BANK NIFTY ALGO

This indicator is specifically designed for trading Bank Nifty (NSE) for intraday trading & short term swing trading

Description :
This indicator is based on Price Action Theory, Volume Profiles and Moneyflow Analytics. It also incorporates important parameters of the underlying assets such as Banking stocks & key benchmark banking metrics. It shows the bias of the index at any given point of time.

USP: It reacts to change in price momentum if that is sustainable; thereby eliminating random spikes & offshoots in price. This is much more conservative way of trading & gives signal only when the trend is strongly stabilized.

How to use ?

Timeframe : Time duration for each bar (Input to given to the indicator by user)

Notations used in the indicator:
B- Signal for Buy
S- Signal for Sell
CS- Close Shorts
CL- Close Longs
BookLong- Book all Longs
BookShort- Book all Shorts

Critical Pivot is a point which is defined as the boundary of bullish & bearish sides. This is the thick line which changes color green to maroon to grey. It gives an idea of bias in the market. Green color is for Bullish bias, Maroon for Bearish bias & Grey for Neutral

Swing High: The dynamic green line at the end of the charts
Swing Low : The dynamic red line at the end of the charts

Major uses of the Indicator:
1. Understanding the direction of Bank Nifty and understands levels for entry / exits --- B & S signals
2. Understanding SL levels in order to prevent loss during unforeseen events ------------- Break of the critical pivot ( green/maroon line )
3. Understanding Trailing SL levels to hold on to the winners --------------------------------- Break of the Green/Red Line

Ideal Timeframes for this Indicator :
1.Intraday ( 5 min/15 mins )
2.Swing ( 30 mins/1 hour)


Disclaimer: This script/strategy is for educational purpose and individual use only. The author of this script/strategy will not accept any liability for loss or damage as a result of reliance on the information contained in the charts. Please be fully informed regarding the risks associated with trading the financial markets.

This is a premium indicator
If you want access to this indicator, please message us (Links/Email in description below )

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Updated with changes in bnf constituents

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Weights updated

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