OVERVIEW :
DESCRIPTION :
PRO INITIAL BALANCE is dealing with the IB Range. IB standing for Initial Balance of course. This one is a classical price action indicator used to determine if the trading day will be directionnal or not. It has been statistically proven that the first trading hour of a day is correlated to the daily amplitude that follows. Meaning that the bigger the IB range is the mode volatile the day can be. Initial balance range is generally determined by the first trading hour of the current instrument. Generally determine by the preopen price action of the first future trading hour, just before the cash opening. But I figured out that this reading could go even further. IB range can be applied to the first cash trading hour as well and its at least as good as the classic one ! Moreover there is an additionnal information that can be take out of the combination of the two IBs, the futures one and the cash one. Everything is described in the following video.
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Post updated for TS v 1.14.xxxx