20-Day VW Initial Balance (Simple) – Fixed & Pro

This Pine Script calculates and displays a Volume-Weighted Initial Balance (VW-IB) for the New York trading session, and also computes a 20-day average Initial Balance range. It then plots both the current IB and the historical average IB band on the chart.

The script adapts the Initial Balance window using volume, rather than a fixed time, to better reflect true market participation.