A BPR is the stretch where a bullish and a bearish gap overlap in price. First an untraded range was crossed one way, then another was crossed the other way — and where the two overlap, a zone remains.
On the site it is labelled "balanced range": price crossed this stretch fast in both directions.
How it is built
Two gaps of opposite direction are taken. The BPR's boundaries are their intersection: the lower of the two upper edges and the upper of the two lower edges. With no intersection, no object appears.
Then two conditions on timing.
The earlier gap must still be alive when the later one forms. If it had already been crossed all the way through by then, the overlap does not count: the two gaps never coexisted, they replaced each other.
No more than 500 bars between them. That is the same window objects are built on at all. Gaps overlapping across years share a price, not a stretch of chart.
State
A BPR has two states rather than four: fresh and touched. It has no direction — by construction it is neither bullish nor bearish — and therefore no "far edge" to be reached.
Its size, like that of other imbalances, is measured in ATR at the moment the later gap formed.
How it differs from an IFVG
They get confused because both appear when a gap stops being merely a gap.
An IFVG is one gap, crossed all the way through and living on with the opposite sign. Its boundaries are those of the original.
A BPR is two different gaps, and its boundaries are narrower than either of them: only the intersection is taken.
What the zone does not mean
A BPR says the stretch was crossed quickly in both directions. Neither a reversal nor a return to the zone follows from that.
How many such stretches get tested again is a question of statistics for a particular instrument, and the markup does not answer it.