This 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 )
nice work please create something for nifty & bank nifty
SharemarketRaja
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@vikkranntshah, already created pls check under my profile in Scripts Tab
anubis_9990
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bro this indicator is lagging because interpretation is nice and really good but very slow to update on real time because of number of stocks are listed in index i used same as banknifty but not really helps
SharemarketRaja
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Advance Decline of FIN Nifty i am going to share soon