4-Day Average Initial Balance (RTH)//@version=5
indicator("4-Day Average Initial Balance (RTH)", overlay=true, max_labels_count=500, max_lines_count=500)
//===================== Inputs =====================
ibBars = input.int(12, "IB length in bars (5-min = 12 bars)", minval=1)
sessRTH = input.session("0930-1600", "RTH Session (Exchange Time)")
bgColor = input.color(color.new(color.blue, 70), "Background Color")
//===================== Session Logic =====================
inSession = time(timeframe.period, sessRTH) != 0
newSession = inSession and not inSession
//===================== IB Tracking =====================
var float ibHigh = na
var float ibLow = na
var int ibBarCount = 0
var bool ibDone = false
if newSession
ibHigh := na
ibLow := na
ibBarCount := 0
ibDone := false
if inSession and not ibDone
ibHigh := na(ibHigh) ? high : math.max(ibHigh, high)
ibLow := na(ibLow) ? low : math.min(ibLow, low)
ibBarCount += 1
if ibBarCount >= ibBars
ibDone := true
//===================== Store Last 4 IB Ranges =====================
var float ib1 = na
var float ib2 = na
var float ib3 = na
var float ib4 = na
todayIBRange = ibDone ? ibHigh - ibLow : na
justCompletedIB = ibDone and not ibDone
if justCompletedIB and not na(todayIBRange)
ib4 := ib3
ib3 := ib2
ib2 := ib1
ib1 := todayIBRange
//===================== Average of Last 4 =====================
sum = 0.0
count = 0
if not na(ib1)
sum += ib1
count += 1
if not na(ib2)
sum += ib2
count += 1
if not na(ib3)
sum += ib3
count += 1
if not na(ib4)
sum += ib4
count += 1
avgIB = count > 0 ? sum / count : na
//===================== Display Number on Right =====================
var table t = table.new(position.top_right, 1, 1, frame_color=color.new(color.black, 0), frame_width=1)
if barstate.islast
txt = na(avgIB) ? "Avg IB(4d): n/a" : "Avg IB(4d): " + str.tostring(avgIB, "#.00") + " pts"
table.cell(t, 0, 0, txt, text_color=color.white, text_halign=text.align_right, bgcolor=bgColor)
FOUR
4-Day Average Daily ATRWhat this script does:
• Uses true Daily ATR, even on 5-minute charts
• Averages the last 4 fully completed trading days
• Displays one clean number only
• Lets you customize background color and text color
• Updates automatically each day
• Does not draw lines or clutter your chart
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This is commonly used on 1m, 2m, 5m, and 10m charts.
Jared Wesley is one of the more notable traders that use this setup. You can edit as an input the start date, end date, igniting bar size, the body percentage of the igniting bar, the relative equality of the 2nd bar (and 3rd bar for 4-bar play) compared to the igniting bar, and profit multiplier.
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Jared Wesley is one of the more notable traders that use this setup. There will be a label placed on the chart when a play occurs. You can edit as an input the igniting bar size, the body percentage of the igniting bar, and the relative equality of the 2nd (and 3rd bar for 4 bar play) compared to the igniting bar.
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Some friends asked me to do it so... sharing it for everyone instead
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Enjoy
Dave
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