Initial Balance with Alerts

This indicator is a comprehensive tool for Auction Market Theory (AMT) practitioners who rely on the Initial Balance (IB) to determine the day's likely structure. It automatically plots the High and Low of the opening session (user-definable) and extends those levels to provide key support and resistance zones for the remainder of the trading day.

Unlike standard IB indicators, this script features Smart Alerts that are time-filtered. You can define a specific "Active Alert Window" (e.g., RTH only) to ensure you are notified of breakouts during key hours, while avoiding spam notifications during overnight or low-volume sessions.

Key Features:

1. Customizable Initial Balance

Flexible Session: Define the exact start and end time for your IB calculation (Default: 08:30–09:30).

Visual Clarity: Plots IB High, IB Low, and the 50% Midpoint with fully customizable line styles, colors, and widths.

2. Smart Time-Filtered Alerts

Breakout Detection: Triggers an alert when price crosses above the IB High or below the IB Low.

Session Filter: Includes a unique "Allowed Alert Time" input. Alerts will only fire if the breakout happens within this window (Default: 08:30–15:00), preventing unwanted notifications during overnight chop.

3. Advanced Extensions & Targets

Extensions: Option to display multiples of the IB range (2x, 3x) to serve as statistical targets for trend days.

Intermediate Levels: Option to display half-step extensions (e.g., 1.5x) for tighter scalping targets.

4. IB Delta Analytics Dashboard

Context is Key: An optional on-screen dashboard tracks the size of the Initial Balance over the last 20 days.

Sentiment: Automatically categorizes today's IB as "Huge," "Medium," or "Small" compared to the 20-day average. This helps you anticipate if the day is likely to be a "Range Day" (Large IB) or a "Trend Day" (Small IB).

Settings Overview:

Calculation Period: The time used to measure the high and low (e.g., first 60 mins).

Allowed Alert Time: The window during which alerts are active.

Show Extra Levels: Toggles the 2x and 3x extensions.

Fill IB Areas: Adds a background color to the opening range for better visibility.

Delta Analytics: Toggles the statistics table on/off.

Author's Instructions

How to Configure the Time Settings: This script uses two distinct time inputs to give you maximum control:

"Calculation period": This is when the script measures the High and Low.

Example: 0830-0930 (The first hour of the NYSE session).

"Allowed Alert Time (RTH)": This is when the script is allowed to send you alerts.

Example: 0830-1500 (The full trading day).

Why this matters: If price breaks the IB High at 18:00 (during the overnight session), the script will ignore it if your alert time ends at 15:00. This saves you from waking up to low-probability signals.

Setting Up Alerts: To activate the alerts, add the indicator to your chart, click the "Alerts" button (clock icon) in the top toolbar, select this indicator from the "Condition" list, and choose "Any alert() function call".

Disclaimer: This tool is for informational purposes only. Past performance does not guarantee future results.