Why this Script : Nifty 50 does not provide volume and some time it is really useful to understand the volume .
This is the pine script which calculate the nifty 50 volume .
Logic :
Take each stock contribute to nifty 50 and find it's volume . Multiply the same with contribution percentage of the same on Nifty 50 Add up all of them and find the total volume .
There is a similar script by @daytraderph which is built for Bank Nifty (custom volume) . I took the same and built for Nfity.
Nifty has 50 stocks and you cant call security method more than 40 times from one Pine script, so this is the limitation of this script. It consider top 40 stocks and find the volume (which contribute pretty much around 95% of the volume) and convert the same to 100 %
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Updating chart
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Updating chart
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New weightage updated
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Updated with latest weightage.
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Small bug fix to find the accurate value of total volume from 40 scripts volume.
This script is much simpler and doesnt need future updating whenever the weightage of index changes and we can easily add moving average too, in fact will work for Bank Nifty too, just update the symbol
anneraj
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Nice work ! I understand the limitation of 40 calls from PINE script to security. But how you are sure that this contributes 95% ? is it from any NSE data ?
thethartrader
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Hi @shijithlal ! Good effort. I think the final result might not be accurate. Looking at the calculation made me wonder that a more accurate formula should be => {sum for all stocks (weightage of stock in nifty 50 * mean price of stock on the day * day's volume)}/{sum for all stocks (weightage of stock in nifty 50 * mean price of stock on the day)} This will make sure of the fact that two stocks with similar contribution to nifty 50 can have different money flow as per their price.