Highs and lows
Tempo draws on the chart the high and the low of:
- the previous Asian session,
- the previous London session,
- the previous New York session,
- and the previous day.
They are the levels where session traders expect price to react, and having them drawn saves looking them up every morning.
Until price touches them
Each line starts at the candle where the high or low was made and runs to the right until price touches it. There it stops.
A line that carried on to the edge after being touched would be saying "this level is still there, untested", which is false. This way the lines still running, at a glance, are the ones nobody has touched yet.
The live ones carry their name on the right, next to the current price: "London high", "Prev. day low". If two fall on the same price, the names are joined into one. Lines that have been touched carry no name: they show as cut, and that is enough.
What "previous" means
- The previous session is the last complete one. If London is open now, its range is still being made, so the previous one is yesterday's. As soon as it closes, it becomes today's.
- The previous day is the currency day: from 17:00 to 17:00 New York. On Monday, the previous day is Friday.
The same on any timeframe
The highs and lows are worked out from one-minute candles, whatever timeframe your chart is on. On H4 a candle mixes hours from inside and outside the session, and on D1 there is no session to cut out: working it out from the chart's own candles would give different numbers per timeframe. With M1 they come out the same on M5 as on D1.
If you have just opened the symbol and the terminal is still downloading the one-minute candles, the lines appear as soon as they arrive.
Colours
Each line is in its session's colour, dashed. The previous day's lines are solid, in the text colour.
Switch them off with InpNivSesiones (the session lines) and InpNivDia (the previous day's).