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Vertical Initial Balance plot on Volume Profile chart
I once again turn to @ktrader as our resident Sierra Chart master programmer [any any others that can help].
I recently took a look at TPO charts within Sierra Chart and really like the vertical plot for the Initial Balance.
I would love to see this vertical plot as an option on a Volume Profile chart, and even my other charts like a 100k volume chart. And I'd like to see it expanded so that the Initial Balance extensions can also be plotted in this way (vertically). I think horizontal lines should still be an option, but the vertical plot is primarily what I am after.
The Initial Balance is the first 60 minutes of the RTH session. The extension levels are defined as percentages or multipliers, like 1.5 for the first extension meaning +50%, or 2.0 meaning +100%.
I've attached a TPO chart where this feature is built-in. The vertical cyan line is the IB plot that I am trying to get on my Volume Profile charts. If you can do this, I will thank you profusely!
And here is a mock-up of what a different chart might look like with this feature.
Honestly I rather have it defined by the indicator, because I feel like there are some problems with the Sierra session manager that I haven't figured out yet.
So what I didn't visualize in the example screenshot would be the extension. I just want the same vertical plot and the ability to define two or three extension levels.
I think that an additional horizontal plot option for each would be welcome as well, although I am not sure I would use it personally (need to test).
The main goal of mine is to put the IB on my profile chart.
A couple of clarifications:
If its an intraday chart of somesort, where would the best place be to place the vertical line, at the bar starting when the rth started or the bar starting where rth+length-of-initial-balance-period ?
example: on 30m chart where the rth starts at 9.30 and the ib-period is set to 60 minutes, would the line be at the 9.30 bar or the 10.30 bar?
On charts longer than one day, like 2 days or weekly etc, are there any periods that makes sense for the initial balance - i would assume not, but I only know what i have read today about usages of initial balance
I am adding some options to choose different kind of extensions, linear (x0.5, x1 , x2), fibonacci,atr and stddev i think it covers most of the extensiontypes i have seen in use for the Initial Balance.
Well for a volume profile chart, I will be using a daily chart and want the bar to the left of the profile tightly aligned with it like Sierra does with a TPO chart by default.
For an intraday chart like you mentioned, personally I would rather have it at the 9:30 marker (the start of the IB), and I think it makes more sense especially for those wanting to use horizontal plots at this point. The horizontal plot should plot until the IB is over, so 9:30 - 10:30 for example.
The IB would never span two days so I think no need to worry on that.
This is a new study that allows one to select specific time frames. I use this for a one minute, use Fill Down Trans and Fill Up Trans for the high/low respectively. This does not draw across the chart which is different the Extended version.
Ron
arnie, IB is technically a profile term, so I thought better to ask this here. I was interested in the idea of tracking IB volume. Do you have this indicator for Sierra Chart by chance? it seems like an easy one to …
So if one could develop the above indicator, and also a way to display the IB volume without taking a whole panel, that would be great. Is it possible to plot text right above or below the vertical plot line?
I ran into a problem with the data not being available if running on a volume chart (if its a large volume pr. bar), so there would need to be an extra dataseries to get the high/low of a specific timeperiod (it works fine with timecharts) - because of this I wanted to find a better solution and then I honestly forgot it was in progress , except that it is more or less done. Do anyone have a suggestion for accessing the exact high/low of a timeperiod on a non-time chart (especially a chart where a bar is much larger than the entire period like a vol chart with a high volume pr. bar) - I am already aware a second dataseries can be added which is a time-series, by having a second chart with a time-series on it for the same insturment and reference that, but its a bit cumbersome.
, except that it is more or less done. Do anyone have a suggestion for accessing the exact high/low of a timeperiod on a non-time chart (especially a chart where a bar is much larger than the entire period like a