Z-Point

The Z Point indicator is a clean and effective tool for tracking key intraday price levels. It focuses on the high and low of a specific target candle to provide daily reference points, helping traders gauge market sentiment and identify potential support and resistance zones.

How It Works:

Previous Day's Range (Gray Box): At the start of a new trading session, the indicator automatically identifies the high/low range of the target candle from the previous day. This range is then projected onto the current day as a gray box, visually highlighting a key area of interest that may act as support or resistance.

Current Day's Levels (Horizontal Lines): Once the target candle for the current day has formed, the gray box is automatically removed. The indicator then plots two new horizontal lines: a green line for that candle's high and a red line for its low. These lines serve as the primary reference levels for the remainder of the day.

Key Features:

Dynamic Reference: Automatically shifts focus from the previous day's range to the current day's levels.

Clean Visuals: Uses a simple box and line system that doesn't clutter the chart.

Intraday Analysis: Perfect for day traders looking to capitalize on reactions to key daily levels.

This indicator is best used on lower timeframes, such as the 5-minute chart.