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.
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