Banknifty Direction Bank Stocks is indicator to give Banknifty future direction.

This Indicator is giving signal by taking 11 Major Indian Bank trend into consideration.

This indicator is giving two signal Bullish and Bearish .
Bullish signal can be used for long Banknifty and Bearish signal can be used to close existing Banknifty position and make new short side position and again when Bullish signal come then close existing short position and take new long position and so on.

There is zone area green zone and red zone and central line. Green zone is Bullish area and Red zone is Bearish area.

When ever green line cross over red line then Bullish signal generated and when ever green line cross under red line Bearish Signal generated.

Strong Bullish when Crossover is happening above central line and Strong Bearish when Cross under is happening below central line.

Many Thanks to LazyBear main author, I have used his wave trend function and modified that as per Banknifty index so that we can get better result.

User must keep the default setting for getting better results as results are back tested. If setting changed then result may vary.

I have added here back tested performance user can see those results. I have added commission and slippage as well.

This indicator is available on Subscription.

PM/ DM for more information about the script access.

Use the link below to obtain access to this indicator
Release Notes: Source Code changed to Version 4 and Bar color added. and Minor Fix.
Release Notes: Updated Histogram color calculation and removed background color.
Added Slippage and commission on calculation of profit.

Signal is working with 1m ,3m, 5m, 15m ,30m time frame. higher time frame results are not good.
Release Notes: Updated code for making profitable 1m , 3m lower time frame.
Release Notes: Updated the code for two new cross over with existing line cross over. From all three any one should be enabled and check the result in Strategy Tester.

Newly added below.

1) HMA crossover SMMA
2) SMMA 7 crossover SMMA 14
Release Notes: Three different kind of line plot added based on ON and OFF crossover from settings.
Release Notes: Modified the code for latest bank inclusion like Bandhan Bank Ltd and exclusion of Yes Bank Ltd.
Change the algo to improve the performance.
Release Notes: With this update I have removed BankofBaroda and Include IDFCFIRSTB as this changes latest came from NSE and i have updated their latest weight on banknifty.
Release Notes: updated existing performance and added ATR for trade direction to improve the performance of indicator.
With ATR I am finding the trend of existing time frame candles and based on that what ever trades are there that I am filtering . Improved the performance from 25% to 300% almost but if u are trading all the signals.

Invite-only script

Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact siddmuk2005 for more information, or follow the author's instructions below.

TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Community Scripts.

Author's instructions

I shall recommend to use only 5 minute chart and trade all the signals at least 10 signals and do the paper work and see how it works for you .

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Warning: please read before requesting access.