This indicator is build keeping in mind how the Indian Market is formed - free-float market capitalization concept
1) Considered all banknifty 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 BANKNIFTY / NIFTY Advance-Decline Ratio give confidence on the move
Eg:-
Bullish Scenario
Near Support, Volume Turned -Ve to +Ve, Adv /Dec of Nifty >30/35 or BNF Adv /Dec > 7 or combine any candle patterns( Pin Bar ) at Sup/Res or combine with Chart Pattern(Triangle/ Rectangle ) Can take 75 Pts as SL and target 150-200 Pts
Bearish Scenario - Vice Versa to above
backtested results showed high Accuracy when used in combination of Sup/Res
Release Notes
1) Updated Weightages as per new index 2) Update chart type to do depth & detail analysis of Selling & Buying pressure to know bull / bear power at levels
This script is published closed-source and you may privately use it freely.
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