Initial Balance is based on the highest and lowest price action within the first 60 minutes of trading. Reading online this can depict which way the market can trend for the session.
The indicator has been coded for Crypto (so other symbols may not work as expected).
Though Initial Balance is based off the first 60 minutes of the trading markets opening, but Crypto is 24/7, this indicator looks at how Asia, London and New York Stock Exchanges opening trading can affect Crypto price action.
As the current Market sentiment is bullish if the price action fell below all Initial balances I would be looking at completing Technical Analysis for a long trade and to see if price action can find support from the trading sessions Initial Balance: Please see below an example of this....
IOTAUSDT signaled red (that it had dropped below all IBs) but then found support and moved on up.
Also a similar example as above for BTCUSDT....
If the signal is green do your technical analysis, but as shown below once the highest Initial Balance has been broken price can increase. LINKLUSDT
I would like to say thanks to AnyDozer from StackOverFlow for helping me get my idea onto the charts and wugamlo for allowing me to use some of his panel code.
LOVE, LOOOVVEE yo' "Work & Effort", Bro!!
... A BIG KUDOS< Mate!!!🤜🏾👏🏾🤛🏾
mungustas
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Thanks for this! :)
Could you add ability to change global labels text color in settings? I run tradingview in default white, and I could not see coin labels by default, had to change for example to black, or choose some nice default color so itworks in both white and dark themes :)
textcolor=color.blue
Frien_dd-DisDev
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@mungustas, Lets see what we can do. I have dropped you a DM to discuss.