mohamedmuzamil008

BANKNIFTY Auto-Trading Indicator based on Market Internals

NSE:BANKNIFTY

Dear Fellow Traders,

This indicator for BankNifty INTRADAY trading is based on Market Internals - Advance/Decline Volume and TICK

These Market Internals, also known as Breadth Tools helps in identifying the overall market sentiment.

Just doing some technical analysis on Price action doesn't provide good results.

Price action along with Volume gives a meaningful insight and helps in improving the accuracy.

But simple VOLUME information is not sufficient to take a directional view on the markets. A segmentation of POSITIVE and NEGATIVE volume gives a clear picture of the symbol movement.

We can get the volume information FOR ANY STOCKS anywhere. But, VOLUME INFORMATION FOR AN INDEX ALONG WITH POSITIVE AND NEGATIVE VOLUMES are not available in normal trading platforms. And this tool provides the exact feature.

In a nutshell,
1) THIS TOOL PROVIDES BUY/SELL INDICATIONS on the BANKNIFTY based on the underlying stocks' PRICE AND VOLUME
2) THE VOLUME INFORMATION IS BIFURCATED INTO POSITIVE AND NEGATIVE VOLUME , WHICH HELPS IN DECIDING THE MARKET DIRECTION.

P.S: This is an Invite-only indicator. Inbox me for getting access.
Release Notes: Changes done:
1) Optimized the Trailing Stop loss levels for better accuracy
2) Modified the Buy and Sell signals visuals for better user understanding
3) Updated the alert signals for auto strike price selection
4) Updated current month's (April 2021) BankNifty stocks' weightage
5) Included AU Small Finance Bank in the BankNifty weightage as it is newly included in the Index in this month
Release Notes: - Added SuperTrend and Opening Range in the logic
- Updated the Entry and exit points
- Optimized the Stop Loss and Target points
- Modified labelling flags for better understanding

Usage Instructions:
The Indicator works only on BANKNIFTY Index 5 mins timeframe
For Autotrading, Alert conditions can be setup to automatically place orders in the broker portal
Release Notes: - Optimized the Advance/Decline volume ratio for better accuracy
- Modified the wait time parameter for Target and Stoploss
Release Notes: - Updated Stock Weightages of BankNiftyIndex Constituents

Whatsapp 9976515330
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 mohamedmuzamil008 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

Kindly DM / WA 9976515330 - For getting access - For setting up the alerts for complete automated trading - For checking the historical performance

Want to use this script on a chart?

Warning: please read before requesting access.