The script takes present day's price range of the stocks (stocks of the Index being tracked included in this screener) into account, to hint strength or weakness in the underlying Index (for example: BANKNIFTY here). The day's price range of a stock is gauged on a scale of 0-100, where 0 is Day's price low and 100 is day's price high. If a stock is in 90-100 price range section the cell with title "90" illuminates hinting the stock is trading near day's high. Likewise, if a stock is in 0-10 price range section the cell with title "10" illuminates hinting that the stock is trading near day's low. The price range of 10-25 is represented in the cell titled "25" The price range of 75-90 is represented in the cell titled "75" Only one cell from the day's range illuminates at a time for a stock, signaling the present position of that stock in the Day's range at that instant.
The script works best above 10 second time frame.
Idea: If majority of the heavy weight stocks of the Index being tracked are trading near Day's high the underlying Index must be going strong at that very instant and Vice versa.
Disclaimer: Only for studying Index movement ideas intraday, trading is not advised.
Release Notes
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Removed HDFC as it got merged into HDFCBANK.
Release Notes
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Updated 75 level to 80 and 25 level to 20 for better adaptation towards range breakouts.
Release Notes
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added option to change font and location of table.
Hello sir, Thnx for this. Can you please do same for nifty also . Plz Reply sir M Waiting.
TathaastuVats
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@d.umesh, you can change the stocks in this screener from settings according to your choice. So, if you want to track NIFTY, change the existing stocks, in a sequence according to weightage in NIFTY. Tracking 50 stocks will clutter screen. However, top 10 stocks usually carry most weightage to decide direction of the index.
d.umesh
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@vatsanuj, You are right sir but it's dificult to change every time so it's better to make separate for Nifty also it's my view. Now it's upto you n your wish. Anyway thnx Again.
@vatsanuj, sir One more Request is plz put option for font size also if possible
TathaastuVats
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@d.umesh, added font size and location change option. republishing for NIFTY with same code won't be allowed by TradingView as it'd be marked duplicate copy, what you can do is change stocks and then save it as default for NIFTY
TathaastuVats
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The 90/10 columns can also be viewed as Break Out / Break Down indicator for the day range of stocks, as you can change the stocks from the settings. Thus, you can apply this indicator multiple times, with stocks of your choice to track intraday.
Can you please do same for nifty also . Plz Reply sir M Waiting.