perhaps I'm drunk...

...but I just have to share some charts employing a very simple indicator; the Highest and Lowest Close of the last 4-bars.  I started watching this paintbar on the 3-minute using the Highest/Lowest Close of the last 7-bars, but the 5-minute reflects similar effects and has a more comfortable tempo.  Used in conjuction with Support/Resistance levels, this can indicate some really great trade potential, while referring to previous swing highs/lows for stop placement.
  The following charts have White and Yellow paintbars.  A white bar indicates the Highest Close of the last 4-bars (HC4).  A yellow paintbar indicates the Lowest Close of the last 4-bars (LC4).

The Obvious
     The HC4 & LC4 indicate the highest and lowest close of the last 20-minutes (on a 5-minute chart).

  Working on an intraday timeframe this paintbar often indicates high probability turning points within our daily market stages.  Here is APA over the last 6-days

Here is HES over the last 6-days

RIMM over the last 6-days

p.s. In times of trend when one is looking for a dip to buy, oftentimes the LC4 (in times of long entries) can be a good fade candle, and the opposite for HC4.