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I have modified this post just to avoid confusion. The following post by @hegh correctly states how the range bands are built from the initial balance. Paul Colman explains it in minute 41 of his presentation.
You take the midrange of the 60 minute initial balance and add/subtract multiples of the initial balance as explained below.
If you want an indicator doing that, you would need to add some lines to the opening range indicator, which can be downloaded here.
Exported using NT Version 7.0.1000.26
The indicator will only run on NT 7.0.1000.5 or later
Discretionary traders: Please use the multi-timeframe version of the indicator for odd minute charts and charts built from ticks.
https://www.bigmik …
thanks Fat Tails for your response but don't think the indicator you linked above is what I am looking for...seems to be quite different...I would also like to add the dots which he speaks of in the last couple of minutes of the video...if i had any programming skills i would have programmed.....thanks again
The indicator displays the initial balance with the correct session template. If you want to display the range bands you would need to add some lines, that is to modify the code. I will put in on my to-do-list, but it won't probably be tomorrow.
not sure if this will be of any help ... but it calculates the initial balance and the extensions... it isnt just the initial balance bands ... but thanks for the vid i was watching something by these guys the other day ... cost of their course is 8,800$ ... a bit steep but 100% satisfaction ... that has to be an industry record lol ...
attached is the imarketprofile with initial balance stuff
I have added the indicator in the download section. It will only work with an appropriate session template, which plots a session break at the beginning of the RTH session. You can set the initial balance to transparent, if you just need the bands.
Exported using NT Version 7.0.1000.26
Indicator will only run on NT 7.0.1000.5 or later.
Discretionary traders: Please use the multi-timeframe version of the indicator for odd minute charts and charts built from ticks.
https://www.bigmiketra …
Have updated the Initial Balance Range Bands indicator to version V33.
The updated version V33 uses the new signature of GetNextBeginEnd() and can only be used with NT 7.0.1000.5 and later.
You only need to update, if you use the indicator on high resolution charts built from ticks, such as tick, range and volume charts. The updated indicator can be found here:
Exported using NT Version 7.0.1000.26
Indicator will only run on NT 7.0.1000.5 or later.
Discretionary traders: Please use the multi-timeframe version of the indicator for odd minute charts and charts built from ticks.
https://www.bigmiketra …
