DR (M5)

The base of this indicator marks what is called "The Defining Range"("DR"). This defining range is from 09:30am until 10:30am New York local time, it takes those 12 candles in the 5 min chart. The script will mark the high and low of this range including wicks. At 10:30am this will give you a good idea on what the high/low of the day will be.
There is also the "Implied Defining Range"("iDR") lines inside the "DR" range, which mark the highest body and the lowest body in the "DR" range.

Rules:

Timeframe: M5
At 10:30am you still don't know which one will be the real high or low of the day, but only one will be true.

If price closes above the "DR" it should give you good probability that the low of the "DR" is the low of the day and vice versa - if price closes below the "DR" it should give you good probability that the high of the "DR" is the high of the day.

"iDR" Gives you an early indication of what high/low of the day will be. If price closes above "iDR" you will have an early indication that the low of the "DR" should be the low of the day and vice versa.

Note that price HAS to close outside of this range.

You can use any entry model you prefer to trade, but the best option is "ICT"/"SMC".

ALL CREDIT TO THE MAS7ER.