Initial Balance and Opening Range Indicator (SierraChart)

Overview 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 real time. 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 duri