The indicator presented here is made based on the study published on NSE:INDIAVIX . Basically it shows 2 sigma (by default) trading ranges of the next day (by default) of indices e.g. NSE:NIFTY & NSE:BANKNIFTY . Everyday three new lines get plotted automatically on the chart of the instrument (preferably NSE:NIFTY & NSE:BANKNIFTY ) you want to trade. Generally it's expected that the index to be traded within the ranges however in case of major gap-up or gap-down if the index opens above the higher range or below the lower range then it's assumed that the day to remain very volatile. This three lines can be considered as important support/resistance . Default parameters are set in consideration of day trading however user can modify them manually as per their trading style.
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Excellent!!! can it be used on the nifty & Bank nifty futures chart also
HemSharma
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Is it possible that lines plot at opening of market?? Jaise pivot lines market k start me plot ho jata hai bilkul waise hi??? Please sir. I tried to change but can't find proper code for this. I hope you can do it. It will be a game changer indicator then. Please do something. Eagerly waiting for your reply and update in indicator. Thank you Sir.
sushantamy
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Good work bro, is it similar to Subhadip Nandy Sentient level/vol analyzer indicator ??