IB+ [Intromoto]

Hey traders,


This is a script that calculates the Initial Balance , which is the range of the first hour per trading session/day.

The pink and green lines are the high and respective low extension multiples, up to x12 the IB .

White line in the center is the middle of the IB , and the orange lines above and below are the 1/4 and 3/4 fractions of the IB .

IB is filled black to make the IB a bit more obvious.

The IB can be used to determine the direction/trend of price intraday or for swing trades.

S/R or pivot levels often occur at current or past IB extensions.

Reuploaded for code protection and for further edits.