Idea : Idea of script is getting the volume of index BNF and NIFTY50 ( as Tradingview don't provide the volume information of the indexes ) How it works : Script works on getting the weighted volume of underlying stocks and the plotting them by weight in volume Benefits: 1. Can server as example how, once can plot the mixed volume of symbols 2. Will help the traders who consider volume also as decision making factor while trading BNF from tradingview chart 3. Can give volume information on any TF [ intraday spread charts are not available in trading view ] **in my knowledge only available for premium users
Important factor to note: Weight of stocks may change time to time depending on Exchange decision.
Could you please create custom volume code for NIFTY 50 also based on script weitage in index
jijoycanto
⋅
HELLO SIR... I'M A COMPLETE BEGINNER TO STOCK MARKETS... SO THE THING I'M GOING TO SAY MAYNOT MAKE MUCH SENSE... BUT LET ME ASK..PLEASE BEAR WITH ME...
I WOULD LIKE TO ASK MYH DOUBT THROUGH AN EXAMPLE
SUPPOSE, TODAY 8/10 BNF STOCKS WERE POSITIVE AND 2 HIGH WIEGHTAGE STOCKS WERE NEGATIVE, FROM MY UNDERSTANDING, THIS INDICATOR WILL ADD THE (VOLUMES*WEIGHTAGE) COMPONENT OF ALL THE STOCKS IRRESPECTIVE OF WHETHER EACH STOCK CONTRIBUTED TO THE UPWARD OR DOWNWARD MOVEMENT OF BNF, AND FINALLY GIVE IT THE COLOUR OF BNF'S CURRENT PRICE CANDLE...
MY QUESTION IS SINCE 8 OF THE STOCKS WERE POSITIVE AND 2 OF THE STOCKS WERE NEGATIVE, THE WIEGHTED VOLUME COMPONENT OF THESE 2 STOCKS SHOULD BE ACTUALLY SUBTRACTED FROM THE SUM OF WEIGHTED VOLUME COMPONENT OF THE OTHER 8 STOCKS RIGHT?
SO IS THERE A WAY TO ADD THE WEIGHTED VOLUMES ACCORDING TO THEIR DIRECTION?
daytraderph
⋅
@jijoycanto, check each one by weight, if close < open treat -ve otherwise +ve , sum up everything and color based on sum, that may be one way
@jijoycanto, Dude... volumes are transactions... in a red candle also... there are buyers for every sellers. each sell/buy combination contributes to Volume. the green / red volume candles are basis the green/red price movements.
krupeshpatel
⋅
Could you please make
1)nifty 50 script ( based on script weitage) volume chart,
2) advancing stock weighted volume
3) declined stock weighted volume
GSxTrader
⋅
Have you checked. Your volume is not matching with the default volume provided by TradingView on both NIfty and BankNifty chart.. Any idea how they are calculating? I tried all three methods but none of it is matching #bnf_df.Volume = bnf_df.Volume + ((bank[1] * bankdf.Volume) * np.sign(bankdf.Close - bankdf.Open)) # number doesnt match with tradingview #bnf_df.Volume = bnf_df.Volume + ((bank[1] * bankdf.Volume) * np.sign(bankdf.Close - bankdf.Close.shift(1))) # number doesnt match with tradingview #bnf_df.Volume = bnf_df.Volume + ((bank[1] * bankdf.Volume)) # number doesnt match with tradingview
also I think BNF Index volume and Index Future or any other derivative volume are two seperate things. One is actually an index (summation of stocks in weights) another are delinked contracts (following but delinked)
I just want to know how TradingView is calculating Volume for both BNF and Nifty.
Munish_Jain
⋅
Hi. Why don't you simply plot nifty futures volume on the chart? Isn't that a good indication itself?
daytraderph
⋅
@jainmunish97, brilliant idea
Munish_Jain
⋅
@daytraderph, please let me know if u make it. I need it too. Must be simple for you 😉