This indicator tried to visualize the Money flow happening in the Banking sector It takes into account all the bank stocks contributing to the Bank Nifty Index of NSE(India)
This tool helps in understanding: Bias of underlying assets (bearish vs bullish, when green bars are higher in magnitude than red are, it's bullish & vice versa)
Critical Pivot is a point which is defined as the boundary of bullish & bearish sides.
Critical Interpretation: The blue line helps in understanding how far is the current price is from the critical pivot. If the blue line is below the dashed line , we expect prices not to prices to move in a stable range in next 15-30 mins
Using this tool in conjunction with Bank Nifty Algo can help in deciding the entry/exits in the Bank Nifty For example, If we have green bars higher in magnitude than red & also a Buy signal from Bank Nifty Algo, we can go long & vice versa.
Disclaimer: This script/strategy is for educational purpose and individual use only. The author of this script/strategy will not accept any liability for loss or damage as a result of reliance on the information contained in the charts. Please be fully informed regarding the risks associated with trading the financial markets.
This is a premium indicator If you want access to this indicator, please message me (Links/Email in description below )
Release Notes
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Changes done in order to incorporate the volume changes done by Trading view on 7th Dec 2020