RTH Session Range Position (0-100) with EMA

A Pine Script indicator designed to help traders understand where the current price is located within the Regular Trading Hours (RTH) session range, from 0 (session low) to 100 (session high). It also plots a smoothed EMA of this position to provide insight into momentum or trend during the RTH session.

What the Indicator Does

Defines RTH (Regular Trading Hours):

• Start: 9:30 AM
  
• End: 4:00 PM
  
• These are typical US equity market hours.
  

Tracks the session's high and low during RTH:

• sessionHigh and sessionLow update only during RTH.
  

Calculates position of the current price within the RTH range:

• Formula: ((close - sessionLow) / (sessionHigh - sessionLow)) * 100
  
  
• Result is a percentage:
  
• 0 = at session low
  
• 100 = at session high
  
• 50 = middle of session range
  

Calculates an EMA of that position (posEMA):

• Smooths out the raw position to help visualize momentum within the range.
  

Plots and table:

• Plots pos and posEMA on a separate chart pane.
  
• Adds horizontal lines at key levels (0, 30, 50, 70, 100).
  
• Table shows current values for Position, EMA, and Range.
  

Visual cues:

• bgcolor highlights when pos crosses over or under the EMA — potential momentum shifts.
  

Alerts:

• Cross above/below 50 (session midpoint).
  
• Cross above/below EMA.
  

How to Use It Effectively
1. Session Strength & Momentum

• Position above 70: Price is near session highs — strong upward momentum.
  
• Position below 30: Price is near session lows — strong downward momentum.
  
• Use the EMA of position to filter out noise and identify trends.
  

2. Breakout or Reversal Detection

• Cross above EMA: Momentum may be turning bullish.
  
• Cross below EMA: Momentum may be turning bearish.
  
• These crosses (especially near mid-levels like 50) can hint at session trend shifts.
  

3. Range Context for Entries
If you're a mean-reversion trader, look for:

Price > 70 + turning down below EMA → possible short.

Price < 30 + turning up above EMA → possible long.

For breakout traders, you might wait for:

Crosses above 70 with EMA support.

Crosses below 30 with EMA resistance.

4. Confirmation Tool
Use this indicator alongside others to confirm:

• Whether price action has strength within the day.
  
• Whether breakouts have real momentum or are extended already.