So if you want to be notified
273. 11:33on trading view when price enters an OT
274. 11:37area or if price sweeps or crosses a
275. 11:40higher low, uh you can actually set that
276. 11:42up here in the settings. So for the
277. 11:44sweep alert, you can either do the high
278. 11:46only, the low only, both, or none. For
279. 11:50the OTE, you can do both, premium,
280. 11:53discount, or none. And then once it's
281. 11:56set up, then you would basically just go
282. 11:58here, add alert, and then it would add
283. 12:01the alert so that you're notified
284. 12:04whenever price reaches one of these
285. 12:06areas. I spent a lot of time making
286. 12:08this. I really made it for myself, for
287. 12:11how I trade. And I use this a lot. I've
288. 12:13been using it a lot recently and I've
289. 12:15been able to use this to help me get,
290. 12:18you know, another payout. I'm about to
291. 12:20pull another payout from Topstep right
292. 12:21now. But it's pretty cool. I mean, if
293. 12:24you were to go in replay mode, we'll say
294. 12:27on the hourly candle, drop down to a
295. 12:29five minute, zoom in,
296. 12:33and we just play it through. Every
297. 12:35single time a new hourly candle forms,
298. 12:37the range will change
299. 12:39and it will extend. The lines will
300. 12:41always extend to the next session. So
301. 12:45whether you set it from the orb, the
302. 12:48lines will extend all the way to the
303. 12:50next day's orb at 6:30 6:45 or if you
304. 12:53did previous 1 hour, it's always going
305. 12:55to extend to the next 1 hour candle. And
306. 12:59the same for everything else really. If
307. 13:01you want to use it, great. If not, to be
308. 13:04honest, I don't really care. I made this
309. 13:06for myself. I just decided I would share
310. 13:09it for free. Not here to like try and
311. 13:12sell this to you. I could, but what's
312. 13:15the point? The point is to use this and
313. 13:18for myself to make money with trading. I
314. 13:20don't necessarily need to charge
315. 13:21somebody. Um, but if you like it or if
316. 13:25you use it, great. And also, I made this
317. 13:28open source. So, if you want to change
318. 13:31it, um I mean to be completely honest,
319. 13:34you can recommend that I change
320. 13:36something in the indicator and if I like
321. 13:38it, I'll change it if it's a good idea.
322. 13:40If I like it for my trading, um but if
323. 13:43it's just something that you want to add
324. 13:46personally to your own trading, this is
325. 13:48open source. So you can go in here, you
326. 13:51can copy all the code that I've written,
327. 13:54you can duplicate it into your own uh
328. 13:56personal indicator and you can just
329. 13:59change the code to add or remove
330. 14:01whatever you want. So um you have the
331. 14:04freedom to do that if you really want to
332. 14:07or you can let me know what you'd want
333. 14:08in this or want changed or some
334. 14:10additional features and I might do it.
335. 14:12No promises. If I like it, I will.
336. 14:16Uh but yeah, that's about it. So I made
337. 14:18this indicator Hopefully you guys like
338. 14:20it. It's been helping me a lot with my
339. 14:22trading, with how I trade. Hopefully
340. 14:24some of you might find it useful or find
341. 14:26it useful for your own trading. And if
342. 14:28you do, I'd like to hear about it in the
343. 14:31comment section if you guys use it and
344. 14:33you find success with it. It'd make me
345. 14:35pretty happy to learn that other people
346. 14:36can find value in using something that I
347. 14:39built. So, let me know. Other than that,
348. 14:41don't forget to subscribe. That's about
349. 14:43it. If you have any questions, feel free
350. 14:45to ask me. And I'll catch you guys in
351. 14:48the next video.