How to detect PRE-MARKET breakouts in Pine Script

good day Traders just a quick one for
you guys today about the inbuilt session
variables and how to use them to analyze
pre-market price
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action none of the material in this
video is financial advice you should
always do your own research and due
diligence before engaging in trading or
investing and please seek professional
guidance if you need it so this is a
question from a student of our
pinescript Mastery course they asked if
I've written WR a script to detect when
the pre-market opens above the previous
day's high or low and get alerted when
this happens I haven't written a script
like this before but I knocked one
together really quickly for this video
Lesson because I thought it was an
interesting question and a good way to
display some session based analysis
techniques so here we can see that uh
this green background is the pre-market
before the official Stock Market trading
begins this red line is our previous
day's high this bar opened above that
previous day's High in the pre-market
and we are generating a signal here
which will trigger an alert if we come
up here and select our script and select
um the corresponding alert condition and
then the way the script is written is it
will only detect a breakout on the very
first bar of the pre-market so if you
select that setting in this script then
every day that trading begins on this uh
markets you're trading the watch list
you have this alert will fire whenever
the Market opens above the previous
day's high in the pre-market or below
the previous day's low in the pre-market
so this bar open below we get this red
symbol and we trigger an alert so let's
have a quick look at the code to break
down the script it's pretty simple
there's um a few lines here but but it's
actually quite simple so what we're
doing is just a regular indicator here
we get the previous day high and low
using our non- repainting security
function I don't know if repainting
matters in this particular case but I'm
just in a habit of using this non-
repainting code um I simply copy and
pasted this code from this lesson here U
my uh daily breakout indicator lesson if
we come down here um the code was
already written out here so I just
copied this code over here and then um
here is where we detect our breakouts so
we're just checking is this the first
bar of a new trading session and is this
bar in the pre-market so session do is
premarket will return true if the
current bar is of the pre-market trading
and is first bar will return true if
this is the first bar of the day's
trading session now this will return
true even if we're not in the pre-market
so if I if I turn premarket trading off
in my settings here if I change this to
regular trading hours um the very first
bar would be true this condition would
be true so that's why we need to check
both that this is the first bar of a new
trading session and we are in the
pre-market and the current bars open is
greater than the previous day's High
pretty simple uh same for the bearish
we're checking are we in the pre-market
is this the very first bar of the uh new
day's trading and are we opening below
the previous day's low that's it and
then we have some code here to trigger
alerts so this one will fire an alert
for both this will only fire an alert
for bullish breakouts this one will only
fire for bearish breakouts so you can
differentiate between the two if you
need to if you want to trigger for both
you just click this one and click create
and then we have some drawing code we're
just plotting the pr previous days high
and low um these red and green lines and
we are plotting a shape when the signal
is detected and we're highlighting the
pre-market this you don't really need
this I was just doing this to make it
clear what the pre-market color was the
pre-market color by default is this
orangey color um and there you have it
there's a script that is detecting a
open in the pre-market above the
previous day's high or low uh to give
you a heads up that today might be a
breakout Day if you'd like to learn more
about pinescript check out our website I
have a completely free 6-hour pinescript
Basics course there which explains the
core fundamentals of Pine and if you
want to take your coding skills to the
next level check out my Mastery course
we have over 50 hours of content and 50
plus fstar reviews and growing the pin
script Mastery course also comes with
support where I can help answer any
questions you have about pinescript
coding and of course there's tons of
free content on my YouTube channel so if
you're new to pinescript go and check
that out too too I hope you found this
lesson interesting good luck with your
trading and I'll speak with you in the
next one take care guys