This script calculates and draws the initial balance price levels which can be really interesting for intraday activities.
Note: Obviously, you need to wait for the calculation period to finish in order to see your daily levels
The tool includes the following options
Customization of the session used to calculate the initial balance (default 0930-1030)
Show/Hide the calculation period (as a background color)
Show/Hide extra levels (report the IBH-IBL delta above and under the IB area)
Show/Hide intermediate levels (displays 50% price levels in the IB and extra areas)
Show labels (Display levels names as well as their price on corresponding lines) Levels names: - IBH (Initial Balance High) - IBH (Initial Balance Low) - IBM (Initial Balance Middle) - IBH x2 - IBL x2
Default colors are green for high levels, red for low levels, and orange for intermediate levels
Extend levels (extends the current levels to left/right/both/none sides of the chart)
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Note : Must be used under 30min timeframe (included)
max_bars_back parameter added
Tiny bug counting an unnecessary candle above 1m charts
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Updates
default High and Low colors are now inverted
3rd H/L levels added
High/Low delta of the initial balance is now displayed next to the IBM level
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Updates:
The IB area is now colored to keep an easy view of a potential current trend formed through previous days (can be disabled)
Line style for main/extended/intermediate levels can be modified
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Update
IB of previous days is disabled by default
IB calculation period background disabled by default
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Update
Labels size can be modified in options
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Update:
A few weeks ago, I wanted to have an quick synthesis of the current initial balance size compared to previous days, so I implemented a screener comparing the current IB delta with Min/Max/Avg delta of the 20 previous sessions to easily determine a Small/Medium/Huge status.
Working great with all indices and forex, however the indicator shows a 4 hour back time shift for BTCUSD, ETHUSD, and WTI Crude. (i.e. showing an IB time of 3:30 - 4:30. My chart set to UTC-6, IB should be 7:30-8:30) Is there a way to correct this glitch?
ArghaB
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Please help me with the understanding of 20D Max, 20D Avg, 20D Min and how to use this information
SomeGuySolutions
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@ArghaB, These are stats on the "initial balance" range. 20D Max, for example, is the largest range in the past 20 days. 20D min is the smallest range in the past 20 days.
ArghaB
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@ObliviousSolutions, Yes thanks
Nwinslow
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not consistently reliable! I have my time set for 9:30-9:45 nyc time and on NQ futures it shows at 10:30! NO!. But on Micro crude it does show the right time.
SomeGuySolutions
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I like it
AuctionValueTrader
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Thank YOU! This is so awesome!
keshavkapoor1702
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hi can you please share an editable code in person, I wanted to add the levels at a 25/50/75/100/125/150/175/200
kalcin
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needed 50% extension
ArghaB
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Can you please refer to cbg or ib script by goldband and provide options as per that script . Also kindly see id 20 day can be made user defined like 10 day or so. Working well for indian market
(i.e. showing an IB time of 3:30 - 4:30. My chart set to UTC-6, IB should be 7:30-8:30)
Is there a way to correct this glitch?