Initial Balance is a concept for the first hour of a trading session, lowest(starting) to highest point, that often determines important support / resistance for the next hours.
It is based on Fibonacci levels and offers very relevant levels of reaction.
Nowadays, it's mainly used for the first hour BEFORE the open.
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The advantage of this indicator lies here :
- you could define by yourself the period for YOUR Initial Balance (first hour of a trading session, one hour before the open, or whatever)
- you can choose for how many days, including the current, you can see the IB
- you can choose the fibonacci levels you want to see : 100, 123,6%, 150%, etc. Up to 600%.
- also a lot of options like shapes colors, font size and color, etc.
