This page shows an example of a chart setup as used by many traders that we know. Some really good traders insist that we should never need more than 4 indicators on a chart, each designed to provide specific information. The recommendation is:
On separate charts we shall usually have indicators that show us potential targets. Among these would be those that show the natural decision levels, such as:
If, for example, the normal range for a particular time slice (say, 1300hrs to 1330hrs), is 10 ticks, placing a target 20 ticks away is an unlikely place for the target to be hit by 1330hrs.
The indicator is dynamic, in that it also shows the cumulative movement over the day, and uses that movement to show adjusted targets, in addition to the normal targets. Thus on a day when range expands, the projected targets expand, and vice-versa for days on which the range contracts. This makes it further useful, because anectodal evidence shows that on days that range contracts, the market tends to range, and counter-trend trades are indicated, whereas trending days usually show a range expansion.
The first 4 levels are all shown by the Osi_PeriodHiLo indicator, which can be set for either the overnight session or day session. to show both, you will have to load the indicator twice: once for each session.