Weekly Initial BalanceThis indicator marks the Weekly Initial Balance — the price range established during the first two trading days of the week — and projects extension levels for the remainder of the week.
The idea behind it
Monday sets the opening range for the week. Tuesday may extend that range — it could produce a false break, a range extension, a reversal, or an inside day. In a large majority of weeks, by the time Monday and Tuesday have traded, the high and low extremes are already in place for the rest
Indicator
