CPR_Previous Day Ranges_Initial Balance

Hello Traders,

This script best works on Indian Index (Tested on BANKNIFTY & NIFTY)
This indicator can be used only for day trading (intraday: ex: 5min, 15min Timeframes) on indices.

This script helps to plot
1. Central Pivot Range(CPR)
2. Previous Day Ranges (PDH & PDL)
3. Initial Balance(IB)

brief description of indicators:
1. CPR: Central Pivot Range --> This indicator helps to identify key price points to set up trades. CPR is beneficial for intraday trading.

2.Previous Day Ranges: These ranges will help to understand the current day market.
PDH: Previous Day High value on current day
PDL: Previous Day Low value on current day

3.Initial Balance(IB):This indicator will help in day trading. IB will plot current day first 1hr high, low & mid values.

Disclaimer: This indicator can be used as refrence only. This has been tested on Banknifty and Nifty indices on day trading 5 minutes and 15 minutes timeframe. Understand yourself to knowledge of different trading methods.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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