BankNifty ticks

This is an attempt to create a leading indicator for BankNifty movement.
Here I combine Banknifty stocks and indices to create a Tick chart.

A Tick Chart - By definition, a Tick Chart tracks movement of the underlying stocks. A positive move is counted as +1 and negative move is counted as -1. Total for the underlying stocks is shown as tick chart.

BUT - Some stocks like HDFC Bank have much larger influence on the BankNifty index. So I have give weights to the stocks to calculate the index. Movement in other indices like Nifty also has influence of Banknifty next move. Hence I have combined a few indices in the calculation.

How to use this chart:
Reversals: One can look for strong tick movement in reverse direction of current trend - preceded by weak ticks.
Continuation Confirmation: Average tick movement in the positive or negative territory can confirm the positive or negative momentum respectively.

Further Notes:
I have also observed that before some reversals, tick value jumps to extreme. e.g. chart is showing minor uptrend. So we are getting Ticks in positive territory .. and there is a sudden extreme uptick..and then Banknifty turns down.

Nothing is perfect. So, even this indicator doesn't give you exact signals. Please take every indication / signal to strengthen your price action analysis.
Release Notes: Added "Volume Ticks". I really don't know or haven't explored if any such concept is used generally. In terms of coding, it is a similar concept; so I have just added it for the heck of it. I am finding it useful as well on short timeframe for day trading.

If volume of a Banknifty stock is higher than previous candle, it is counted as +1. If it is lower, it is counted as -1. These counts are added to give the Banknifty Ticks count.

I try to use it for confirmation of reversal points as well potential support / resistance points on a short timeframe.

Another change done: the SMA of the regular ticks is hidden by default. Eversince I started using Volume ticks, I have found myself not using the SMA. Also, after adding Volume ticks, the chart got too crowded.
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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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I liked this indicator, however there is a recent change in weights Banknifty stocks. If you could have updated with recent one or open source the script , it would be good.
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