Initial Balance

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)
  

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

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

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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
  

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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
  

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Update

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

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Update

• Labels size can be modified in options
  

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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.