Screener: Alpha & Beta IndexThis is a Index Screener which can short list the major Sectors contributing to NIFTY movement that day.
This helps in sector based trading, in which we can trade in the stocks which falls under that particular sector.
No need to roam around all the stocks in the whole watchlist.
It is recommended to create sector wise watchlist of all sectors. It will be easier to concentrate in only one sector.
For example in IT sector index there are certain stocks which contribute to the movement of IT sector.
This will be available in NSE (or exchange website).
For detailed description check out the descriptions in my previous 2 Alpha and Beta indicators.
Combine and use this screener with my previous Alpha & Beta indicator.
Search in scripts for "nifty"
INDIA/NIFTY DOWN DAY MARKERINDIA/NIFTY DOWN DAY MARKER is indicator designed for Indian investors that provides visual cues on whole universe of stock charts marking volatile days based on the performance of selected Indian market indices. This indicator helps traders and investors assess the relative strength of individual stocks during extreme market movements
Key Features:
1) Index Selection: Users can choose from four major Indian indices: Nifty 50, Nifty Midcap 100, Nifty Smallcap 100, and Nifty MIDSMALLCAP 400. This flexibility allows for tailored analysis based on market focus.
2) Customizable Thresholds: Users can set their desired percentage thresholds for both rise and fall days, with default values of 2%. This customization enables users to adapt the indicator to their trading strategies.
3) Visual Indicators:
Rise Days: When the selected index rises by the specified percentage, the chart background turns green, indicating a bullish trend.
Fall Days: Conversely, if the index falls by the defined percentage, the background changes to red, signaling a bearish trend.
Relative Strength NSE:Nifty for TF CommunityThis is a modified version of the Relative Strength Indicator (No confusion with RSI) originally by in.tradingview.com/u/modhelius/ based on The indicator calculates the relative strength between a selected stock and a comparative symbol (typically a market index like NSE:NIFTY).
Relative strength (RS) compares the performance of two assets, typically a stock and a market index, by dividing their percentage changes over a specific period. This indicator oscillates around zero:
- Greater than 0: Indicates the stock has outperformed the comparative symbol.
- Less than 0: Indicates the stock has underperformed the comparative symbol.
Key Enhancements:
This Relative Strength Indicator offers practical features to automatically adjusts the comparison period based on the chart’s timeframe, whether daily, weekly, or monthly, so you don’t have to make manual changes.
Secondly, if the selected stock has fewer bars than the comparison period, the indicator uses the shorter period to ensure accurate results. The default colors are hardcoded so they look fine for both dark and white themes, but of course can be changed.
You can customise the settings to fit your needs. The default period is set to 50/52, and the comparative symbol is NSE:NIFTY, but both can be changed. There’s also an option to toggle a moving average on or off, providing a smoother visual representation.
TCLC(TraderChitra Learning Class)-Option ChainThis indicator plots the Option chain data of the following instruments and columns..
It plots 11 rows ,
5 Rows above the input strike price
1 Row for the input strike price
5 Rows below the input strike price
Instruments :
1. NIFTY
2. BANKNIFTY
3. FINNIFTY
4. MIDCPNifty
Columns :
1. StrikePrice
2.CMP
3.Volume
4.VWAP
5.Diff (Open-Close)
Traders need to change the expiry date to check the premium of the corresponding instruments...
There are few key things,
1. Rows in yellow are marked as ATM strike price
2. Cell values in red / green indicates the prices are trading above / below the VWAP
The prices are expected to be bullish when cmp trades above VWAP and we can gauge the trend
The column Volume provides the details in which strike price more traders are actively traded..
The far month contracts can also be changed in the settings and it helps the swing/positional traders
The Strike price can be modified to check the appropriate strikes
Options Scalping NiftyThis Indicator is Owned by Team Option Scalping.
Top Right Corner TABLE ( 6 , 10 )
When you are trading in Nifty futures , we have to check major Stocks which is contributing to Nifty move. So we have given that in this tab.
This table consist of 5 Major Indices and 5 Stocks :
• BankNifty
• Nifty
•FinNifty
• Dow
• VIX
• RIL
• HDFCBANK
• INFY
• TCS
• ICICBANK
And following data of each stock has been provided:
• LTP
• Daily Change
• Daily Percentage Change
• 15-minute Change Percentage
• 1-Hour Change Percentage
This Table is completely different from Our other publish indicator named "Options Scalping V2". That consist of banking stocks data, and this consist of Nifty Stocks data. Data set are same but constituents are different.
Bank Nifty ScalpingThis indicator is designed for scalping purposes.
Users have the option to input the desired source and enable or disable the following indicators:
Multiple EMA (Exponential moving average)
Simultaneously displays multiple moving averages to quickly identify shifts in momentum and obtain confirmation from slower-moving averages.
By default, the EMA display settings are configured to show the 20-day EMA and the 200-day EMA. However, users have the flexibility to modify the display settings according to their preferences. This means that users can customize the indicator to show the EMA values of their choice, such as EMA 50 and EMA 100.
VWAP ( Volume weighted average price )
Default value is set to ‘hl2’
A bullish trend is indicated when the price is above the Volume Weighted Average Price (VWAP), while a bearish trend is indicated when the price is below the VWAP.
VWMA ( Volume weighted moving average )
In the VWMA (Volume Weighted Moving Average) indicator, a default value of 20 is used. If the price is higher than the VWMA, it typically indicates a bullish trend. Conversely, if the price is lower than the VWMA, it suggests a bearish trend. The VWMA takes into account both price and volume, providing a weighted average that can help identify shifts in market sentiment.
Multiple SuperTrends
Default value is 10 and 2 / 10 and 3
A bullish trend is identified when the price is above the SuperTrend indicator, whereas a bearish trend is observed when the price is below the SuperTrend indicator.
Camarilla Pivot Points (Level 3 and 4 only)
Levels 3 and 4 serve as crucial support and resistance levels, acting as the final line of defense against strong trends. These levels are expected to generate reversals, where price often changes direction.
CPR ( Central Pivot Points)
The Daily Central Pivot Point Indicator is a popular tool used in technical analysis. It calculates several levels based on the previous day's high, low, and closing prices.
Strong Volume
The user has the ability to set the average volume for Nifty and BankNifty indices to calculate strong volume.
Elder Impulse System
The Impulse System, developed by Alexander Elder and discussed in his book "New Trading for a Living," is a censorship trading system designed to determine whether a trade should be allowed or prohibited. Additionally, it can be used to identify when a trend is starting to weaken. The Impulse System relies on the following factors:
1. Slope of a Fast Exponential Moving Average (EMA): The fast EMA's slope reflects the price's inertia or momentum.
2. Slope of the Moving Average Convergence Divergence (MACD): The MACD's slope indicates the strength or power of the price movement.
Based on these factors, the Impulse System categorizes candles or price bars into three colors:
* Green Candle: When both the fast EMA and MACD are rising, indicating upward momentum.
* Red Candle: When both the fast EMA and MACD are declining, suggesting downward momentum.
* Blue Candle: In all other cases where the conditions for green or red candles are not met, representing a neutral or uncertain market condition.
By applying the Impulse System, traders can gain insights into the market trend, its strength, and potential shifts in momentum, helping them make informed trading decisions.
Happy Trading
Bank nifty puller and Dragger Hello Guys
using the below script you can check the nifty bank puller and draggers at live
how to use it?
it's straightforward
in the table, we will see the points contribution by each bank to Bank nifty
graph shows the overall strength of the buyers and sellers
using graphs also you can trade
but If you want to use a graph please note these important points
1:when the evergreen line cut the red line from below to top (cross-over) it says that buyers are strong but sometimes cross-over may fail and fall again
2: same things happen with the red line also
3: sometimes the graph shows that's a big difference between the red line and the green line that the market opened gap up gap down ( its difficult to define ) will update soon
4:when the market consolidates red and green lines will be very near to each other
5: when the green line is upper side the buyers are strong when the red line is upside sellers are strong (but sometimes it may mislead please be careful )
using the table you can check the overall view of all important banks
according to the time frame, data will be shown
this image shows the break out at 12.45 pm
2nd image shows the consolidation face of the market
this image shows that directly after opening the market sellers became stronger
this is how you can use the indicator
you can use graph or you can use table to get the over all view of the Bank nifty
AI-Bank-Nifty Tech AnalysisThis code is a TradingView indicator that analyzes the Bank Nifty index of the Indian stock market. It uses various inputs to customize the indicator's appearance and analysis, such as enabling analysis based on the chart's timeframe, detecting bullish and bearish engulfing candles, and setting the table position and style.
The code imports an external script called BankNifty_CSM, which likely contains functions that calculate technical indicators such as the RSI, MACD, VWAP, and more. The code then defines several table cell colors and other styling parameters.
Next, the code defines a table to display the technical analysis of eight bank stocks in the Bank Nifty index. It then defines a function called get_BankComponent_Details that takes a stock symbol as input, requests the stock's OHLCV data, and calculates several technical indicators using the imported CSM_BankNifty functions.
The code also defines two functions called get_EngulfingBullish_Detection and get_EngulfingBearish_Detection to detect bullish and bearish engulfing candles.
Finally, the code calculates the technical analysis for each bank stock using the get_BankComponent_Details function and displays the results in the table. If the engulfing input is enabled, the code also checks for bullish and bearish engulfing candles and displays buy/sell signals accordingly.
The FRAMA stands for "Fractal Adaptive Moving Average," which is a type of moving average that adjusts its smoothing factor based on the fractal dimension of the price data. The fractal dimension reflects self-similarity at different scales. The FRAMA uses this property to adapt to the scale of price movements, capturing short-term and long-term trends while minimizing lag. The FRAMA was developed by John F. Ehlers and is commonly used by traders and analysts in technical analysis to identify trends and generate buy and sell signals. I tried to create this indicator in Pine.
In this context, "RS" stands for "Relative Strength," which is a technical indicator that compares the performance of a particular stock or market sector against a benchmark index.
The "Alligator" is a technical analysis tool that consists of three smoothed moving averages. Introduced by Bill Williams in his book "Trading Chaos," the three lines are called the Jaw, Teeth, and Lips of the Alligator. The Alligator indicator helps traders identify the trend direction and its strength, as well as potential entry and exit points. When the three lines are intertwined or close to each other, it indicates a range-bound market, while a divergence between them indicates a trending market. The position of the price in relation to the Alligator lines can also provide signals, such as a buy signal when the price crosses above the Alligator lines and a sell signal when the price crosses below them.
In addition to these, we have several other commonly used technical indicators, such as MACD, RSI, MFI (Money Flow Index), VWAP, EMA, and Supertrend. I used all the built-in functions for these indicators from TradingView. Thanks to the developer of this TradingView Indicator.
I also created a BankNifty Components Table and checked it on the dashboard.
Peer Performance - NIFTY36STOCKSI have created a peer performance dashboard for:
36 stocks from:
5 sectors of Nifty 100
This kind of dashboard is very useful for traders when they are planing to trade in a stocks and like to see how that is stocks is performing against other stocks in the same sector . Picking outperforming stocks will always give outstanding results when market starts moving. os having view on teh complete sector will always be good for traders before picking a specific stock.
Sectors covered in this indicators are:
Indian Auto Sector
Banking Sector
Oil, Gas and Energy Stocks
Cement Sector
Technology Sector
It will help traders reviewing performance ( stock return in last 1 year) of group of stocks from a particular sector .
Basically 5 functions are used to plot this dashboard
using "if " function to shortlist the stocks and the sector it belongs to.
tablo function to plot a table with specific parameters like number of row and columns, color of the frame of table
Getting yearly return into a series of variables using "request.security" function
str.tostring function is used to convert yearly return into a series of text so that it can inserted into the table cell.
finally plotting all the text and yearly return values using table.cell function
Strategy: Range BreakoutWhat?
In the price action, levels have a significant role to play. Based on the price moving above/below the levels - the underlying instrument shows some price-action in the direction of breakout/breakdown.
There are plenty of ways level can be determined. Levels are the decision point to take a trade or not. But if we make the level derivation complex, then the execution may get hamper.
This strategy script, developed in PineScript v5, is our attempt at solving this problem at the core by providing this simple, yet elegant solution to this problem.
It's essentially an attempt to Trade Simple by drawing logical (horizontal) lines in the chart and take actions, after multiple associated parameters confirmation, on the breakout / breakdown of the levels.
How?
Let us explain how we are drawing the levels.
We are depending on some of the parameters as described below:
Open Range : During intraday movement, often if prices move beyond a particular level, it exibits more movement in the same swing in same direction. We found out, through our back testing for Indian Indices like NSE:NIFTY , NSE:BANKNIFTY or NSE:CNXFINANCE the first 15m (i.e 09:15 AM to 09:30 AM, IST) is one of such range. For Indian stocks, it is 9:15 to 9:45. And for MCX MCX:CRUDEOIL1! it's 5:00 pm to 6:00 pm. There are our first levels.
PDHCL : Previous Day High, Close, Low. This is our next level
VWAP : The rolling VWAP (volume weighted average price)
In the breakout/breakdown of the Open Range and Previous Day High/Low, we are taking the trade decisions as follows using CEST principle:
C onditions :
If current bar's (say you are in 5m timeframe) closing is broken out the Open Range High or Previous Day High, taken a Buy/Long decision (let's say buying a Call Option CE or selling a Put Option PE or buying the future or cash).
If current bar's (say you are in 5m timeframe) closing is broken down the Open Range Low or Previous Day Low, taken a Sell/Short decision (let's say buying a Put Option CE or selling a Call Option PE or selling the future or cash).
Additionally, and optionally (default ON, one can turn off): we are checking various other associated multiple confirmations as follows:
1. Momentum : Checking 14-period RSI value is more than 50 or less than 50 (all parameters like period, OB, OS ranges are configurable through settings)
2. Current bar's volume is more than the last 20 bars volume average. How much more - that multiplier is also configurable. (default is 1)
3. The breakout candle is bullish (green) or bearish (red).
E ntry :
All of these happens only on the closing of the candle . Means: Non Repainting! .
Clearly in the chart we are showing as green up arrow BO (breakout for buy) and red down arrow BD (breakdown for sell) to take your decision process smooth.
So, on the closing of the decision BO/BD candle we are entering the trade (with a thumping heart and nail biting ...)
S top Loss :
We are relying on the time tasted (last 40 years) mechanism of Average True Range (ATR) of default 14 period. This default period is also configurable.
So for Long trades: the 14 period ATR low band is the SL.
For Short trades: the 14 period ATR high band is the SL.
T arget :
We are depending on the thump rule of 1:2 Risk Reward. It's simple and effective. No fancy thing. We are closing the trade on double the favorable price movement compared to the SL placed. Of course, this RR ratio is confiurable from the settings, as usual.
What's Unqiue in it?
The utter simplicity of this trading mechanism. No fancy things like complex chart pattern, OI data, multiple candlestick patterns, Order flow analysis etc.
Simple level determination,
Marking clearly in the chart.
Making each parameter configurable in Settings and showing tooltip adjacent to the parameter to make you understand it better for your customization,
Wait for the candle close, thus eliminating the chances of repainting menace (as much as possible)
Additional momentum and volume check to trade entry confirmation.
Works with normal candlestick (nothing special ones like HA ...)
Showing everything as a Summary Table (which, again can be turned off optionally) overlaying at the bottom-right corner of the chart,
Optionally the Summary Table can be configured to alert you back (say you get it notified in your email or SMS).
That way, a single, simple, effective trade setup will ease your journey as smooth sail as possible.
Mentions
There are plenty of friends from whom time to time we borrowed some of the ideas while working closely together over last one year.
From tradingview community, we took the spirit of @zzzcrypto123 awesome work done long back (in 2020) as the indicator "ORB - Opening Range Breakout". (We tried to reach him for his explicit consent, unable to catch hold of him).
Some other publicly available materials we have consulted to get the additional checks (like RSI, volume).
Lat word
Use it please and thank you for your constant patronage in following us in this awesome platform. Let's keep growing together.
Disclaimer :
This piece of software does not come up with any warrantee or any rights of not changing it over the future course of time.
We are not responsible for any trading/investment decision you are taking out of the outcome of this indicator.
ILM NSE Banknifty DashboardUse this indicator on Daily Timeframe
This indicator shows the important metrics of BANKNIFTY and its top 7 constituent stocks.
This indicator is similar to Open Interest indicator but consolidates the data for NIFTY stocks
For more information, look at the Open Interest Indicator
Inside Bar SetupScript Details
- This script plots Inside Bar for given day in selected time-frame (applicable only for Timeframes < Day)
- Basis plotted inside bar, relevant targets are marked on the chart
- Targets can be customised from script settings. Example, if range of mother candle is 10 points, then T1 is 10 * x above/below mother candle and T2 is 10 * y above/below mother candle. This x & y are configured via script settings
How to use this script ?
- This script works well on 10-15 mins timeframe for stocks, 15/30 mins timeframe for nifty index and 30/60 mins time frame for bank nifty index
- If mother candle high is broken, take long trade with SL of mother candle low and if low is broken, take short trade with SL of mother candle high
Remember:
1. Above logic is to be combined with support/resistances i.e. price action. This script is an add-on to price action analysis giving you more conviction.
2. If range of mother candle is very high, it is recommended to avoid the trade.
3. Basis inside bar formed on higher time frame, take trade on basis of lower time frame i.e if inside bar is formed on 60 mins, take trade on the basis of 10-15 mins time frame
Example:
1. As seen in the chart, Nifty is near it's resistance and we are seeing Inside Bar being formed, In such scenario, even if High of Mother Candle is broken, we should be more interested to short as we are near resistance and probability of getting our targets in long side is less.
2. So, if I see breakdown of mother candle i.e. price going below low of mother candle, we will short with SL of high of mother candle.
3. As seen in the chart, both the targets are achieved.
Additional Info:
1. Targets on Long/Short Side can be configured via settings. For indices 1 times/1.5 times the range works well.
2. This script plots targets basis the first inside bar formed in the day for selected time frame.
3. Inside bars formed through out the day are coloured separately but lines are plotted only on the basis of 1st formed inside bar as this strategy works well for the first formed inside bar)
4. Don't forget to check volume in case of breakout/breakdown.
Note:
1. Mother Candle - First Candle of Inside Bar
2. Child Candle - Candle formed inside Mother Candle (Second Candle of Inside Bar)
Happy Trading :)
OHL Screener by KiranScript is intended to scan Open = High and Open = Low (OHL) stocks for selected Opening Range in minutes.
I have added NSE NIFTY 50 stocks as default input for the script. Hopefully it will work with other stocks and exchanges.
Opening Range time is limited to the "1 min, 3 min, 5 min, 15 min, 30 min and 60 min" as OHL generally required for Intraday.
Stock qualified criteria OPEN = LOW (in selected Opening Range timeframe) will be listed in the table at TOP RIGHT corner of the chart screen in a green background.
Stock qualified criteria OPEN = HIGH (in selected Opening Range timeframe) will be listed in the table at BOTTOM LEFT corner of the chart screen in a red background.
Script scans stocks irrespective of current chart symbol and current time frame on the chart.
Limitations:
- Maximum 40 stocks can be scanned.
- request.security can't be placed under loop hence repeat call to request.security should be placed on separate line
Sentient levelThe indicator presented here is made based on the study published on NSE:INDIAVIX . Basically it shows 2 sigma (by default) trading ranges of the next day (by default) of indices e.g. NSE:NIFTY & NSE:BANKNIFTY . Everyday three new lines get plotted automatically on the chart of the instrument (preferably NSE:NIFTY & NSE:BANKNIFTY ) you want to trade. Generally it's expected that the index to be traded within the ranges however in case of major gap-up or gap-down if the index opens above the higher range or below the lower range then it's assumed that the day to remain very volatile. This three lines can be considered as important support/resistance . Default parameters are set in consideration of day trading however user can modify them manually as per their trading style.
If you like my work you can donate through Tradingview coin. Thanks
Index Reversal Range with Volatility Index or VIXWhat is the Indicator?
• The indicator is a visualization of maximum price in which the respective index can go up to in comparison with it's Volatility Index or VIX.
Who to use?
• Intraday
• Swing
• Position
• Long term Investors
• Futures
• Options
• Portfolio Managers
• Mutual Fund Managers
• Index Traders
• Volatility based Traders
• Long term Investors and Options Traders gets the maximum benefit
What timeframe to use?
• 1 Year: Position & Investors
• 6 Months: Position & Investors
• 3 Months: Swing & Position
• 1 Month: Swing & Position
• 1 Week: Swing
• 1 Day: Swing
• 1 Hour: Intraday & Swing
What are Upper and Lower lines?
• Upper Line: If the index price reach closer to the Upper line there is a high chance of reversal to Bearish trend.
• Lower Line: If the index price reach closer to the Lower line there is a high chance of reversal to Bullish trend.
• This need to be confirmed with multiple levels like Daily, Weekly, Monthly etc.
How to use?
• If the price reach closer to that level there is a high chance of reversal from the current trend.
• To identify the reversal zone of the index.
• To identify the trend.
• Option Traders can Sell a Call or Put Option from that level.
• Long term Investors, Position or Swing traders can plan for a Long entry.
• Intraday traders can use lower timeframes to do the same.
Indicator Menu
• Input VIX: Identify the VIX Symbol of your Index and type it in the box.
• For example for NIFTY Index chart type INDIAVIX in the box.
• Choose multiple timeframes according to your convenience.
How to turn on indicator Name and Value labels?
• Right side of the screen >
• Right click on the Price scale >
• Labels > Indicators and financial name labels, Indicators and financial value labels
Further Reading:
• Various videos and reading materials are available about this method.
NSE Bank Nifty - Arms Index (TRIN)
NSE Bank Nifty – Arms Index TRIN).
How it works?
By default, it considers all the constituents of Bank Nifty for calculation on TRIN
Input configuration parameters:
1. Advance/Decline Formula:
a. Based on same day open and close price
b. Based on todays close compared to previous day close
2. Plots:
a. TRIN
b. Simple moving average of TRIN
c. Advance/Decline Price line
d. Advance/Decline Volume line
About Arms Index (TRIN)
The Arms Index , also called the Short-Term Trading Index (TRIN) is a technical analysis indicator that compares the number of advancing and declining stocks (AD Ratio) to advancing and declining volume (AD volume ). It is used to gauge market sentiment. Richard W. Arms, Jr. invented it in 1967, and it measures the relationship between market supply and demand . It serves as a predictor of future price movements in the market, primarily on an intraday basis. It does this by generating overbought and oversold levels, which indicate when the index (and the majority of stocks in it) will change direction.
• If AD Volume creates a higher ratio than the AD Ratio, TRIN will be below one.
• If AD Volume has a lower ratio than AD Ratio, TRIN will be above one.
• A TRIN reading below one typically accompanies a strong price advance, since the strong volume in the rising stocks helps fuel the rally.
• A TRIN reading above one typically accompanies a strong price decline, since the strong volume in the decliners helps fuel the selloff.
• The Arms Index moves opposite the price trajectory of the Index. As discussed above, a strong price rally will see TRIN move to lower levels. A falling index will see TRIN push higher.
The Formula for Arms Index (TRIN) is:
Stock Ratio = Advancing stocks / Declining Stocks
Volume Ratio = Volume of Advancing stocks / Volume Declining Stocks
TRIN = Stock Ratio / Volume Ratio
What Does the Arms Index (TRIN) Tell You?
The Arms index seeks to provide a more dynamic explanation of overall movements in the composite value of stock exchanges, by analyzing the strength and breadth of these movements.
Neutral State: An index value of 1.0 indicates that the ratio of AD Volume is equal to the AD Ratio. The market is said to be in a neutral state when the index equals 1.0, since the up volume is evenly distributed over the advancing issues and the down volume is evenly distributed over the declining issues.
Bullish State: Many analysts believe that the Arms Index provides a bullish signal when it's less than 1.0, since there's greater volume in the average up stock than the average down stock.
Bearish State: On the other hand, a reading of greater than 1.0 is typically seen as a bearish signal, since there's greater volume in the average down stock than the average up stock.
The farther away from 1.00 the Arms Index value is, the greater the contrast between buying and selling on that day. A value that exceeds 3.00 indicates an oversold market and that bearish sentiment is too dramatic. This could mean an upward reversal in prices/index is coming.
Conversely, a TRIN value that dips below 0.50 may indicate an overbought market and that bullish sentiment is overheating.
Traders look not only at the value of the indicator but also at how it changes throughout the day. They look for extremes in the index value for signs that the market may soon change directions.
Limitations of Using the Arms Index (TRIN)
Here are two examples of instances where problems may occur:
• Suppose that a very bullish day occurs where there are twice as many advancing issues as declining issues and twice as much advancing volume as declining volume . Despite the very bullish trading, the Arms Index would yield only a neutral value of (2/1)/(2/1) = 1.0, suggesting that the index's reading may not be entirely accurate.
• Suppose that another bullish scenario occurs where there are three times as many advancing issues as declining issues and twice as much advancing volume than declining volume . In this case, the Arms Index would actually yield a bearish (3/1)/(2/1) = 1.5 reading, again suggesting an inaccuracy.
Source: www.investopedia.com
[CP]Pivot Boss Multi Timeframe CPR Inception with MACD and EMAINTRODUCTION:
This indicator combines multi-timeframe CPR bands with MACD Momentum and EMA trend, all projected on the candlestick chart through a novel visualization.
If you have seen my other indicators on TradingView, you would know that I use floor pivots a lot and “Secrets of a Pivot Boss” is my favorite book. While using floor pivots, time and again I have noticed an interesting price behavior,
Trending moves in price typically start from around the Central Pivot Range (CPR). The CPR could be from ANY timeframe. These moves can easily be caught using simple momentum and trend indicators like MACD and EMA crossovers.
Yes, it is that simple. Follow along to understand how to use this indicator.
INDICATOR SETTINGS:
RANGEBOUND MACD AND EMA MARKINGS:
TradingView limits the max number of labels that can be shown on a chart to 500. Therefore, if you go far back enough, you won't see any markings for the MACD or EMA setups. If you are looking to test the efficacy of this indicator in the past, change the start and end dates to your desired timeframe and then select the ‘Mark MACD and EMA Setups in Range?’ option.
MULTI TIMEFRAME CENTRAL PIVOT RANGE:
Here you can select CPRs and their bands from which timeframes are shown on the chart. I will share my favorite settings later in this description.
CPR CONFIGURATION:
Show CPR Labels: CPRs markings can carry labels, so that you don’t confuse between which line is what. Use this setting to toggle them On/Off.
Show Next Time Period Pivots: Check this option if you want to see the CPR of the next time period. This is typically done to figure out the ’Two Day CPR Relationship’ . Read the book, “Secrets of a Pivot Boss”, to understand more.
EMA TREND:
Show EMA on the Chart: EMAs will be plotted on the chart. Standard stuff.
Mark EMA Crossovers on Chart: EMA crossovers will be marked on the chart in diamond shapes. If you are using EMA crossovers, I recommend setting this option to True.
Rest of the EMA settings are fairly obvious.
MACD MOMENTUM:
Projecting MACD parameters directly on the candlesticks is surely going to give you a new perspective about price action and MACD.
Also, in order to better understand the MACD projections on the chart, you can add a standard MACD indicator on the chart with default settings to figure out what my indicator is actually showing you.
Marking MACD Crossovers on Chart: Marks the MACD signal crossovers on the chart. This visualization was a game changer for me.
Show MACD Histogram on Chart: Projects the complete MACD Histogram in a novel fashion (Try it!). You will be able to visually see the ebbs and flow of momentum in the charts.
Mark MACD Histogram Peaks on Chart: Marks only the MACD peaks instead of the complete histogram. Peaks are a great way to enter an ongoing trend and to play an intraday rangebound market.
Rest of the settings are just the standard settings that you will find in a typical MACD indicator.
ALERTS:
Not shown in the settings panel, but I have added alerts for EMA and MACD Crossovers so that you don’t have to sit in front of the charts or constantly check the price all day long.
If you don’t know how to set alerts in TradingView, then please Google it.
INDICATOR USAGE EXAMPLES:
This indicator can be used in intraday as well as in higher timeframes.
There are quite a few variations possible, I personally prefer to use the EMA crossovers in intraday (5m) and MACD on Daily timeframes.
This is just a matter of personal preference, some people might prefer using EMAs only or MACD only in all timeframes.
Here are my personal settings for the intraday 5-minute timeframe:
Turn on all the CPR pivots starting from Yearly all the way to Daily. You can turn on 6 hourly and 4 hourly as well if you want.
Hourly CPR is mostly used when the price is in a strong trend and you missed the entry and don’t know when to enter. Price will typically experience pullbacks towards the Hourly CPR, before resuming in the direction of the trend. That is your chance to hop onto the bandwagon.
For Intraday, I keep the Bands off. Just a personal preference here.
You can turn ON the Show CPR Labels , if you want.
Turn ON both the options in the EMA TREND section. You would want to see the EMA crossovers marked on the chart as well as the EMAs themselves, as the distance between the two EMAs will give you an idea about the strength of the trend.
Keep rest of the settings in the EMA section as default (you can change the colors if you wish). I keep the same EMAs as the ones kept in the MACD indicator. I like to keep things simple.
In the MACD MOMENTUM section, turn ON Mark MACD Histogram Peaks on Chart and all the other options turned OFF. Leave the other settings as default. By the way, these are the default settings of the standard MACD Indicator.
You can set up EMA Bullcross and Bearcross alarms if you like.
Before checking out the examples, remember one super simple rule:
SOME OF THE BEST TRENDING MOVES IN THE MARKET, BE IT INTRADAY OR OTHERWISE, ORIGINATE IN THE VICINITY OF A LARGER TIMEFRAME PIVOT/CPR.
Look for price settling above/below a pivot, and then a move away from the pivot in any direction is typically a trending move.
You can use hourly pivots or MACD Histogram peaks marked on the chart to enter an existing trend, or add to your positions.
Let’s have a look at a few recent intraday examples from the Crypto, Indian, and US equity markets.
I have added my comments in the charts to make you easily understand what is going on.
Understand that both, moving average crossover and MACD, will give out a lot of signals (chop) every day. But almost 70% of them are going to be fake signals. It is the signals that you get when the price is near a Pivot, that tend to convert into gorgeous trending moves that last.
BTC 5m Charts
NIFTY Futures 5m Charts (good intraday trends are hard to find here, as the market is very efficient)
TSLA 5m Charts
Some important points for using this indicator in higher timeframes:
For higher timeframes, my personal preference is to go with the MACD indicator. I personally find MACD to be lethal on daily and weekly timeframes, if you know how to use it well.
The default settings of the indicator are the settings I use for both, Daily and Weekly, timeframes. Additionally, I turn off the CPR labels.
In theory large trending moves still have a big probability to start near an important pivot level, however, in larger timeframes, trending moves can start from anywhere. They need not start in the vicinity of any important pivot (but they often do!).
Weekly pivots can act as great pullback levels when the price is in strong momentum, when trading on the daily timeframe.
Quarterly Pivots act as great pullback levels when the price is in strong momentum, when trading on the weekly timeframe.
BTC Weekly Chart
BTC Daily Chart
Nifty Weekly Chart
Nifty Daily Chart
NASDAQ Weekly Chart
NASDAQ Daily Chart
FINAL WORDS:
Please understand that I have Cherry Picked the examples to showcase the capability of the indicator and its usage.
DO NOT conflate the accuracy of examples with the accuracy of this indicator.
Biggest catch is the fact that this indicator, like every other indicator out there, will have whipsaws. Some I have also marked in the example charts.
You need to come up with your own technique to avoid whipsaws, one technique I have shared here…… big moves typically start near pivots.
Work on avoiding whipsaws and finding you own edge in the markets.
If you really want to learn how to use Pivots, read the book ’Secrets of a Pivot Boss’ . This book can change your life.
Bank Nifty strike price 2/3σ Calculates the strike prices for the Bank Nifty index in steps of 50 and marks the 2 and 3 sigma price levels.
FIN NIFTY Adv/Dec1) FIN NIFTY Index Advance-Decline count
2) Each session, it reads the number of stock is +Ve or -Ve
3) Whichever the side +Ve or -Ve side moving stock is more than count will be plotted
4) at +/- 11 drawn a dotted line if Count is > = +/-11 FIN Nifty is moving in a strong army
Eg:-
in the current session, 11 Stock is moving in +Ve direction & 9 are in -Ve direction
11 count will be plotted in the chart
(FINNIFTY) NIFTY Financial Service FreeFloat VolumeThis indicator is build keeping in mind how the Indian Market is formed - the free-float market capitalization concept
1) Considered new FINNIFTY - Nifty Financial Service index stocks according to NSE
2) Multiplied each stock Volume by its Weightage given in NSE Site every month End - means giving importance to volume by its weightage
3) Green Candle - Considered as +Ve Volume , Red Candle - Considered as -Ve Volume
4) Diff of +Ve Volume & -Ve Volume give clear picture market will go up or down
Note:- This Indicator work only for 15 Min time frame
Gives better results good Risk Reward used near Supp/Resistance
Combine with FINNIFTY Advance-Decline Ratio give confidence on the move
Eg:-
Bullish Scenario
Near Support, Volume Turned -Ve to +Ve, Adv /Dec of Fin Nifty >11/15
or combine any candle patterns( Pin Bar ) at Sup/Res or combine with Chart Pattern(Triangle/ Rectangle )
Bearish Scenario - Vice Versa to above
Bank Nifty VolumeWhy this Script : Nifty 50 does not provide volume and some time it is really useful to understand the volume .
This is the pine script which calculate the nifty 50 volume .
Logic :
Take each stock contribute to nifty 50 and find it's volume .
Multiply the same with contribution percentage of the same on Nifty 50
Add up all of them and find the total volume .
I took the open source code from @daytraderph script called, Custom Volume
I will make sure I will update the contribution percentage of all stocks my self instead o you update using input methods. This is the difference. Some people don't know where to look at this to update the value, so for them this script might be useful. And this is the only difference comparing to Custom Volume script.
