IB Breakout

Purpose: Displays the price action in a rectangular box, that visually shows four sequential levels above and below the breakout or breakdown. Plotted as T1, T2, T3, T4
Description:
- Plots four levels of significance above and below the Initial Balance (First Hour of RTH)
- Plots the midpoint value of the range
- Color coded for simple pattern recognition
- User has front end control of styling, colors, and even targets
- Choose between rectangles or lines.
- This tool is programmed utilizing the E-widget Indicator
NinjaTrader Use:
- Displayed as a rectangle, with four levels above and below IB. More levels may be programmed if desired. Values can be custom fit by the user
- Customizable parameters according to User’s preferences
- A series of seven of these Indicators can be deployed on an RTH chart, and they will auto populate every day without any additional prompts
Practical Example:
- On our ES chart, note the IB range, then subsequent levels above and below the range
- Note the display box that records the size of IB
- There is about a 70% probability T1 gets hit on a break, and perhaps 50% odds for T2 being hit
- Must use this Indicator in context with other ideas.