srinivasbusy

Bank Nifty Weighted Money Flow

The indicator comprises of 2 areas ( one in green and another in red ) that depict the money flowing in and out the underlying 12 banks under BANK NIFTY index

The money flowing in and flowing out is calculated by identifying the buying pressure and selling pressure of each of 12 underlying banks within a 15 minute period ( which is internally further broken down by 15 one minute candles ), there by identifying the buy volume and sell volume multiplied by the price of the stock for the given minute aggregated for 15 minutes

The derived value for each bank is further weighted as per their weight in the index ( as of May 2nd 2020 ) and then summed up separately for both money flowing in and flowing out and plotted which shall help traders take decision based on the magnitude of money flowing in and out ( the weights shall be updated as and when the same changes in the index calculations )

The green color area represents the money flown in and the red color area represents the money that has flown out

A gradually increasing green area along with the decrease in the red area can be considered as the market is more into buying and less into selling and vice versa ( this can be observed in the chart before the rally begins , there should be an increasing green area which could potentially signifies money has started to flow in )

An equal or almost equal areas could signify a sideways market and the black line moving across shows the difference of money flowing and flowing out

Comments and feedback are welcome

Should you have any doubts or wish to access the script then please feel free to DM me.

***** The indicator works only in 15 minutes time frame *****
Release Notes: Made minor correction to the weights
Release Notes: Made minor update to the logic for calculating the volume across multiple periods and the color of the buy and sell difference line
Release Notes: 1) Updated to make the indicator independent of the time frame selected i.e the indicator would not now shows the money flowing in for the time frame selected
2) Update the color transparency for a better visibility
3)Upgraded to version 4
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|~ Srinivas.K

Comments

Sir Please let me know the procedure to incorporate this tool
Regards,
Arjun
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@Arjun45, please ping ne in prive chat,thank you
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How are you taking entry/exit position here. Would you be using overlay to decide ?
Reply
@rkvinay, The indicator could be used in conjunction with price action for better results
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