Initial Balance [UkutaLabs]

2024년 6월 12일

█ 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.

2024년 6월 14일

릴리즈 노트

• Major changes to the script, the indicator should function mostly the same though.
• Adjusted the range of Initial Balances. Rather than extending until the next one is formed, they now stop at end of day.

2024년 6월 14일

릴리즈 노트

• Increased the number of boxes that can be drawn to improve back testing capabilities.

2024년 6월 16일

릴리즈 노트

- Reformatted code to improve legibility.

2024년 6월 22일

릴리즈 노트

- Added a new Setting: Font Size. This setting allows users to change the size of labels to improve the user experience on mobile.

2024년 7월 10일

릴리즈 노트

- Initial Balance zones will now draw in real time instead of drawing all at once. The ranges should be identical once fully developed.
- Added the ability to change label justification (Left, Center or Right).

2024년 8월 15일

릴리즈 노트

Added new setting: Extend Shaded Region. This setting allows the user to determine if the shaded region of the Initial Balance should extend the full duration of the day.

2024년 8월 19일

릴리즈 노트

- Added functionality for script to work on seconds chart