The_RedTicker

The_Redticker's Intraday Indicator

This is a simplistic indicator capable of predicting Intraday Reversal regions for almost any chart on NSE/ BSE (Indian Stock Exchanges)


Notes for Usage:
Best works when used on both indexes NIFTY and NIFTYBANK simultaneously in correlation. Its easy to understand that correlation, any one using it should spot it in a few days
Also, should only be used on 3 or 5 mins timeframe.


ENTRY:
  • The Inner regions marked by Red and Green lines are to be used for entries. Can look for both long and short reversal on either zones, can be teamed with other oscillators for better understanding.
    Basically, when the CMP enters either Red or Green Zone, look for a long or short entry at the close outside the zone on 3 or 5 mins timeframe with the other side of the zone as stoploss trigger price.

    While the Purple line on either side indicates the target zones.


P.s. If entering Short reversal at the Red Zone, then Green zone can also serve as first target and Purple zone as the final target depending on Market momentum. Vice-versa for entry at Long reversal at Green zone too.




Note: This indicator is most of the time absolutely correct, but needs to corrected every few months for VIX change. If and when that is done next will update it to show a NOTE on chart regarding that.

Look at any Index ideas on my profile to see live examples.
Release Notes: Updated for showing levels in morning, which was not available in new update.
Protected script
This script is published closed-source and you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.
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Comments

Wonderful indicator which never seen in my life. I will try to follow. Hope for best
+1 Reply
Good Solid work!!! @The_RedTicker Should we manually correct every few months for VIX change??
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please share the code or integrate the VIX part into the same, as the indicator is not behaving in a good manner
your inputs are appreicated ... i am checking the nifty futures on this .. .but not worthwhile, however the idea is amazing ... please respond
Reply
@namwal, it is not supposed to be checked on nifty fut. And it still works for me very well.
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namwal The_RedTicker
@The_RedTicker, if it is not supposed to be checked on nifty future, then it should be used on which trading things most preferably ....
Reply
After 7:30pm each day, it will show next day's levels.
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