Session VWAP & ATR H/L Zones

This script is a comprehensive tool for day traders, designed to visualize key price levels and zones based on volume and volatility within a specific trading session.

Traders would use your script to identify potential areas of support and resistance, gauge the session's trend, and spot opportunities for mean reversion or breakout trades.

Core Concepts Explained
Your script plots three main types of information on the chart, each serving a different purpose for a trader.

1. Session VWAP (Volume-Weighted Average Price) 📈
What it is: The yellow line is the VWAP, which is the average price of an asset for the current trading session, weighted by the volume traded at each price level. It essentially shows the "fair" price for the day according to the market's activity.

How it's used:

Trend Gauge: If the price is consistently trading above the VWAP, it's generally considered a bullish intraday trend. If it's below, the trend is bearish.

Dynamic Support/Resistance: During a trend, traders often look for the price to pull back to the VWAP to find an entry point (e.g., buying a dip to the VWAP in an uptrend).

VWAP Bands: The optional gray, red, and green bands are standard deviations from the VWAP. They measure how far the price has strayed from its "fair value."

2. ATR High/Low Zones (Support & Resistance) 🎯
What they are: These are the shaded green and red areas at the top and bottom of the session's price range.

The red zone (resistance) is calculated by taking the session's current high and subtracting a value based on the Average True Range (ATR), which is a measure of recent volatility.

The green zone (support) is calculated by taking the session's current low and adding the ATR-based value.

How they're used: These are not just lines; they are zones of interest.

Profit-Taking Areas: A trader who is long might consider taking profits when the price enters the red resistance zone.

Reversal Signals: When the price enters one of these zones and shows signs of stalling (e.g., with specific candlestick patterns), it could signal a potential reversal.

3. Previous Session High & Low 📊
What they are: The script plots the high and low from the previous trading session as straight horizontal lines (teal and fuchsia by default).

How they're used: These are extremely significant static levels that many traders watch.

Price Magnets: Price is often drawn to these levels.

Key Inflection Points: A decisive break above the previous day's high can signal strong bullish momentum. Conversely, a failure to break it can indicate weakness. These levels frequently act as strong support or resistance.