BankNifty Modified McClellan OscillatorThe McClellan Oscillator developed by Marian McClellan is a useful breadth indicator because it describes the acceleration that takes place in the breadth numbers.
How to read McClellan Oscillator
A positive or negative value gives a simplistic bullish or bearish statement about the short-term trend of the market
Very low readings show oversold conditions
Very high readings show overbought conditions
Divergences are also important to look for as a sign that the strength of a trend is waning
Here same oscillator is rebuilded for BANKNIFTY using the difference between Capital weighted Up Volume and Down Volume instead of Advance - Decline.
BANKNIFTY
NIFTY / BANKNIFTY ETF SIP NOTIFIERNIFTY / BANKNIFTY - ETF SIP NOTIFIER
STUDY concept -
- As a market investor, one cannot time the market.
- Specailly, working professionals and job holders don't have time for market tracking.
- The idea of the script is - When Nifty closes below 2% previous day high, market has corrected and it's available at a discount w.r.t. previous day
- One can then invest in NIFTY / BANKNIFTY via ETF option on same or next day.
- If you like this idea, Save this script and add alert condition of this script in NIFTY / BANKNIFTY chart.
- One can get notification on TradingView mobile app or via email when the criteria is met.
- Logic can be applied to investing in INDEXES , NIFTY, BANKNIFTY.
Logic may be improved later.
NOTE - Investing is a serious and risky business. Profit / Loss from this investing idea is sole responsibility of the investor. This script is for education and learning purpose.
BNF VWAP & MAThe script picks up Bank nifty stocks with their current respective weights and plots a Volume Weighted Average Price ( VWAP ) line along with 2 EMAs of your choice and an alert when the EMAs cross over and also when price crosses VWAP .
You can customize the script for MA type and lengths and to remove alert. Basic utility of the script is to analyse volumes driving the Bank Nifty index.
Credits to @daytraderph and his script (Custom Volume ) who's code I used to build this script. Also thanks to my friend @Varun who helped me code it.
Custom VolumeIdea : Idea of script is getting the volume of index BNF and NIFTY50 ( as Tradingview don't provide the volume information of the indexes )
How it works : Script works on getting the weighted volume of underlying stocks and the plotting them by weight in volume
Benefits:
1. Can server as example how, once can plot the mixed volume of symbols
2. Will help the traders who consider volume also as decision making factor while trading BNF from tradingview chart
3. Can give volume information on any TF **in my knowledge only available for premium users
Important factor to note: Weight of stocks may change time to time depending on Exchange decision.
RVC-Weekly-Pivots-GANN-LevelsPurpose:
Weekly - Fibonacci pivot levels and Gann levels calculation and marking on Chart automatically.
Mainly expected to use for trading on NIFTY and BankNifty
Kindly share your comments and suggestions to improve
