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TheMas7er scalp (US equity) 5min [promuckaj]

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This indicator was created according to TheMas7er's trading setup, that he reveal after 18 years of working in the industry. Claims is that this setup should give you good probability to predict the price movement for US equity.

This trading setup is only for New York equity trading session from 09:30 until 4pm. The market in which you should use it are the S&P 500 , Dow Jones, and Nasdaq. Perhaps it will work on some other but for those are good according to tests. It should not used on days with high-impact news, like CPI , FOMC, NFP and so on. The model can still work there but the probability on these days is way lower.

What is the base of this indicator, it 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 5min chart. Indicator will mark the high and low of this range, including wicks. This will help you to already know at 10:30am, with possible good probability the high or low of the day.
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.

*The rules (it is very simple to follow):

Chart must be set in 5min timeframe.
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 is closing on 5min chart 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 is closing 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 about what high or low of the day should be. If price is closing 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 about closing means really closing above or below, not just wicks.

Now, after this you can realize the magnitude of possibility.
You can use any entry model you prefer to trade, it doesn't matter if you use ICT concepts, smart money concepts, volume profile , eliot waves, braking the structure concept or whatever. There are so many possibilities for trading within this rule.

Enjoy!

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Added early eDR/eiDR for period 03:00-04:00.

Everyone enjoy!

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*Added option to change color of the boxes, separately for early and main DR range

*Lines of DR/iDR and eDR/eiDR was extended now, main will be visible until early session on 03:00 am, while early lines will be visible until main session on 09:30 am

*Added option to show you fibo levels according to iDR range on step 0.5, in range -6 to 6. There is also option to modify color of fibo lines.

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*Most important part is that now time range is changed, TheMas7er confirm me to put it to 10:25 for main and to 03:55 for early. That is now by default.
*Added option to play with time range, so user now can change the time as wish. Please read instruction in setup what format you need to use for that.
*Added option to change colors and styles of labels and lines.
*Extended lines now going from session to session. Even if you are using only one session, it will go from old to new one.

There is still problem to implement option for fibo labels position, to make it to the right position of the chart. It is due to some limitation I have at the moment, since everything is calculated after time range is closed. I am working on that.

Everyone enjoy !

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Minor changes.
Changed name of the indicator, now contain DR/iDR in name, so people can find it easy in search.
Changed way to set custom time range, it is not simple string but combo boxes of default input form for this type of data in Trading View.
Also added tip-explanation for those users who would like to change time frame of the chart, to pay attention about time range and candles.

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*Added ADR, after session DR (07:30 - 08:30 pm)
*Fixed some minor bugs with changing color style of the lines

Everyone enjoy !

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Version 1.5

*I rewrite complete code, it is more lite now.

*There is now option to disable labels and texts on the DR range.

*Added option to apply fibo levels to DR instead of iDR range.

*Implemented shapes as marks on candles that breach the DR range. There is option to choose for closed one or wicks of the respective candle.

*Added info panel, with some sort of info's like DR range in %, DR open and close price, DR direction and count of breaches per DR range.

*Implemented alerts for breaches of DR and one where DR range is created n the chart. There is some option to choose it separately, but most important is that there is all the data after DR range is created, with fibo levels to. It is built in code as function, so to activate it you must activate alarm in TV settings as "Any alert() function call" under my indicator.

*Implemented some additional tools: Order Block (OB) finder by Sonarlab, Imbalance (FVG) by geneclash with slightly changes.

Happy trading to all !!

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Version 1.6
*Option to apply box to iDR instead of DR high/low.

*Option to color box according to open/close price of DR range(direction).

*Added high/low of DR/iDR to info panel.

*Option to modify info panel, remove/use desired info's only.

*Info panel is slightly changed, now there is not fixed width anymore, it is auto/dynamic according to text, it will use less screen space.

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Small changes, changed names of the sessions in accordance with TheMas7er script and teachings.
aDR - 19:30-20:30
oDR - 03:00-04:00

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v1.7
* It is worth to mention that there is from the last update auto-calc of DR time ranges for different TF's then 5min, unless default values is not changed, so this means you don't need to play with time ranges if you jump from 5min TF to 1min,2min,3min,4min,10min,15min or 30min anymore, range will be automatically recalculate and obtain all necessary candles for the respective TF's I mention.

* Replaced Order Block finder (OB) with those from LuxAlgo. Slightly changes in colors and style. All credits to LuxAlgo for code.

* Replaced Fair Value Gap (FVG), new code completely, now it is less heavy, with more options to play by changing ATR, so heavy loading should not be a problem anymore.

* Added threshold % for breaches, now there is option to determine desired % for that, if needed. Alerts for breach is affected with this as well.

* Added alert option for breach back to DR zone.

* Now there is extended lines for each DR session to the next one. It will give you better perspective for correlation between DR's.

Everyone happy trading !!