Market Movers: Sectoral Index

The indicator will show the Sectors which are leading or lagging NIFTY50 index based on Alpha & Beta values. Stock selection can be done based on the respective Sectors.

Look for alpha & beta values.
Prefer one with high beta.
Greens are leaders & Blues are lagers.
This don't completely indicates a trend, but it can give the overview of a major trend & market movers.
Gray line is the base index NIFTY50, it is Zero.
Turn on Indicator Name Label in Settings > Chart Settings.
In intraday or positions, in a leading Sector there will be a leading stock, spot it out.
Make a sector wise watchlist of stocks.
Use higher or Daily timeframe for Swing trades.
Detailed descriptions are available in my previous Alpha & Beta indicators.

Release Notes

Update v1.1
Added table.
Changed color scheme.

Release Notes

Update v1.2

Day Start Marker color choice.
Simplified menu.
Avoided Labels and Tables show/hide option as it is available in the Style tab.

Release Notes

Update v1.3

Included day % change in the table.

Release Notes

Updated on 24 July 2022

Bug fix

Release Notes

Updated on 24 July 2022

Bug fix

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

Arun_K_Bhaskar

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

For quick access on a chart, add this script to your favorites — learn more here.

Arun_K_Bhaskar