What?
In the price action, levels have a significant role to play. Based on the price moving above/below the levels - the underlying instrument shows some price-action in the direction of breakout/breakdown.
There are plenty of ways level can be determined. Levels are the decision point to take a trade or not. But if we make the level derivation complex, then...
1) FIN NIFTY Index Advance-Decline count
2) Each session, it reads the number of stock is +Ve or -Ve
3) Whichever the side +Ve or -Ve side moving stock is more than count will be plotted
4) at +/- 11 drawn a dotted line if Count is > = +/-11 FIN Nifty is moving in a strong army
Eg:-
in the current session, 11 Stock is moving in +Ve direction & 9 are in -Ve...
This indicator is build keeping in mind how the Indian Market is formed - the free-float market capitalization concept
1) Considered new FINNIFTY - Nifty Financial Service index stocks according to NSE
2) Multiplied each stock Volume by its Weightage given in NSE Site every month End - means giving importance to volume by its weightage
3) Green Candle -...
