You have to understand the importance of the "Initial Balance" the first trading hour of Cash session is very important in trading stocks and indizes.
So you will get 4 lines:
- Initial Balance High
- Initial Balance Low
- Initial Balance Midpoint/Halfback
Most indicators for Range Box, Opening Trade, Opening Range, Initial Balance, iBOX and "Ultimate Lines" will only use the timezone of the exchange or your own timezone. I'm living in europe and we have this daylight saving time change in Summer/Winter - which will cause problems with most of the existing indicators or at least will push you to change the times regularly.
Another important point: I really like to switch the indizes when trading on my mobile. So what will happen when you set up opening range for DAX at 09:00 and then switch to S&P500? All indicators I tried failed here - they will just draw a wrong line for SPX, NDX, DJI, FTSE, ASX etc. I fixed that and hard coded stock exchanges and ticker symbols into 3 main groups Initial Balance EU/US/Asia
For example we take DAX - XETRA DAX is opening at 09:00 MEZ (Europe/Berlin)
The Initial Balance is set during the H1 Candle from 09:00 - 09:59
Please be aware, that some cash indizes only deliver data to TradingView after the "opening auction" - so for Xetra DAX you have to book live data and often you will only see data at 09:02/09:03 after the opening auction.
So you will get different opening lines compared from cash to future or your CFD provider. Future and CFD should fit for 99%
- The Opening Line will be drawn at exactly 09:00
- IB High on the highest price during the H1 candle
- IB Low on the lowest price during the H1 candle
- IB Halfback is simple: (IB High + IB Low) / 2
The lines will be drawn from cash start until next day and will end 2 minutes before the next cash session will start again. Please make your own experience! Activate the indicator for a CFD or Future switch to M15 and watch the wicks around the 4 lines. Even in the night or the next morning before the next Initial Balance will be set.
For me the lines are valid for around 24 hours and often longer. That's why it's good to have the old lines on the chart too.
- Yesterday high / low / close / halfback (also for last week and month)
- Labels for the lines - sometimes only the colors will confuse you - a simple label should be a benefit (IB_h, IB_l, IB_1/2, 1D_o)
- Range Lines for Asia Range and Premarket Range - additionaly a parameter to disable premarket lines when premarket is trading in asia range.
- Add Alert condition to get alerts after IB is set
If you have and thoughts, ideas or improvements, please send me an message or leave an comment!
Like i said, the stock exchanges and ticker symbols are hard coded and can be extended for all relevant assets.
Have fun and i really hope this indicator will help improving your trading experience!
That's easier to manage ;-)
As an example: If you are in EU and an DAX trader - you will closely watch the range, that was formed for the DAX Future during the Asia Session. A breakout of Asia high or low is a nice trade. The session lines are often a valid support/resistance during the whole cash session.
And if it's no support/resistance you can trade the breakout in both directions.
Please leave a comment, this feature was often requested, i'm happy to deliver and make this beauty of indicator way better.
Still a lot of unused code there, but i optimized the settings window and clustered the settings better. Was a mess before...
You can see the standard settings on the left and the full enabled version on the right.
- Added Labels for the Lines - not really like it atm because it's overkill...
- Added IB Range Extension. This was asked several times. You can now add the 1.5 and 2.0 Extension of the IB Range - was new for me but seems to be useful.
- Cleaned up a lot of the source code
- Added the Asia Range for US Tickers. So you should see now the Asia Range Lines if you are trading NDX and SPX
- Will try to add an parameter "only show labels during actual day"
- Will try to disable lines if they are too close to each other - i still like it simple...
- People are asking for EU Range when trading US indizes / stocks. Asia Range was the start, have to rework the code to show EU range too. EU Range is different from EU Session...
Have fun! And as always leave an comment if you like it or have problems. If this little project is finished in some months we should ask for an editors pick label ;-)
Changed the plot of lines for the actual day. The lines are only plotted until the actual time - now you are able to see the labels for the actual bars and don't have to scroll to the right side to see the labels.
- Sorted the Timezones like continents
- Added Brazil for SA
- Separated Tokyo from Asia Range into Tokyo Zone
- Separated ASX from Asia Range into Oceania Zone
- Added India for Nifty50 Traders into India Zone
- Made Prework for future sessions (Asia, London, US, Globex - just have to sort out the different Information and times...)
Reworked a lot of the coding to improve performance
Added the often asked setting to show yesterdays closing line! Please be aware that this is not working properly with Tickers that have sessions and futures roll-overs like FDAX1!. No idea why...
Deactivated closing line buy default, because i still don't like the behaviour on Futures...
Crypto is now full available with UTC+0 as Initial Balance
smaller changes for the settings menu.
IB Range is 100 points so
IB High 1.5 = IB High + 50 Points
IB High 2.0 = IB High + 100 Points
Let the old calculation active as "Use alternate IB Extension calculation" Switch. This will help if the distance from opening to one IB line is extremely short like on a gap and go situation...
- Added new Ticker and Exchanges
- Added SouthAfrica as Exchange JSE and CFDs
- Added Premarket Range for US and EU
- Added 2 more IB Extensions and clarified the "alternate calculation". A narrow IB Range will often guide to an big range extension. Now you can acivate the extremes
- Besides the Yesterday Closing Line: I Added Yesterday High and Yesterday Low Line
- Prepared code for an GAP Detector to see Cash GAPS in CFD/Future, but i think this should be done in an separate indikator.
Updated the chart to SPY to show the new lines.
And as always: Please report bugs directly. Thanks!
- Added crossover and crossunder Alertconditions for all Lines. So you can easy set unlimited alerts, if the price is crossing an IB Line -and for sure it will only send an alert after the IB Range is set!
- Added the Plot x Days back Feature, FINALLY!!
Added the possibility to fill the space between the IB Lines. Thanks to @tonys.6829 for this request. Makes sense.
Changed the Initial Balance End Time. from xx:59 to xx:00 and xx:14 to xx:15. This will help the 1 Minute and lower timeframe to catch the latest movement before closing IB Range.
This will not affect the M5 Chart or greater it is just for really low TF and a lack of calculation rules in Pine.
If the idea is good, i will sit down and try to make it happen for free. You can buy me a coffee instead.
Ganz im Spirit von TradingView hat der Autor dieses Skripts es als Open-Source veröffentlicht, damit Trader es besser verstehen und überprüfen können. Herzlichen Glückwunsch an den Autor! Sie können es kostenlos verwenden, aber die Wiederverwendung dieses Codes in einer Veröffentlichung unterliegt den Hausregeln. Sie können es als Favoriten auswählen, um es in einem Chart zu verwenden.
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