In this video I will show you how I took a very common setup with the OR/IB indicators. The setup is to fade the first touch of the IB range, after the range has been set. As you can see, price rejected at the IB high and came down to tag the Overnight High (the magenta line).
I was studying the Initial Balance as well but my mentor told me it was from 08:30 to 08:39. In this time, it creates a range. And in that range, maybe in the 50% of the range, the price always reacts depending on the IOF.
I will backtest with your indicator. Maybe I can learn something new. Thanks!
I will backtest with your indicator. Maybe I can learn something new. Thanks!