The opening range and initial balance are defined as the price range the market creates in the first 30 min and the first hour after the session open. These ranges are very important in the market and are used by traders to spot potential turning points and support and resistance levels.
The TDU Initial Balance indicator draws all the important pre-market levels, opening range, and initial balance in realtime. When the market rallies once the initial balance is established any extensions are automatically drawn as these extensions often act as support & resistance levels.
Premarket High/Low Levels
The indicator can draw the pre-market low/high. These levels often act as support/resistance during the regular trading hours.
Opening Range High/Low Levels
The indicator can draw the opening range low/high. The opening range is defined as the price range of the first 30 minutes after the open and is used by a lot of traders. These levels often act as support/resistance during the rest of the day.
Initial Balance High/Low/Mid Levels
The indicator can draw the initial balance low/mid/high. The initial balance is defined as the price range of the first 60 minutes after the open and is used by a lot of traders. These levels often act as support/resistance during the rest of the day.
Initial Balance Extension Levels
Once the initial balance high/low gets broken we often see a move to one of the extension levels. 100%, 200%, or higher extensions of the initial balance can be automatically drawn by the indicator
Bloodhound/BlackBird/Automated strategies support
The indicator exposes plots for all the important levels like
- Initial Balance low, mid and high
- Opening Range low & high
- Premarket low's & highs
- And a signal state indicating if we are in premarket session (0), during the opening range(1), during the initial balance (2), or after the first hour when the initial balance is set (3)
- Draws today's premarket low/high
- Draws the opening range for each trading session
- Draws the initial balance for each trading session
- Draws initial balance 100% - 600% price extensions
- Allows the user to specify the session start and end time
- Allows the user to specify the initial balance start and end time
- Shows statistics on past IB breaks
- Works on any instrument
- Works on any timeframe
- Added plots to support bloodhound / blackbird and automated strategies