Banknifty & Nifty50 ScalperWhy this indicator?
There are full time traders who watch their screens during live market and make good amount of money by actively managing their positions.
There are full time employees also who want to trade but can not do so because they can not monitor their active positions while they are at job.
This indicator helps you execute your trades through third party platforms by generating Buy/Sell messages in a broker-compliant format.
You just need to "Enter Your API Key” in indicator settings and the indicator will generate pop-up messages which can be captured with Google Chrome extension and passed on to your third party platform for execution.
How this indicator works?
The indicator generates trades with 03 type of formulas:
1. It calculates Zeta Force values for Bank Nifty & Nifty based upon our proprietary formula. On reaching certain threshold limits, these values trigger Buy/Sell signals.
2. It calculates 5 type of moving averages along with change in volume and deviation from mean price and when the threshold limit set is crossed, Buy/Sell signals are generated.
3. On 1 min. Time frame, it generates scalping trades when there is sudden spurt in price and volume.
Additionally, indicator also generates automatic Support/Resistance lines based upon pivot points + behaviour of price at certain levels (whether price repeatedly bounces off or sails through a certain area).
What are other features of the indicator
A label displayed at the last bar gives you following information:
(a) Value of India VIX
(b) jump in India VIX (compared to yesterday’s close)
(c) Zeta Fore value (current candle)
(d) V+ and V- which stand for number of bank nifty stocks trading above or below their respective VWAP
(e) Zeta TP, an oscillator whose value varies from -100 to +100
On what stocks or Indices it can be used?
As described above, it specifically tracks volume and price of Bank Nifty & Nifty50 (Indian indices). Hence, it is suitable for both these indices and should not be used on anything else.
Also, when this indicator formulae were back-tested using a strategy, 5 min and 15 min time frames produced best-results.
Support/Resistance lines and over-sold, over-bought indication can be used together to exit your open positions.
