Inizia

BANKNIFTY

[VDB]Advanced BankNifty VolumeNSE:BANKNIFTY Index is traded significantly along with NIFTY and having a VOLUME indicator is very helpful for those who follow it extensively as it is used to measure the relative significance of a price move. Given TradingView doesn’t provide the VOLUME on Index chart, many end up using BANKNIFTY FUTURE chart for volume information. This indicator helps providing that VOLUME information. Get VOLUME You Prefer – FUTURE : This extracts VOLUME data from BANKNIFTY FUTURE chart. INDEX : VOLUME is calculated by the weighted sum (Composite method) of underlying stock’s spot volume for all the 12 stocks of the Bank Nifty Index. INPUTS : Volume Moving Average in added to show the LINE and also used in calculation to change volume bars color if that input is selected. Color Bars Based on Average VOLUME : Selecting this helps changing the Color of VOLUME bars to lighter color if volume < average volume. Color Bars Based on Previous Close : Selecting this input changes the Color of VOLUME bars based on “Previous Close” than “Current Open”. BANKS & WEIGHTAGE : Here all 12 underlying banking stocks of Bank Nifty Index are listed along with their weightage in the index. IMPORTANT NOTE : Changing any settings of the indicator leads to its complete recalculation. The result may differ from the expected one. Weightage of each stock changes by end of every month. Always to refer NSE NIFTY BANK composition and weightage from NSE website. DISCLAIMER : This indicator has been created for educational reference only and do not constitute investment advice. This indicator should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Market data or any other content is subject to change at any time without notice. Liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of this indicator is accountability of user.
Indicatore Pine Script®
di vireshdb
1
BANKNIFTY Expiry Price v1.0This indicator will predict the BankNifty Expiry price for the last 30 min. Use this indicator on a 1 min chart on BankNifty index as shown above. The orange line is the predicted price. BankNifty closing price is calculated based on the Weighted Average Price of its constituents in the last 30 min and will vary from the actual index price. Last 30 min on expiry day is very volatile in Banknifty and option premiums are mis-priced due to the underlying moves. This indicator helps in estimating the actual Banknifty weighted avg closing price. The weights of the constituents need to be updated constantly on a weekly basis to keep the error rate to minimum. The prediction is normally off by +/- 10 points to the actual closing price.
Indicatore Pine Script®
di ILuvMarkets
18
Nifty and Bank Nifty Dashboard V2This shows a performance glance of Dow and major Constituents of NSE:NIFTY or NSE:BANKNIFTY . This is an enhancement to the Bank nifty dashboard published earlier. Usage • Customizable Table and Style settings • Customizable Indicator Settings • Customizable Time frame of Indicators in Table. Can change to higher or lower TF other than the chart time frame • Customizable Input symbols. Can modify with the Scripts you want to track. • The Last row will be the current script viewed in charts. • Can enable or disable indicators on the chart like ST, SMA, VWAP. • Strong Volume Indication at bottom based on the average volume inputs for Nifty, Bank Nifty and for other stocks volume > 20 ma(volume) • Displays bank nifty stocks if Bank nifty is the open chart else it will display top Nifty Stocks. • This will help to monitor the performance of various scripts. • Can change the stock list according to usage/Index. • It will show all the symbols if Additional Symbols is selected. Buy-Sell Signal • Volume > Average Volume, it Shows # • ST – Buy - Price > Super trend (10,2) and vice versa • SMA – Buy - Price > MA and vice versa • RSI – Buy – RSI > 50, Sell – RSI < 40 • ADX: Buy - ADX > 25, DMI+ Above DMI - and vice versa • Previous day High low is not considered for buy or sell score calculation. This is just for additional observation. • ATR will be highlighted when change > 0.75 of the average true range of daily price. Strong colours will be shown for respective boxes when some additional conditions satisfy. Style settings Dashboard Location: Location of the dashboard on the chart Dashboard Size: The size of the dashboard on the chart Text/Frame Color: Determines the colour of the frame grid as well as the text colour Bullish Cell Color: Determines the colour of cell associated with a rising indicator direction Bearish Cell Color: Determines the colour of cell associated with a decreasing indicator direction Cell Transparency: Transparency of each cell
Indicatore Pine Script®
di cvsk123
36
RankDelta - Ranks - v1.0Market Intelligence Summary Conditions for Buy VWAP: Price trading above VWAP Alligator: Price is trading above Lips which is trading above Teeth which is trading above Jaw ST (21,1): Price is trading above Super trend (21,1) ST (14,2): Price is trading above Super trend (14,2) ST (10,3): Price is trading above Super trend (10,3) RS: Comparison of stocks vs respective index. If the % change of banks stocks over the given timeframe is more than Banknifty index then it is “Buy” Signal Similarly, if the % change of IT stocks over the given timeframe is more than NIFTY IT index then it is “Buy” Signal If the % change of NIFTY constituent (RIL, HDFC) over the given timeframe is more than NIFTY index then it is “Buy” Signal Conditions for Sell VWAP: Price trading below VWAP Alligator: Price is trading below Lips which is trading below Teeth which is trading below Jaw ST (21,1): Price is trading below Super trend (21,1) ST (14,2): Price is trading below Super trend (14,2) ST (10,3): Price is trading below Super trend (10,3) RS: Comparison of stocks vs respective index. If the % change of banks stocks over the given timeframe is less than Banknifty index then it is “Sell” Signal Similarly, if the % change of IT stocks over the given timeframe is less than NIFTY IT index then it is “Sell” Signal If the % change of NIFTY constituent (RIL, HDFC) over the given timeframe is less than NIFTY index then it is “Sell” Signal
Indicatore Pine Script®
di AsitPati
321
BANK NIFTY Constituents Technical Rating [tanayroy]Banknifty comprises 12 companies listed on the National Stock Exchange of India (NSE). Movement of Banknifty depends on these stocks. The script depicts Technical rating and price change stats of Banknifty constituents. I have calculated the weight factor using annual floating stock stats available in Tradingview. So, it may differ considerably from the actual weight. It is just for reference. I have found this useful in my trading. Please like, share, and comment.
Indicatore Pine Script®
di tanayroy
9
Bank Nifty ParticipantsBankNifty Index is calculated based on the movements of its participants. Every time you think of why is Index going up/down, who is actively dragging the index either ways, this Indicator gives you the answer for the same in realtime! For example : You see HDFCBank and Kotak Bank significantly up while all other banks going down but index reacting in a bullish mode, the answer lies in which Bank is contributing how much to the index! This will help you in pre-planning your trades based on the movements shown by different banks in Index calculation. Or on the other hand, you see HDFCBank on verge of breakout and you have target of 10 points, this indicator will help you in identifying how much the index will react to the 10 points movement shown by HDFC Bank which is the leading participant in Bank Nifty. RSI column is an add-on to the participation table which will help you in getting RSI values of different banks at a glance. You will see values getting updated in realtime in live market. Checkout for customisations in indicator settings. Note : Participants present in this indicator and their participation percentage is taken from the official NSE website. Feel free to contribute/comment changes if any! - Published by Soham Dixit
Indicatore Pine Script®
di dixitsoham7
61
ILM | Structural Pivots v1This script will mark the structural pivots based on some rules. Solid green/red lines are for major trend to mark LPH (Large Pivot High) and LPL (Large Pivot Low). Dotted green/red lines are for minor trend SPH (Small Pivot High) and SPL (Small Pivot Low). SPH and SPL are not marked as labels to reduce congestion on the chart. Gray lines are to identify temporary large pivots before they get promoted to LPH / LPL Blue lines are to identify temporary small pivots before they get promoted to SPH / SPL Couple of common trading strategies - Go Long above LPH - Go Short below LPL - Go Long above SPH after LPH - Go Short below SPL after LPL Mean Reversion - Go Long above SPH after LPL - Go Short below SPL after LPH This is the initial version and I am making it as public beta to iron out any issues. I might make this script private in future - FYI
Indicatore Pine Script®
di ILuvMarkets
91
TEWY - Breadth Based Bar ColorNSE:BANKNIFTY1! ⚠ Important: Before going into details of this script, in order to best use this indicator it is VERY VERY important to make some changes to the chart settings as mentioned below. • REMOVE CANDLE BORDERS from Symbol settings • CHANGE WICK COLOR to white/black/gray based on the chart theme you use, from Symbol settings Make sure you have these settings done. Detail about this indicator 1. This indicator is used to identify the trend based on the momentum of the counter selected. 2. This indicator is calculated differently for indices NSE:NIFTY and NSE:BANKNIFTY. As I take high weightage stock under these indices to get overall indices momentum. 3. I have used the rate of change and RSI of it to calculate momentum. 4. I would typically use this indicator to see momentum on the Monthly and Weekly first and daily timeframe to get proper entry. 5. Also please try to stay in the long position more than the short position as we all know that, the imminent nature of the market is to go upward only. 6. Please try to keep base inputs as defaults, though it allows you to change input parameters like changing the length of momentum indicator or bar color options. Below is the description of each input • Smoothen: It changes source from CLOSE to OHLC4. • Signal Length: It's the length(no of candles) for which the momentum is calculated. Like for RSI the default period/length is 14 or for Moving Average indicator default period/length is 9, I simply use 20 as the default length • Timeframe: If you want to calculate momentum based on the momentum of different time frames. • Change bar Color: Use the toggle to change the color of the bar. You can uncheck it so that no bar color is changed if you need so • Set Bar Color Dynamically: With this even though the oscillator is in opposite direction to the trend it takes the candle close into consideration and sets bar color accordingly. Always respect RISKS and follow stop loss. Let's understand how to take a position using this indicator • Long position:- • If the latest candle color is GREEN and its preceding candle color is RED, then go long in the counter with the strict stop loss(SL) 1% below the preceding RED colored candle. • Once you are in a long position, trail stop loss(SL) below each red candle you see on the chart. • Exit strictly if initial SL or trailing SL is hit. And re-create long positions once you see the next green candle. • Short Position:- • If the latest candle color is RED and its preceding candle color is GREEN, then go short IF RED COLORED CANDLE LOW IS TAKEN OUT. Exit short once you see a green colored candle. • Exit strictly if you see a GREEN-colored candle and create a long position. If you are really interested and need access to this indicator please DM me. I have given a sample illustrational image below, which should help you understand this indicator. Best of luck
Indicatore Pine Script®
di TradeEasyWithYogesh
12
Banknifty & Nifty50 ScalperWhy this indicator? There are full time traders who watch their screens during live market and make good amount of money by actively managing their positions. There are full time employees also who want to trade but can not do so because they can not monitor their active positions while they are at job. This indicator helps you execute your trades through third party platforms by generating Buy/Sell messages in a broker-compliant format. You just need to "Enter Your API Key” in indicator settings and the indicator will generate pop-up messages which can be captured with Google Chrome extension and passed on to your third party platform for execution. How this indicator works? The indicator generates trades with 03 type of formulas: 1. It calculates Zeta Force values for Bank Nifty & Nifty based upon our proprietary formula. On reaching certain threshold limits, these values trigger Buy/Sell signals. 2. It calculates 5 type of moving averages along with change in volume and deviation from mean price and when the threshold limit set is crossed, Buy/Sell signals are generated. 3. On 1 min. Time frame, it generates scalping trades when there is sudden spurt in price and volume. Additionally, indicator also generates automatic Support/Resistance lines based upon pivot points + behaviour of price at certain levels (whether price repeatedly bounces off or sails through a certain area). What are other features of the indicator A label displayed at the last bar gives you following information: (a) Value of India VIX (b) jump in India VIX (compared to yesterday’s close) (c) Zeta Fore value (current candle) (d) V+ and V- which stand for number of bank nifty stocks trading above or below their respective VWAP (e) Zeta TP, an oscillator whose value varies from -100 to +100 On what stocks or Indices it can be used? As described above, it specifically tracks volume and price of Bank Nifty & Nifty50 (Indian indices). Hence, it is suitable for both these indices and should not be used on anything else. Also, when this indicator formulae were back-tested using a strategy, 5 min and 15 min time frames produced best-results. Support/Resistance lines and over-sold, over-bought indication can be used together to exit your open positions.
Indicatore Pine Script®
di jellygill
17
IPB_MA_Market_Breadth_NIFTYThis is a very powerful index to guage the market breadth of an index. By default it is configured for the top 18 stocks of Nifty. This indicator calculates the momentum (RSI) of the no. of stocks above and below MA difference. Divergence of shorter momentum with price gives reversal caution. Crossing of shorter momentum over / under longer momentum provides a bullish stance / bearish stance. It also has a MACD of no. the stocks above and below MA difference. As usual it is better to use this indicator along with other indicators.
Indicatore Pine Script®
di scorpiomanoj
4
Options Scalping V2This Indicator is Owned by Team Option Scalping. It has 4 Plots and 2 Tables. This indicator to be used only in BankNifty Futures VWAP ( Volume weighted average price ) • User can input the source and enable/disable the VWAP from input section. • When price is more than the VWAP its Bullish Trend and vice versa. VWMA ( Volume weighted moving average ) • Default value of 20 is used in VWMA . User can enable/disable it from input section. • When price is more than the VWMA its Bullish Trend and vice versa. Parabolic SAR • User can input “start”, “increment” and “maximum” values from input section and can enable/disable SAR also. • When price is more than the Parabolic SAR its Bullish Trend and vice versa. SuperTrend • User can input ATR Period and ATR Multiplier values from input section. By defaults it’s 10 and 2. • User have option of enable/disable “Change ATR calculation Method”, if enabled then ATR is calculated differently for SuperTrend. • Enable/disable “BUY/SELL signals” on SuperTrend. • When price is more than the SuperTrend its Bullish Trend and vice versa. Top Right Corner TABLE ( 6 , 10 ) When you are trading in Banknifty futures , we have to check major Banks which is contributing to Banknifty move. So we have given that in this tab. This table consist data of 9 following stocks: • BankNifty • Nifty • Dow • INDIA • VIX • HDFC • ICICI • KOTAK • AXIS • SBI And following data of each stock has been provided: • LTP • Daily Change • Daily Percentage Change • 15-minute Change Percentage • 1-Hour Change Percentage Bottom Right Corner TABLE (3, 6 ) This table consist of 4 indicators values and Up/Down indicator: • VWMA (When price is more than the VWMA its Bullish and vice versa) • SuperTrend (10.2, When price is more than the SuperTrend its Bullish and vice versa.) • RSI (14) • VWAP (When price is more than the VWAP its Bullish and vice versa.)
Indicatore Pine Script®
di OptionsScalper123
74
Nifty Relative PerformanceDISCRIPTION:- This indicator is used to determine relative performance of a stock based on different time intervals as well as compared to benchmark indices as Nifty 50,Nift IT, Nifty auto etc. USE CASE SCENARIO:- The top right table provide performance of stock based on different interval while the bottom table depicts its relative performance compared to an index eg:- INFY compared to Nifty 50 & INFY compared to Nifty IT DISCLAIMER:- if using an android device kindly toggle full-screen mode and view it horizontally In desktop full screen mode may provide better comprehensive view
Indicatore Pine Script®
di aftabmk
BankNifty - VWAP + StdDev Bands- By Default the script draws Daily VWAP for Bank Nifty based on Futures Volume or underlying Index Stocks based on user input - Optionally one may Anchor it to Week/Month etc or anchor it from a particular Time. - It also draws 3 Standard Deviation Bands from the VWAP based on User Input. - Optionally draws Previous VWAP Close for and Bullish or Bearish Move. - It works with NIFTY 50 as well but only using Futures Volume(Pine limitation to number of security calls) . Please change the Symbol and Futures Volume symbol to "NSE:NIFTY" and "NSE:NIFTY1!" NSE:BANKNIFTY NSE:NIFTY
Indicatore Pine Script®
di gokoffline
Bank Nifty DashboardThis shows a performance glance of Dow, India Vix and Major Constituents of Bank Nifty. Which will help to take quick decision. Style settings Normalized Change Mode: Allows the user to access a different interpretation of the indicator by showing the normalized first differences of each indicator in the dashboard instead of their sign Dashboard Location: Location of the dashboard on the chart Dashboard Size: Size of the dashboard on the chart Text/Frame Color: Determines the color of the frame grid as well as the text color Bullish Cell Color: Determines the color of cell associated with a rising indicator direction Bearish Cell Color: Determines the color of cell associated with a decreasing indicator direction Cell Transparency: Transparency of each cell Usage This will help to monitor the banks Performance on various time frames . You can change the stock list according to your usage/Index. All showing in green indication strong momentum.
Indicatore Pine Script®
di cvsk123
46
Nifty50 Bullish Bearish Scanner▪ How to use ? The Screener has 40 stocks which are selected from NSE Nifty50 (list is given below) (cannot be editable) and after 9:15 am IST, it will scan most probable Bullish and Bearish stocks, both stocks will be labelled separately. ▪ Entry may be made at specified near the Stock name and target and SL is also mentioned nearby. Priority to be given to the stop-loss first. User can change profit percentage and Stop-loss percentage as per need, max. 10% can be done, default SL = 0.5% and Profit = 2%. Do use the indicator with other analysis, indicators, strategies, etc. Do not wait for target to hit, also use your calculations to book profit. ▪ How the figures are calculated ? Conditions for Bullish and Bearish are calculated when trade day starts, and the default timeframe is for 1 Day (i.e.-Current Whole Day) means the target and stop-loss are for intraday whole day, which can be changed to week, month, etc., Here Entry points are calculated depending upon the current days open price, with consecutive profit and stop-loss are calculated. The Percentage profit and stop-loss are calculated including previous days price also, confusion to be avoided with figures. ▪ Caution : If in morning any stock comes in any of list and if it goes from that list, that means the reversal took place for that stock(s) and stop-loss is hit. If any stock is opened Gap-Up or Gap-Down that it will come in either of the Bullish / Bearish stocks, then those stocks maybe avoided. ▪ Which Nifty50 Stocks are included ? Top 40 stocks from NSE Nifty50 are selected which are included are below = ADANIPORTS, ASIANPAINT, AXISBANK, BAJAJ_AUTO, BAJFINANCE, BHARTIARTL, BPCL, BRITANNIA, CIPLA, DIVISLAB, DRREDDY, EICHERMOT, GRASIM, HCLTECH, HDFC, HDFCBANK, HEROMOTOCO, HINDALCO, HINDUNILVR, ICICIBANK, INDUSINDBK, INFY ITC, JSWSTEEL, KOTAKBANK, LT, M_M, MARUTI, RELIANCE, SBILIFE, SBIN, SUNPHARMA, TATACONSUM, TATAMOTORS, TATASTEEL TCS, TECHM, TITAN, UPL, WIPRO. ▪ Indicator options : Choice to hide bearish / bullish stocks labels, change background color of label, change text color of label, user can change position of label from the current bar, modify stop-loss and profit percentage. ▪ Alerts You can create an alert from it easily. No additional configuration is required, message and alert on close is used the code. The current timeframe candle is considered as alerts is set to once per bar close. ▪ Note: The initial load may be slow. If something doesn't seem to work, you can try the following: ‌‌‌‌ ‌‌‌‌ ‌‌‌‌ ‌‌‌‌‌‌‌‌‌‌‌‌- wait more time for it to load. ‌‌‌‌ ‌‌‌‌ ‌‌‌‌ ‌‌‌‌‌‌‌‌‌‌‌‌- hide & show or remove & add back to chart. ‌‌‌‌ ‌‌‌‌ ‌‌‌‌ ‌‌‌‌‌‌‌‌‌‌‌‌- don't add the indicator to chart multiple times in a short amount of time, as you may be rate limited - Remember that majority of indicators fails in a sideways market, also every indicator is not 100% accurate. ▪ Disclaimer Please remember that past performance may not be indicative of future results. Due to various factors, including sudden changing market conditions, the indicator may not perform good. This description and the indicator don’t provide any financial advice.
Indicatore Pine Script®
di GrowMore_Indicators
13
BankNifty Volume Indicator KEY TAKEAWAYS - Uses BankNifty Index Stocks Volume. - BankNifty Volume Indicator is created by adding all BankNifty Stocks Volume together. - BankNifty Volume will be an important indicator in BankNifty Index technical analysis because it is used to measure the relative significance of a market move. - The higher the volume during a Banknifty index price move, the more significant the move and the lower the volume during a Banknifty index price move, the less significant the move. - Moving Average is also added. NSE:BANKNIFTY
Indicatore Pine Script®
di Trading_Khiladi
12
PIVOT EDGE - THE COMPLETE TRADING SETUP - CUSTOM TFIntroduction to the Indicator " PIVOT EDGE - The complete trading setup - CUSTOM TF " It means custom timeframe The Foundation layout for this indicator is based on PIVOT's which are nothing but the most important levels that the price has respected in the past. The values for the pivots are derived from the key attributes of the price in any timeframe such as the OPEN, HIGH, LOW and CLOSE. These define the mood of the price and where it intends to move in relation to the previous range formed. Earlier HIGH - LOW i.e the RANGE indicates the possible movement that a stock can make in the current session and as per the calculated pivots we can possible find out the tentative supports and resistances. In addition to this indicator, It is advisable to use the price action theory which helps in taking a right decision for entries. This indicator by itself is complete in nature, i.e it guides the user for possible entry levels and the projected targets that we can achieve and also the likely stop loss limit in case the price reverses. So beforehand even before entering into a trade position, the user can ascertain what can be his loss or max profit and then he can chose an optimum position size for favorable results. The beauty of this Indicator lies in the fact that it can be used for all types of trading like Scalping, Intra day, Swing or Positional and Investments also. It works on all timeframes and across all market segments like EQUITY, COMMODITIES , FUTURES , OPTIONS , FOREX etc. This indicator can be used for any exchange and any time zone also without any changes or adjustments needed. Now let us understand the features of this Indicator in detail. TIMEFRAME - It has options to choose between Day, week and month as timeframe. By default it is set to Day timeframe DISPLAY MAJOR LEVELS - These are the important support and resistance levels calculated based on the past price data. Most important ones are marked in BOLD RED and BOLD GREEN between which the price tends to move generally. Apart from these, We have breakout level marked in light green and if price breaks this level we can expect targets upto extended levels and beyond marked in blue. we also have breakdown level marked in light red and if price breaks this level we can expect targets down up to extended levels and below it marked in blue. In addition I have coded intermediate target levels that appear in light gray between the extended levels or blue lines. Sometimes when the gap between these targets are huge, price cannot reach the targets and reverses at these intermediate targets. You can use them as targets or trailing stop loss based on your plan DISPLAY HIDDEN LEVELS - These levels are intermediate supports and resistances that can be used whenever the present day indicated range is very wide. Whenever we have an explosive moments in market the range of that day is very huge and so he next day support and resistance band becomes very wide indicating the sideways movement day within that range. And on those days we can switch on the hidden levels and the price respects these levels and most of the days it is inside this range only. DISPLAY PREVIOUS HIGH / LOW / CLOSE - I have included Daily / Weekly and monthly levels. It is important to know the earlier highs / lows and close since price respects it very must just like support and resistance . PEMA - This is an important EMA based indicator which potentially indicates curves of support and resistance during retracements or pullbacks. If the curves are breached then the trend is reversed and the price will tend to move to the next pivots . IMPORTANT NOTE : This indicator does not guarantee any favorable results nor protect your from any loss. You own the complete risk of your trades. It is suggested that you use this indicator and do back testing for considerable period to understand how it works the the potential win rate it can give. If you have any doubts or need any clarifications of assistance in understanding, you can message me and I will try to help. Happy and Safe trading - Mohan from PIVOT EDGE
Indicatore Pine Script®
di rvmohankumar
2
PIVOT EDGE - THE COMPLETE TRADING SETUP - PRO +Introduction to the Indicator " PIVOT EDGE - The complete trading setup - PRO+ " The Foundation layout for this indicator is based on PIVOT's which are nothing but the most important levels that the price has respected in the past.The values for the pivots are derived from the key attributes of the price in any timeframe such as the OPEN, HIGH, LOW and CLOSE. These define the mood of the price and where it intends to move in relation to the previous range formed.Earlier HIGH - LOW i.e the RANGE indicates the possible movement that a stock can make in the current session and as per the calculated pivots we can possible find out the tentative supports and resistances. In addition to this indicator, It is advisable to use the price action theory which helps in taking a right decision for entries. This indicator by itself is complete in nature, i.e it guides the user for possible entry levels and the projected targets that we can achieve and also the likely stop loss limit in case the price reverses. So beforehand even before entering into a trade position, the user can ascertain what can be his loss or max profit and then he can chose an optimum position size for favorable results. The beauty of this Indicator lies in the fact that it can be used for all types of trading like Scalping, Intra day, Swing or Positional and Investments also. It works on all timeframes and across all market segments like EQUITY, COMMODITIES , FUTURES , OPTIONS , FOREX etc. This indicator can be used for any exchange and any time zone also without any changes or adjustments needed. Now let us understand the features of this Indicator in detail. TIMEFRAME - It has options to choose between Day, week and month as timeframe. By default it is set to Day timeframe DISPLAY MAJOR LEVELS - These are the important support and resistance levels calculated based on the past price data. Most important ones are marked in BOLD RED and BOLD GREEN between which the price tends to move generally. Apart from these, We have breakout level marked in light green and if price breaks this level we can expect targets upto extended levels and beyond marked in blue. we also have breakdown level marked in light red and if price breaks this level we can expect targets down up to extended levels and below it marked in blue. In addition I have coded intermediate target levels that appear in light gray between the extended levels or blue lines. Sometimes when the gap between these targets are huge, price cannot reach the targets and reverses at these intermediate targets. You can use them as targets or trailing stop loss based on your plan DISPLAY HIDDEN LEVELS - These levels are intermediate supports and resistances that can be used whenever the present day indicated range is very wide. Whenever we have an explosive moments in market the range of that day is very huge and so he next day support and resistance band becomes very wide indicating the sideways movement day within that range. And on those days we can switch on the hidden levels and the price respects these levels and most of the days it is inside this range only. DISPLAY PREVIOUS HIGH / LOW / CLOSE - I have included Daily / Weekly and monthly levels. It is important to know the earlier highs / lows and close since price respects it very must just like support and resistance . PEMA - This is an important EMA based indicator which potentially indicates curves of support and resistance during retracements or pullbacks. If the curves are breached then the trend is reversed and the price will tend to move to the next pivots . VALUE AREA - One of the most important feature of this Indicator is this which is derived from the Volume profile concepts. It indicates the fair value area Indicated by orange band and the upper and lower limits indicated by orange lines. Whenever the price is overvalued or undervalued, it is pushed back to its fair value and we can judge the present price position in relation to the value area and then take position in anticipation of the price reaching its fair value area. This must be coupled with price action for favorable results. IMPORTANT NOTE : This indicator does not guarantee any favorable results nor protect your from any loss. You own the complete risk of your trades. It is suggested that you use this indicator and do back testing for considerable period to understand how it works the the potential win rate it can give. If you have any doubts or need any clarifications of assistance in understanding, you can message me and I will try to help. Happy and Safe trading - Mohan from PIVOT EDGE
Indicatore Pine Script®
di rvmohankumar
11