Nifty Volume

Why this Script : Nifty 50 does not provide volume and some time it is really useful to understand the volume .

This is the pine script which calculate the nifty 50 volume .

Logic :

Take each stock contribute to nifty 50 and find it's volume .
Multiply the same with contribution percentage of the same on Nifty 50
Add up all of them and find the total volume .

There is a similar script by @daytraderph which is built for Bank Nifty (custom volume ) . I took the same and built for Nfity.

Nifty has 50 stocks and you cant call security method more than 40 times from one Pine script, so this is the limitation of this script. It consider top 40 stocks and find the volume (which contribute pretty much around 95% of the volume ) and convert the same to 100 %
Release Notes: Updating chart
Release Notes: Updating chart
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Thank You, Getting Memory limit excided error. What is the recomended time frame to load this chart?
+2 Reply
shijithlal tsghosh
@tsghosh, I am also getting the issue, still working on the same to solve it.
but the weightages change everymonth...isnt it ? ..your values could be abit off
if you can make a script which take volume of IND50US, onanda, and config it with time of nifty 50, indian opening and closing time, will be great.
V := V + (V * 4.95 / 100)

what is the reason behind choosing the 4.95 value ?
@kp03, As of now the total volume calculated with limited scripts (because of max security call issue) will come to a number and adding 4.95 % of the same to it will give 100 %. That is the logic
I like any data point around volume. I wish to do something similar with ES and MES Futures. But the data points for the math logic is completely different. I think I will do some of the data points similar to your Nifty Bank script. But with ES Futures I will need to add 1 or 2 times more depth. Give me a week.
I will send you the new script for your credit. I will merge it with a standard volume profile indicator.
shijithlal forestcall
@forestcall, Sure
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