AW10, have you ever tried applying NR7 on 5 min chart? if yes then have you observed any +ve results?
I have tried to do the same, but did not have any success with it.
My views on NR concept on shorter timeframe -
Concept of contraction and expansion are valid in all timeframes. Each timeframe has its usual trading range. On shorter TF, the contraction will result in expansion but it may or maynot have really big expansion. Moreover, price action gets more erratic and hence success rate of pattern falls on shorter timeframe.
So we need to look at larger TF and get bigger picture of what market is doing.
Because of above logic, I have never tried to apply it on smaller TF. I look at Weekly/daily and sometime on 60m chart for NR study. (We had NR4/NR7 week on last week which was broken on Monday giving us 300/350 points opportunity so far).
Maybe you can backtest it on shorter TF and share the result with all of us.
Happy Trading