This simple indicator computes the average Relative Strength Index of each Banknifty stock and displays the volume on the chart with color schemes while the average line indicates the average RSI of all Bank Stocks. This indicator works on Banknifty and its stocks.
It works on all time frames How You can use this? You can use this indicator for Volume analysis if the average RSI line is above the 0 line, the stock is moving upside and vice versa for Downside .
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Minor changes : RSI Period added in setting and more confirmation using EMA
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Set Timeframe as per your need
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Improvement
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The Trend Reversal Cloud with Customized timeframe option was added to help forecast when reversals will happen.
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*** Minor bug fix ***
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Now you can set the weightage as per your requirements from setting panel
Hi sir, Banknifty stocks weightage has been changed and AU bank is newly added, can u plz modify the weightage stocks names as per the latest nse update? Thanks in advance!
mvnkannan
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I am just a biginner in options trading. I am trying to correllate each stock components of Bank Nifty with Bank Nifty. Your chart looks like it is the answer. My query is instead of comparing HDFC bank in Bank Nifty chart why Reliance?.
TradingTail
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@mvnkannan, Banknifty consist of bank stocks and hdfc bank is major stock in bank nifty index, In nifty Reliance is major stock. So if i takes a reliance in banknifty then there is no use
Thanks in advance!