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OPEN-SOURCE SCRIPT

Initial Balance

By noop-noop
Updated
This script calculates and draws the initial balance price levels which can be really interesting for intraday activities.

Note: Obviously, you need to wait for the calculation period to finish in order to see your daily levels

The tool includes the following options
  • Customization of the session used to calculate the initial balance (default 0930-1030)
  • Show/Hide the calculation period (as a background color)
  • Show/Hide extra levels (report the IBH-IBL delta above and under the IB area)
  • Show/Hide intermediate levels (displays 50% price levels in the IB and extra areas)
  • Show labels (Display levels names as well as their price on corresponding lines)
    Levels names:
    - IBH (Initial Balance High)
    - IBH (Initial Balance Low)
    - IBM (Initial Balance Middle)
    - IBH x2
    - IBL x2
  • Default colors are green for high levels, red for low levels, and orange for intermediate levels
  • Extend levels (extends the current levels to left/right/both/none sides of the chart)


Release Notes
Note : Must be used under 30min timeframe (included)

  • max_bars_back parameter added
  • Tiny bug counting an unnecessary candle above 1m charts

Release Notes
Updates
  • default High and Low colors are now inverted
  • 3rd H/L levels added
  • High/Low delta of the initial balance is now displayed next to the IBM level
Release Notes
Updates:

  • The IB area is now colored to keep an easy view of a potential current trend formed through previous days (can be disabled)
  • Line style for main/extended/intermediate levels can be modified
Release Notes
Update

  • IB of previous days is disabled by default
  • IB calculation period background disabled by default
Release Notes
Update

  • Labels size can be modified in options
Release Notes
Update:

A few weeks ago, I wanted to have an quick synthesis of the current initial balance size compared to previous days, so I implemented a screener comparing the current IB delta with Min/Max/Avg delta of the 20 previous sessions to easily determine a Small/Medium/Huge status.
balanceCandlestick Analysisdaytradinginitialinitialbalanceintraday

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 publication is governed by House rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

noop-noop

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.