Frien_dd

Initial Balance Markets Time Zones

The below script is based on Initial Balance.

Initial Balance is based on the highest and lowest points of Price Action (PA) within the first 60 minutes of trading. There is so much information available online, reference Initial Balance, that I have not provided a reference.

Most indicators I have seen have been solely based on UTC 0000 Initial Balance. My aim with this indicator was to be able to visualize how other time zones market openings Initial Balance affect PA.

The three market openings I chose to code in are:

London 0800 to 0900

New York 1430 to 1530

Asia 0000 to 0100


Within the script I have given the user the option to select to see with a green or red background when PA is above all zones Initial Balance high (green) or PA is below all zones Initial Balance low (red).

Alerts are also coded in, to prompt the user that PA has gone above or below as per above.


The Initial Balance high and lows also offer another form of areas of confluence.


Below are some examples of IB in action:

LTC

NULS

UNFI

DEXE

Release Notes: Update to capture weekend data
Release Notes: Delete unrequired code text
Release Notes: DISCLAIMER this script has been coded based on Crypto Currencies, other non Crypto Currencies will show an alignment error.
Release Notes: Updates:
color and transp - updated to - color.new(,)
Issue highlighted by user that when time is changed in settings it was affecting the output. Issue resolved.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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