Intraday Direction Finder For Indices (Based On VWAP)
Happy Independence Day..!!
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This indicator is based on the concept shared by "learntotrade365" to Find Intraday Direction for Index.
To decide the direction of Index we check whether the constituent Stocks are trading above VWAP or below VWAP.
Lets Consider Banknifty Example.
Banknifty Constituents are:
HDFC Bank
ICICI Bank
KOTAK Bank
SBI
AXIS Bank
IndusInd Bank
Based on concept, where above stocks are trading decides the direction as follows
Ratio Concept (Color)
6:0 Super Bullish (Lime)
5:1 Bullish(Green)
4:2 Mild Bullish (Aqua)
3:3 Sideways(Blue)
2:4 Mild Bearish ( Orange)
1:5 Bearish (Fuchsia)
0:6 Super Bearish (Red)
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Features :-
1) Screener
In this Screener, we can clearly see which stock is trading above VWAP
& which is trading below VWAP along with ratio.
2) Chart Candle Colors
One can able to project candle colors according to Ratio colors.
3)Chart Background Color
One can set background color of chart if he is required.
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Same this can be used with other indices also like Nifty, Finnifty etc.
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Thanks For Reading Till here...!!
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Kindly share your feedback or any suggestions.
------------------------------------------------------------------------
------------------------------------------------------------------------
This indicator is based on the concept shared by "learntotrade365" to Find Intraday Direction for Index.
To decide the direction of Index we check whether the constituent Stocks are trading above VWAP or below VWAP.
Lets Consider Banknifty Example.
Banknifty Constituents are:
HDFC Bank
ICICI Bank
KOTAK Bank
SBI
AXIS Bank
IndusInd Bank
Based on concept, where above stocks are trading decides the direction as follows
Ratio Concept (Color)
6:0 Super Bullish (Lime)
5:1 Bullish(Green)
4:2 Mild Bullish (Aqua)
3:3 Sideways(Blue)
2:4 Mild Bearish ( Orange)
1:5 Bearish (Fuchsia)
0:6 Super Bearish (Red)
-------------------------------------------------------------------------
Features :-
1) Screener
In this Screener, we can clearly see which stock is trading above VWAP
& which is trading below VWAP along with ratio.
2) Chart Candle Colors
One can able to project candle colors according to Ratio colors.
3)Chart Background Color
One can set background color of chart if he is required.
------------------------------------------------------------------------
Same this can be used with other indices also like Nifty, Finnifty etc.
-------------------------------------------------------------------------
Thanks For Reading Till here...!!
------------------------------------------------------------------------
Kindly share your feedback or any suggestions.
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