ALWAYS TRADE THE DIRECTION OF THE TREND This indicator is useful for 5-minute Bank Nifty intraday trading. It compares the Open-Close value for a 5-minute bar with the current ATR value. When a bar has higher than the ATR value then it means that the current bar has a higher Open-Close than the ATR. This means that after a period of dull action, some action has taken place. And more action will follow in the direction of the immediate trend. It signals the start of momentum which I look for as a intraday trader.
Feel free to experiment and change values as it suits you. I use it on Bank Nifty only on 5 minute timeframe with 14 period ATR.