Using Two Intraday Ranges to Mark Breakout and Pullback Levels

Summary

This indicator marks the high and low prices within two user-defined time intervals during a trading day. It draws those extrema as horizontal levels, which traders can use to examine breakout or pullback setups. The interval start and end times are configurable, as are the number of days displayed and a horizontal shift in bars.

The document explains the indicator’s inputs and intended use, but does not specify entry rules, exit rules, or position sizing. It provides no backtest results or evidence that either setup is profitable. Its usefulness therefore lies in plotting time-window range levels for analysis; any trading method built around those levels would need separate definition and testing.

Key ideas

• The indicator finds the high and low within each of two configurable intraday windows.\nIt plots those extremes as horizontal price levels.\nThe levels are intended for studying breakout and pullback strategies.\nThe lookback display length and horizontal bar shift can be adjusted.\nThe document supplies no trading rules or performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.