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Bankniftytrading

VWAP 8EMA Crossover Scalping IndicatorWhy? Everybody, especially in Indian context, from 9:15 AM to 3:30 PM, wants to trade in BankNifty. And even 15m is Too Big timeframe for The Great Indian Options buyers. Everyone knows how potentially BankNifty (& FinNifty on Tuesday and Sensex on Friday) can show dance within 15m. So there always been an overarching longing among traders to have something in shorter timeframes. And this 5m timeframe, looks like a universally (sic) accepted Standard Timeframe for Indian Options traders. So here is this. What? The time we are publishing this public indicator Indian market (Nifty) is in ATH at ~22200. In any such super trending market it's always good to wait for a dip and then in suitable time, enter the trade in the direction of the larger trend. The reversal trading systems, in such a situation, proves to be ineffective. Of course there are time when market is sideways and keeps on oscillating between +/2 standard deviation of the 20 SMA. In such a situation the reversal play works perfectly. But not so in such a trending market. So the question comes up - after a dip what's the right point to enter. Hence comes the importance of such a crossover based trading system. In this indicator, it's a well-known technique (nothing originally from ours, it's taken from social media, exact one we forgot) to find out the 8EMA and VWAP crossover. So we learned from social media, practice in our daily trading a bit, actuate it and now publishing it. A few salient points It does not make sense to jump into the trade just on the crossover (or crossunder). So we added some more sugar to it, e.g. we check the color the candle. Also the next candle if crosses and closes above (or below) the breakout candle's high/low. The polarity (color) of both the alert (breakout/breakdown) and confirmation candle to be same (green for crossover, red from crossunder). Of course, it does provider BUY and SELL alerts separately. These all we have found out doing backtesting and forward testing with 1/2 lots and saw this sort of approaches works. Hence all of these are added to this script. Nomenclature Here green line is the 8EMA and the red line is the VWAP. Also there is a black dotted line. That's 50 EMA. It's to show you the trend. The recent trade is shown in the top right of the chart as green (for buy) or red (for sell) with SL and 1:1 target. How to trade using this system? This is roughly we have found the best possible use of this indicator. Lets explain with a bullish BUY positive crossover (means 8EMA is crossing over the daily VWAP) Keep timeframe as 5m Check the direction/slope of the black dotted line (50 EMA). If it's upwards, only take bullish positions. Open the chart which has the VWAP. (e.g. FinNifty spot or MidcapNifty spot does not have vwap). So in those cases Future is the way to go. Wait for a breakout crossover and let the indicator gives a green, triangular UP arrow. Draw a horizontal line to the close of that candle for next few (say 6 candles i.e. 30m) candles. Wait for the price first to retest the 8EMA or even better the VWAP (or near to the 8EMA, VWAP) Let the price moves and closes above the horizontal line drawn in the 4th step. Take a bullish trade, keeping VWAP as the SL and 1:1 as the target. Additionally, Options buyer can consult ADX also to see if the ADX is more than 25 and moving up for the bullish trade. (This has to be added seperately in the chart, it's not a part of the indicator). Mention The concept we have taken from some social media. Forget exactly where we heard this first time. We just coded it with some additional steps. Statutory Disclaimer There is no silver bullet / holy grail in trading. Nothing works 100% time. One has to be careful about the loss (s)he can bear in case of the trade goes against. We, as the author of this script, is not responsible for any trading or position decision one is taken based on the outcome of this. It is our sole discretion to change, add, delete the portion or withdraw the whole script without any prior notice or intimation. In Indian Context: We are not SEBI registered.
Pine Script™ indicator
by pradipandsuvra
9
FRAMA & CPMA Strategy [CSM]The script is an advanced technical analysis tool specifically designed for trading in financial markets, with a particular focus on the BankNifty market. It utilizes two powerful indicators: the Fractal Adaptive Moving Average (FRAMA) and the CPMA (Conceptive Price Moving Average), which is similar to the well-known Chande Momentum Oscillator (CMO) with Center of Gravity (COG) bands. The FRAMA is a dynamic moving average that adapts to changing market conditions, providing traders with a more precise representation of price movements. The CMO is an oscillator that measures momentum in the market, helping traders identify potential entry and exit points. The COG bands are a technical indicator used to identify potential support and resistance levels in the market. Custom functions are included in the script to calculate the FRAMA and CSM_CPMA indicators, with the FRAMA function calculating the value of the FRAMA indicator based on user-specified parameters of length and multiplier, while the CSM_CPMA function calculates the value of the CMO with COG bands indicator based on the user-specified parameters of length and various price types. The script also includes trailing profit and stop loss functions, which while not meeting expectations, have been backtested with a success rate of over 90%, making the script a valuable tool for traders. Overall, the script provides traders with a comprehensive technical analysis tool for analyzing cryptocurrency markets and making informed trading decisions. Traders can improve their success rate and overall profitability by using smaller targets with trailing profit and minimizing losses. Feedback is always welcome, and the script can be improved for future use. Special thanks go to Tradingview for providing inbuilt functions that are utilized in the script.
Pine Script™ strategy
by chhagansinghmeena
44
BankNifty 5min Supertrend Based StrategyBankNifty 5min Supertrend Based Strategy, Intraday. Work Best at 5mint chart on BankNifty. The strategy is designed to trade using the Supertrend indicator with session-based rules, and risk management. It allows for customization through input variables and aims to provide a clear visual representation of the Supertrend by changing the color . The script also includes input variables for the trading session and date range, which allows the trader to specify the time period in which they want the strategy to run. The session variable specifies the start and end times of the trading session, which in this case is set to the Indian trading session from 9:15 am to 3:10 pm. The strategy starts by defining input variables such as the session time, start and end date for the backtesting, the length of the ATR, and the Supertrend factor. It also includes options for delay at session start and stop loss points and trail percentage . The code then checks if the current time is within the specified session and date range . If it is, the Supertrend and its direction are calculated using the defined input variables. The strategy then waits for N numbers of candles (defined by the User) to form at the start of every session i.e. 09:15 AM before entering a trade. The entry and exit conditions for long and short trades are defined based on the change in the Supertrend direction and the number of candles formed at the session start i.e. 09:15 AM . After that, it takes entry and exit for long and short trades on the change in the Supertrend direction . Stop-loss and trailing stop-loss are also defined based on the input variables. Stop-loss (Defined by the user) is fixed points either below or above the Entry Price for Long and Short entries. The Supertrend plot is displayed with changing colors depending on the direction. Finally, the strategy closes all trades at the end of the session if there are any open trades. Overall, this strategy aims to trade with the Supertrend indicator using session-based rules and risk management. However, as with any trading strategy, it is important to thoroughly test it before using it in live trading .
Pine Script™ strategy
by theautotrading
4