The price range of a financial instrument during the first time period of a trading session, typically the first hour of trading, is referred to as the Initial Balance in trading. This period is also known as the Initial Balance Period (IBP).
Traders are watching the price action and looking for key price levels that may provide support or resistance as the trading session progresses during the IBP. The price range that occurs during the IBP can be a useful reference point for traders evaluating the market's overall trend and potential price movements.
The Initial Balance is used by traders to identify potential breakout opportunities, to set stop-loss and profit targets, and to confirm the strength (or lack thereof) of a trend.