initial balance

This new Thinkscript study automatically plots the Opening Range levels, sometimes called the Initial Balance, on your chart each morning in ThinkOrSwim. The Initial Balance levels are usually considered to be the first hour’s high and low, and by default that’s what this indicator comes set with. However, you can optionally change the Opening Range start and end times and shorten the Opening Range to 30 minutes, 15 minutes, 10 minutes, 5 minutes, etc.

This indicator will also optionally plot the midpoint between the Opening Range high and the Opening Range low. You can set it to show only today’s levels, or levels for every day you have loaded on your chart. The thinkscript will optionally allow you to plot a cloud between the high and low to highlight the range on the chart more clearly, and all the plot colors including the cloud can be customized to whatever you want them to be.