SharemarketRaja

(FINNIFTY) NIFTY Financial Service FreeFloat Volume

This indicator is build keeping in mind how the Indian Market is formed - the free-float market capitalization concept

1) Considered new FINNIFTY - Nifty Financial Service index stocks according to NSE
2) Multiplied each stock Volume by its Weightage given in NSE Site every month End - means giving importance to volume by its weightage
3) Green Candle - Considered as +Ve Volume , Red Candle - Considered as -Ve Volume
4) Diff of +Ve Volume & -Ve Volume give clear picture market will go up or down

Note:- This Indicator work only for 15 Min time frame
Gives better results good Risk Reward used near Supp/Resistance
Combine with FINNIFTY Advance-Decline Ratio give confidence on the move

Eg:-

Bullish Scenario

Near Support, Volume Turned -Ve to +Ve, Adv /Dec of Fin Nifty >11/15
or combine any candle patterns( Pin Bar ) at Sup/Res or combine with Chart Pattern(Triangle/ Rectangle )

Bearish Scenario - Vice Versa to above
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.

Want to use this script on a chart?

Comments

bro this indicator is lagging because interpretation is nice and really good but very slow to update on real time because of number of stocks are listed in index i used same as banknifty but not really helps
Reply
Advance Decline of FIN Nifty i am going to share soon
Reply
nice work please create something for nifty & bank nifty
Reply
SharemarketRaja vikkranntshah
@vikkranntshah, already created pls check under my profile in Scripts Tab
Reply
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