Measuring Intraday Ranges Between User-Defined Times
Summary
This indicator measures the high and low reached between two configurable times during each trading day, then plots those extrema as horizontal lines. Users can set the time window, choose how many days of ranges to display, and shift the plotted lines horizontally. The example defaults to a window from 02:00 to 07:00 and displays two days, but these settings can be changed.
The author presents the levels as a tool for examining breakout and pullback tactics. The document describes the indicator’s mechanics but provides no backtest, performance evidence, or rules for entering and exiting trades. Its usefulness depends on the instrument’s trading hours, the selected window, and how the plotted levels are incorporated into a tested strategy; the levels alone do not establish that a breakout or reversal is likely.
Key ideas
- The indicator finds the highest and lowest prices between two user-selected times each day.
- It displays the resulting extrema as horizontal lines.
- Users can configure the time window, history length, and horizontal shift.
- The levels can be used to investigate breakout and pullback tactics, but the document gives no performance evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.