Artharjan Intraday Trading Zones

Artharjan Intraday Trading Zones (AITZ)

Overview

The AITZ indicator is designed to visually mark intraday trading zones on a chart by using the current day’s High (DH) and Low (DL) as reference points. It creates three distinct market zones:

Bullish Zone: Near the daily high, suggesting strength.
Bearish Zone: Near the daily low, suggesting weakness.
Neutral / No-Trade Zone: Between the bullish and bearish thresholds, where price movement is less directional.

These zones are highlighted with color-fills for quick visual identification, and the indicator automatically resets at the start of each new trading day.

Key Features
Daily Reference Levels: Automatically fetches Day High, Day Low, and uses them to calculate intraday zones.
Configurable Zone Depth: Traders can set the percentage distance from High/Low to define bullish and bearish zones.
Conditional Zone Coloring: Option to highlight zones only when price is actively trading inside them.

Dynamic Updates: Zone coloring adjusts in real time as the day progresses.

Customizable Appearance: Line thickness and zone colors can be adjusted to match chart preferences.

Inputs
Parameter Type Default Description
Level Thickness Integer 1 Thickness of all plotted levels (1–10).
(DH-DL)% below Day High Float 25 Distance from daily high (as % of DH–DL range) to define bullish threshold.
(DH-DL)% above Day Low Float 25 Distance from daily low (as % of DH–DL range) to define bearish threshold.
Plot Zone Colors (Conditional)? Boolean true If enabled, zones are colored only when price trades inside them. Otherwise, they remain visible regardless of price position.
Bullish Zone Color Color Teal (90% transparent) Fill color for bullish zone.
Neutral Zone Color Color Blue (90% transparent) Fill color for neutral/no-trade zone.
Bearish Zone Color Color Maroon (90% transparent) Fill color for bearish zone.
Core Calculations

Zones:

Bullish Zone = between DH and LTL
Bearish Zone = between DL and STL
Neutral Zone = between LTL and STL

Reset Behavior: At the start of each new daily session, old lines are deleted and fresh ones are drawn.

Usage Example
A trader sets:
(DH–DL)% below High = 20%
(DH–DL)% above Low = 20%

If today’s DH = 1000 and DL = 900 (Range = 100):
Bullish threshold = 1000 – (100 × 20%) = 980
Bearish threshold = 900 + (100 × 20%) = 920

Zones:
Bullish Zone: 980 → 1000
Neutral Zone: 920 → 980
Bearish Zone: 900 → 920
This creates clear trade zones for scalpers or intraday directional traders.

Practical Application
Trend Confirmation: If price sustains in the bullish zone, bias stays long.
Weakness Detection: Price falling into the bearish zone signals short opportunities.
Neutral Play: Avoid trades or expect sideways action inside the neutral zone.

Limitations
Works on instruments with clear daily highs/lows (equities, futures, FX).
May repaint levels intraday until the daily high/low is confirmed.
Zones depend on daily volatility—very narrow ranges may cause zones to overlap.