INVITE-ONLY SCRIPT
Ekambit Strength Index (ESI)
Updated
Ekambit Strength Index ( ESI ) is an improved relative strength oscillator, which makes it easy to identify trends and reversals using weighted multi-timeframe comparisons in a single chart.
We at Ekambit Technologies use it daily with consistent success in Indian markets, especially with
NIFTY and 
BANKNIFTY.
ESI indicator rules:
1) Above mid-zone & rising: uptrend
2) Falling from high-zone: uptrend reversal
3) Below mid-zone & falling: downtrend
4) Rising from low-zone: downtrend reversal
Apply the same indicator to VIX (in the same chart!) or up to 3 correlated instruments to gain greater conviction for your trades, as shown in the chart.
In addition to the chart timeframe, optionally 3 higher weighted timeframes can be used in ESI computation.
In effect, ESI is a single indicator which provides an insight of 16 indicators (4 timeframes * 4 instruments).
In the example shown,
The same color coding is used for ESI indicator as well, and reasoning for each trade is shown in the chart based on ESI indicator values.
Use the link below to obtain 7-days free access to this indicator.
We at Ekambit Technologies use it daily with consistent success in Indian markets, especially with
NIFTY and BANKNIFTY.ESI indicator rules:
1) Above mid-zone & rising: uptrend
2) Falling from high-zone: uptrend reversal
3) Below mid-zone & falling: downtrend
4) Rising from low-zone: downtrend reversal
Apply the same indicator to VIX (in the same chart!) or up to 3 correlated instruments to gain greater conviction for your trades, as shown in the chart.
In addition to the chart timeframe, optionally 3 higher weighted timeframes can be used in ESI computation.
In effect, ESI is a single indicator which provides an insight of 16 indicators (4 timeframes * 4 instruments).
In the example shown,
The same color coding is used for ESI indicator as well, and reasoning for each trade is shown in the chart based on ESI indicator values.
Use the link below to obtain 7-days free access to this indicator.
Release Notes
Ekambit Strength Index ( ESI ) is an improved relative strength oscillator, which makes it easy to identify trends and reversals using weighted multi-timeframe comparisons in a single chart.We at Ekambit Technologies use it daily with consistent success in Indian markets, especially with
NIFTY and BANKNIFTY.ESI indicator rules:
1) Above mid-zone & rising: uptrend
2) Falling from high-zone: uptrend reversal
3) Below mid-zone & falling: downtrend
4) Rising from low-zone: downtrend reversal
Apply the same indicator to VIX (in the same chart!) or up to 3 correlated instruments to gain greater conviction for your trades, as shown in the chart.
In addition to the chart timeframe, optionally 3 higher weighted timeframes can be used in ESI computation.
In effect, ESI is a single indicator which provides an insight of 16 indicators (4 timeframes * 4 instruments).
In the example shown,
[li]
* Purple =
BANKNIFTY (main symbol in thick line)* Red =
INDIAVIX* Blue =
CNXPSUBANK* Green =
NIFTY50EQUALWEIGHT[/li]
The same color coding is used for ESI indicator as well, and reasoning for each trade is shown in the chart based on ESI indicator values.
Release Notes
- Minor improvement to input
- Showcase new example from May-2021
- Show ESI indicator's usage together with EVSI indicator, for a stronger conviction before entering and exiting trades
In the example shown above:
ESI purple line =
NIFTY1!ESI blue line = A positively correlated instrument to
NIFTYESI red line = A negatively correlated instrument to
NIFTYLong and Short positions can be entered with conviction based on ESI or EVSI indicator's forecast.
It's really intuitive and repeatable, you should try both indicators together as a pair.
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact ekambit for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
″Use the link below to obtain 7-days free access to this indicator, and get more information about its usage and configuration:
https://secure.ekambit.com/esi/
Want to use this script on a chart?
Warning: please read before requesting access.
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.