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.

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