PD Location Screener (NY Session)PD Location Screener (NY Session) – Premium / Discount / Equilibrium Bias
This open-source overlay indicator is a lightweight visual screener that shows where current price is located relative to the **previous day's range** (PD high/low/midpoint), helping traders quickly identify:
- Discount zones (below 25% of PD range → potential buy bias)
- Premium zones (above 75% of PD range → potential sell bias)
- Equilibrium / neutral (near midpoint → balanced / choppy)
Core Concept
Many intraday traders use the previous day's range as a reference framework:
- Price below the midpoint (especially in the lower 25%) is considered **discount** → undervalued relative to yesterday → higher probability of mean-reversion buys or continuation if momentum builds
- Price above the midpoint (especially in the upper 25%) is considered **premium** → overvalued → higher probability of mean-reversion sells or fading
- Near the midpoint → equilibrium → often choppy or awaiting directional catalyst
This script adds a **NY session filter** (default 08:30–16:00 NY time) so the PD range calculation only includes bars during active New York hours — useful for avoiding thin Asian-range noise and focusing on high-liquidity period behavior.
Why this is useful
- Provides instant visual context for bias without cluttering the chart
- Helps filter trades: e.g., look for longs in discount + bullish structure, shorts in premium + bearish structure
- Session filter makes it particularly effective for NY/London overlap strategies (forex, indices, gold, futures)
How It Works
1. Tracks daily high/low only during NY session (optional toggle)
- Resets at new day
- Updates only when inSession = true
2. Calculates:
- Midpoint = (PD High + PD Low) / 2
- PD Range = PD High – PD Low
- Discount threshold = PD Low + 25% of range
- Premium threshold = PD Low + 75% of range
3. Bias flags:
- Discount: close < midpoint → green triangle below bar
- Premium: close > midpoint → red triangle above bar
4. Optional last-bar label:
- "DISCOUNT ZONE" (green)
- "PREMIUM ZONE" (red)
- "EQUILIBRIUM" (gray)
Visual Output
- Green triangle below bar → price in discount (buy bias area)
- Red triangle above bar → price in premium (sell bias area)
- Last-bar label (toggleable) showing current location
How to Use
- Best on **5m–1h timeframes** for intraday trading (forex majors, indices, gold, futures)
- Recommended pairs: EURUSD, GBPUSD, XAUUSD, NAS100, ES1!, NQ1!
- Typical workflow:
1. Wait for price to reach discount zone + bullish price action / structure → consider longs
2. Wait for premium zone + bearish price action → consider shorts
3. Avoid entries near equilibrium unless strong breakout catalyst
- Combine with:
- Order blocks, FVGs, liquidity sweeps
- Higher-timeframe trend filter
- Session open/high/low
- Toggle "Use NY Session Only" off if you want full 24h range (e.g., crypto or Asian-focused pairs)
Inputs
- Use NY Session Only: true = only NY hours count toward PD range (recommended)
- NY Session: default "0830-1600" (adjust if broker timezone differs)
- Show Location Labels: toggle last-bar text label
Publishing Recommendation
- Publish with a clean chart (e.g., 15m–1h XAUUSD or EURUSD during NY session)
- Show a period where price moves from discount → equilibrium → premium (triangles visible)
- No extra indicators/drawings needed
This is a simple, educational location bias tool — fully open-source. It highlights relative value zones — not trade signals. Trading involves significant risk of loss. Use discretion and proper risk management.
Feedback welcome — especially suggestions for adding PD open or 50% retracement lines!
Индикатор Pine Script®






















