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.
Thank you for your efforts.
It's almost perfect.
It's doesn't work on Saturday and Sunday and Show Friday data.
Frien_dd-DisDev
⋅
@SamuelYar, Evening thank you. The last release note "Release Notes: DISCLAIMER this script has been coded based on Crypto Currencies, other non Crypto Currencies will show an alignment error."
What ticker Symbol are you having an issue with?
SamuelYar
⋅
@Frien_dd, In the release note you mentioned "Release Notes: Update to capture weekend data", but It doesn't work on Saturday and Sunday and Show Friday IB for Saturday and Sunday. I only use it for Binance pair.
Frien_dd-DisDev
⋅
@SamuelYar, Give me an exact Symbol Ticker so I can have a quick look to see what you are seeing. I have dropped you a Direct Message on Trading View to chat as I have just tested it on an couple of Binance pairs and it works for me.
SamuelYar
⋅
@Frien_dd, for example, see BTCUSDT on Binance, but the symbol doesn't matter. you can check this Img to know what I mean.
ibb.co/n0GcgvY It is Sat, Sun, and Friday chart, as you can see the IB is the same for all these three days.