In day trading, for example, at securities like GBPNZD , minimum happens between 02:00-05:00 ET and maximum between 08:00-14:00 ET. This indicator can help you test this hypothesis.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.