SmartPulse: Advanced Intraday Signal Strategy for Indian Indices

1. Strategy Concept

SmartPulse is an intraday pattern‑recognition tool tailored for the Indian equity‑index futures (NIFTY, BANKNIFTY, FINNIFTY, etc.). It looks for wick/body reversals that occur after low‑volatility consolidations, then confirms them with optional volume and RSI filters. The script can plot three “tiers” of signals so traders can choose how strict they want to be:

Tier Filters Applied Typical Use
Basic Price‑action only Quick scalp ideas
Enhanced + Volume & RSI Higher‑quality discretionary trades
Trend‑Aligned + 20/50‑EMA trend check Trend‑following entries
2. How It Works

Session Filter – Limits signals to 09:05‑15:20 IST (modify if needed).
ATR Consolidation Check – Compares the current ATR to its 20‑period SMA; if ATR is below ATR × 0.70 (default) the market is classed as consolidating and potential breakout bars are monitored.
Wick/Body Reversal Logic
Bearish reversal → Prior candle is bearish with a long upper wick → next candle must reject higher prices and turn bearish.
Bullish reversal → Prior candle is bullish with a long lower wick → next candle must reject lower prices and turn bullish.
Momentum Test – The signal candle’s real body must exceed 20 % of ATR to avoid weak flips.
Optional Filters
Volume above 20‑SMA × (Threshold)
RSI below/above custom oversold/overbought levels
Trend Context (premium tier) – Only long signals if EMA‑20 > EMA‑50, only shorts if EMA‑20 < EMA‑50.
3. Inputs & Customisation

ATR Length / Multiplier – Tune volatility windows.
Wick‑to‑Body Ratio – Controls how “long” a wick must be relative to body.
Volume & RSI Filters – Enabled/disabled independently.
IST Session Hours – Adapt for pre‑market/extended trading if your broker provides it.
4. Visual Outputs

BUY / SELL labels (basic tier)
Small green/fuchsia triangles (enhanced tier)
Trend‑aligned triangles (premium tier)
Yellow background while consolidating
Top‑right info table showing market state, volume bias, RSI, ATR and session status
5. Alerts Included

Alert Name Fires When
Basic Long / Short Price‑action signal during session & non‑consolidating
Enhanced Long / Short All core + optional filters pass
6. Recommended Usage

Best on 3 min – 15 min charts of highly liquid Indian index futures.
Combine with broader market structure (HTF S/R, VWAP, option OI) before acting.
Run in bar‑replay or strategy tester to assess suitability for your style; parameters are intentionally flexible so you can skew toward frequency vs. selectivity.
7. Disclaimer

This script is a research tool. It does not guarantee profitable trades and should not be viewed as financial advice. Test on demo data, understand its logic, and apply prudent risk management. Past performance or historical signal frequency does not assure future results.