Market Session Terrain Monitor v1.0

<b>Summary</b>
Market Session Terrain Monitor helps traders understand where the market is within its normal intraday behavior, not where it should go. It is a decision-support tool designed to reduce late entries, over-trading, and narrative bias by grounding intraday analysis in historical session statistics.

<b>Purpose</b>
Market Session Terrain Monitor provides statistical context for intraday market movement by analyzing how much each major trading session typically moves, how much it has moved so far, and what market state the current session inherits from previous sessions.

The indicator is designed to answer one core question:
Is the current session early, normal, or already expanded relative to its historical behavior?

This indicator does not predict direction and does not generate buy or sell signals. It is intended as a context and state-awareness tool to support independent, structure-based decision making.

<b>Sessions Analyzed</b>
The trading day is divided into three independent sessions, defined in UTC time:

• Asia
• London
• New York

Each session is analyzed separately using its own historical data. No session is assumed to control or predict the behavior of another.

<b>Session Range</b>
For each session, the indicator measures the session range, defined as the session high minus the session low. This captures how much the market actually moved during that session, regardless of direction.

<b>P90 Expansion Benchmark</b>
For each session, the indicator calculates a P90 expansion benchmark.

• P90 represents the range that only about ten percent of historical sessions exceed
• It reflects a large but repeatable expansion, not an extreme outlier
• It is used as a normalization reference so sessions with different volatility characteristics can be compared on equal terms

The P90 values are displayed in the table header in price units, such as USD, as a reference for scale.

<b>Percent of P90</b>
Current and previous session ranges are expressed as a percentage of that session’s own P90.

This shows:

• How much of a statistically large session has already been used
• Whether the session is still early, behaving normally, or approaching expansion

<b>Rolling Comparative Table</b>
The table displays three rows, ordered by time and anchored to the current active session:

• Current · Session
• Previous · Session
• Previous-2 · Session

Each row shows:

• Session name
• Session range in price units
• Session range as a percentage of that session’s P90

This rolling layout provides context about the market state inherited by the current session without implying causality.

<b>How to Use the Indicator</b>
The indicator helps with:

• Identifying whether a session is early or late in its statistical range
• Avoiding entries when a session is already stretched
• Recognizing compression versus expansion regimes
• Understanding the market state the current session inherits

The indicator does not:

• Predict direction
• Forecast highs or lows
• Assume that one session determines the next

Directional decisions should come from price structure, execution rules, and risk management.

<b>Design Philosophy</b>

• Range first, direction second
• State awareness over narrative
• Statistical normalization instead of absolute numbers
• Comparative, not predictive

The indicator intentionally avoids estimating remaining range or subtracting previous session movement, as those approaches introduce bias and false causality.

<b>Suitable Markets</b>

• Gold and silver
• Forex pairs
• Indices
• Other liquid instruments with clear session behavior