Summary of the Indicator: This 5/15 Min High-Low Indicator is designed to dynamically track and mark the key high and low levels from the first 5-minute and 15-minute timeframes of the trading session. Here's how it works:
Features:
Dynamic Level Tracking: Tracks and updates the high and low for the first 5 minutes and 15 minutes of the session. Visual Representation: Plots the following on the chart: 5-Min High (Green Line) 5-Min Low (Red Line) 15-Min High (Blue Line) 15-Min Low (Orange Line) Alerts: Alerts when the price: Breaks above the 5-Min High. Breaks below the 5-Min Low. Breaks above the 15-Min High. Breaks below the 15-Min Low. Alerts are triggered only once per bar close to avoid repetition. Reset for New Day: Automatically resets the high and low levels for 5 and 15 minutes at the start of each trading day. Inputs:
Configurable session start time (default: 9:30 AM). Customizable session lengths for the 5-minute and 15-minute ORB ranges. Option to enable or disable alerts. Dynamic Alerts:
Alerts notify when new highs or lows for the 5-minute or 15-minute ranges are set during the session. Use Case:
Ideal for manual backtesting or live market trading. Helps traders monitor breakouts and retests of significant intraday levels. Can be activated as a daily tool for session-based trading strategies.