DayTradingOil

User-Inputed Time Range & Fibs

Greetings Traders! I have decided to release a few scripts as open-source as I'm sure others can benefit from them and perhaps make them better.(Be sure to check my Profile for the other scripts as well: https://www.tradingview.com/u/DayTrading...).
This one is called User-Inputed Time Range & Fibs.

The idea behind this script is to record the Range Highs and Lows of a User Defined Period, and plot potential Targets based on either Fibonacci Extensions or a Multiple of the Range Size. I created this originally for use with the US Session Initial Balance(From 9:30-10:30AM EST), however it can be set to any time period.

What is Initial Balance? In simple words, Initial Balance ( IB ) is the price data, which are formed during the first hour of a trading session. Activity of traders forms the so-called Initial Balance at this time. This concept was introduced for the first time by Peter Steidlmayer when he presented the market profile to traders(https://atas.net/atas-possibilities/indi...).

The IB is monitored as a break-out area for Range Extension traders. The IB High is also seen as an area of resistance and the IB Low as an area of support until it is broken(https://www.mypivots.com/dictionary/defi...).

As a note, depending on the Time Zone you are in, you may need to manually add or subtract from the Timed Range to match the desired Time. For example in NY Eastern Time, I have to use 8:30-9:30AM to Capture the 9:30-10-30AM IB for ES and NQ. Similarly, I must use 14:30-15:30PM to Capture the 9:30-10-30AM IB for BTC . You will need to make adjustments based on the Time Zone you are located in.

I wanted to give a Special Thanks to @PineCoders for the Custom Rounding Function from Backtesting/Trading Engine--> (https://www.tradingview.com/script/dYqL9...), Pinecoders.com for help with Tracking the Highs/Lows--> (https://www.pinecoders.com/faq_and_code/...), and @TradeChartist for allowing me to use some of the code for the Fibonacci Extensions from his script here--> (https://www.tradingview.com/script/mWmIR...).

If you like User-Inputed Time Range & Fibs, be sure to Like, Follow, and if you have any questions, don't be afraid to drop a comment below.
Release Notes: Update Details:
Removed Fibonacci Extensions. Code is cleaner with just pre-set Target Extensions.
Also added an array to track past Range Distances to calculate an average.
*Lookback period of Range Distance Averages can be changed in the settings.
Release Notes: Added Alerts when Close Crosses Above/Below Range.
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.

Want to use this script on a chart?