Initial Balance

MainImage
Added: Mar 7, 2024
This indicator is free to use on any of the available platforms
TradingView
TradingView
Get Access
NinjaTrader
NinjaTrader
Current Version: 1.0.0.1
Get Access
Price Action
Support/Resistance
Overview
The Initial Balance Indicator is a powerful trading tool that indicates a strong range based on the high and low of the first hour after market open. This range serves as a potential area of Support or Resistance that traders should be aware of during their trading. Because of this, the Initial Balance Indicator is a versatile trading tool that can be included in a wide variety of trading strategies.

The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.


USAGE

When the New York Market opens each day, the script will automatically identify and label the opening range of the first hour of the trading day in real time.

Because there tends to be a spike in volume during this period, the range that is identified can serve as a powerful indication of overall market strength. Once the price breaks out of this range, it then can be used as an area of support or resistance depending on the direction of the breakout.


SETTINGS

Configuration

• Display Mode: Determines the number of days that the script should load.
• Show Labels: Determines whether identifying labels are drawn on the chart as well.
• Initial Balance Color: Determines the color of the range and labels that are drawn by the indicator.
• Extension Levels: Determines the number of extension levels that should be drawn on either side of the range. These levels are drawn at an interval of half the width of the Initial Balance range.
• Extension Levels Color: Determines the color of the extension level lines.


Release Notes:
Discord
PRODUCT
FAQ
COMPANY
OUR AFFILIATES
MY ACCOUNT

Trading is risky and many will lose money in connection with trading activities. All content on this site is not intended to, and should not be, construed as financial advice. Decisions to buy, sell, hold or trade in securities, commodities and other markets involve risk and are best made based on the advice of qualified financial professionals. Past performance does not guarantee future results.

Hypothetical or Simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, including, but not limited to, lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight, and are based on historical information. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.

As a provider of technical analysis tools for charting platforms, we do not have access to the personal trading accounts or brokerage statements of our customers. As a result, we have no reason to believe our customers perform better or worse than traders as a whole based on any content or tool we provide.

Charts used on this site are by NinjaTrader in which the majority of our tools are built on. NinjaTrader® is a registered trademark of NinjaTrader, Inc. www.NinjaTrader.com. NinjaTrader® has no affiliation with the owner, developer, or provider of the Services described herein.

This does not represent our full Disclaimer. Please read our full disclaimer