Intraday Buy/Sell/Average Zones by Chaitu50c

Intraday Buy/Sell/Average Zones by chaitu50c

Timeframe:

Tested on the 5-minute chart.

Recommended timeframe: 5-minute


What it does
This indicator marks intraday Buy (green) and Sell (red) zones made by strong close-confirmed breakouts. These zones act as support/resistance. If price later closes through a zone, the zone changes color from that bar forward (support ↔ resistance). It can flip more than once.

How zones form

Single breakout: an opposite-type candle closes beyond the previous candle’s high/low.

Double breakout: a base candle, then two opposite-type candles, and the second one closes beyond the base high/low.


Zone size

Buy zone: from the combo lowest low up to the nearest open/close of the combo.

Sell zone: from the combo highest high down to the nearest open/close of the combo.


Color shift (optional)
If price closes through a zone, it flips color at that bar and behaves as the other side (support ↔ resistance). Flips can happen again later.

Overlap control
When a new zone overlaps an existing same-color zone in the same session, choose:

Merge (combine), or

Suppress (ignore the new one).
Flipped zones use their current color for this.


Right edge & session
All zones extend to the right (your offset). Detection is limited to your chosen session, and you can show only the last N sessions.


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How to trade (simple)

A) Initial breakout trade
When a new zone forms, that breakout itself can be a trade idea in the breakout direction, The stoploss will be the zone.

B) Zone breakout trade (flip)
If price later closes out of a zone and it changes color, that breakout is another trade opportunity in the new direction.

C) Retrace & average trade
When price retests a zone, wait for a confirmation candle in the zone’s favor
— bullish close for a green zone, bearish close for a red zone — then average entries inside/near the zone.
Place stops just beyond the opposite edge of the zone.
If the zone flips color, stop averaging; bias changed.


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Key settings

Breakout type: Single and/or Double

Confirm on Close: strict mode (no intrabar preview) or allow intrabar preview that auto-removes if fail

Color Shift on Breaks: on/off

Same-Type Overlap: Merge/Suppress

Session, Sessions to Display, Right Offset, Colors, Max Zones


Reminder: Best results on the 5-minute timeframe (tested and recommended).