Nifty Smart Zones & Breakout Bars(5min TF only) by Chaitu50c

7 hari lalu

Nifty Smart Zones & Breakout Bars is a purpose-built intraday trading tool, tested extensively on Nifty50 and recommended for Nifty50 use only.
All default settings are optimised specifically for Nifty50 on the 5-minute timeframe for maximum accuracy and clarity.

Why Last Bar of the Session Matters
The last candle of a trading session often represents the final battle between buyers and sellers for that day.

It encapsulates closing sentiment, influenced by end-of-day positioning, profit booking, and institutional activity.

The high and low of this bar frequently act as strong intraday support/resistance in the following sessions.

Price often reacts around these levels, especially when combined with volume surges.

Core Features
Session Last-Candle Zones

Plots a horizontal box at the high and low of the last candle in each session.

Boxes extend to the right to track carry-over levels into new sessions.

Uses a stateless approach — past zones reappear if relevant.

Smart Suppression System

When more than your Base Sessions (No Suppression) are shown, newer zones overlapping or within a proximity distance (in points) of older zones are hidden.

Older zones take priority, reducing chart clutter while keeping critical levels.

Breakout Bar Coloring

Highlights breakout bars in four categories:

Up Break (1-bar)

Down Break (1-bar)

Up Break (2-bar)

Down Break (2-bar)

Breakouts use a break buffer (in ticks) to filter noise.

Toggle coloring on/off instantly.

Volume Context (User Tip)

For best use, pair with volume analysis.

High-volume breakouts from last-session zones have greater conviction and can signal sustained momentum.

Usage Recommendations
Instrument: Nifty50 only (tested & optimised).

Timeframe: 5-minute chart for best results.

Approach:

Watch for price interaction with the plotted last-session zones.

Combine zone breaks with bar color signals and volume spikes for higher-probability trades.

Use suppression to focus on key, non-redundant levels.

Why This Tool is Different
Unlike standard support/resistance plotting, this indicator focuses on session-closing levels, which are more reliable than arbitrary highs/lows because they capture the final market consensus for the session.
The proximity-based suppression ensures your chart stays clean, while breakout paints give instant visual cues for momentum shifts.

6 hari lalu

Nota Keluaran

Update Notes

New “Box Source” option added

Added Prev Session: Extremes (HH & LL candles) alongside the existing Prev Session: Last Bar.

Extremes mode plots two boxes per session (one from the session’s highest-high candle, one from the lowest-low candle).

Wick-only rendering

Resistance uses the upper wick (body top → high).

Support uses the lower wick (low → body bottom).


Right-side offset for visibility

Boxes now extend +5 bars on the right side by default (configurable).