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Initial Balance MT5
The Initial Balance (Initial Balance / Initial Balance) is a concept related to the study of volume (to learn more, study about Market Profile and Auction Market Theory. You can find some videos in English when searching for "Initial Balance Market Profile").
The IB defines a range in which prices were negotiated in the first hour of trading.The amplitude of the range is important and the break in the range defined by the Initial Balance may have occurred due to the movement of several players operating in that direction, and it is interesting to follow this movement.
Thus, this indicator seeks to automatically mark the level of the IB and can also visually signal the break.
The input settings are:
- Starting bar: 1 (monitor from the first candle)
- Final bar: 60 (so we are monitoring the first hour if it is in the 1 minute timeframe)
- Display buy and sell signals (Buffer that signals a break and can be adapted for use in Expert Advisors, where buffer 0 is a sell signal and buffer 1 is a buy signal);
- Display vertical marking (a green line in the last IB candle)
By modifying the start and end boom settings, you can use the same indicator for other break break setups. This was the idea when programming the indicator to suit different traders and setups.
Success and good trades!