GIRISH indicator
Hello traders,
This indicator is the enhancement to my previous indicator (RSI+OBV). There is combined RSI and OBV with DMI. This new indicator is combination of RSI and OBV with VWAP . I have been using this indicator for intraday trades in NIFTY & BANKNIFTY .
The white line indicates the movement of VWAP wrt current price. There default range for this has been defined as -40 to 40 .
Entry for long: When white line goes below -40, we need to wait for green background. Entry has to be taken when green background appears. If price goes below the entry point, averaging can be done once. Price will surely go long and give us good profit.
Entry for short: When white line goes above 40 , we need to wait for red background (if darker red comes, it is better) . Entry has to be taken when red background appears. If price goes above the entry point, averaging can be done once. Price will surely go down and give us good profit on short side.
PS: Please do back testing in chart before taking trades.
This indicator is the enhancement to my previous indicator (RSI+OBV). There is combined RSI and OBV with DMI. This new indicator is combination of RSI and OBV with VWAP . I have been using this indicator for intraday trades in NIFTY & BANKNIFTY .
The white line indicates the movement of VWAP wrt current price. There default range for this has been defined as -40 to 40 .
Entry for long: When white line goes below -40, we need to wait for green background. Entry has to be taken when green background appears. If price goes below the entry point, averaging can be done once. Price will surely go long and give us good profit.
Entry for short: When white line goes above 40 , we need to wait for red background (if darker red comes, it is better) . Entry has to be taken when red background appears. If price goes above the entry point, averaging can be done once. Price will surely go down and give us good profit on short side.
PS: Please do back testing in chart before taking trades.
Release Notes:
Hello traders,
This indicator is the enhancement to my previous indicator (RSI+OBV). There is combined RSI and OBV with DMI. This new indicator is combination of RSI and OBV with VWAP . I have been using this indicator for intraday trades in NIFTY & BANKNIFTY .
The white line indicates the movement of VWAP wrt current price. There default range for this has been defined as -40 to 40 .
Entry for long: When white line goes below -40, we need to wait for green background. Entry has to be taken when green background appears. If price goes below the entry point, averaging can be done once. Price will surely go long and give us good profit.
Entry for short: When white line goes above 40 , we need to wait for red background (if darker red comes, it is better) . Entry has to be taken when red background appears. If price goes above the entry point, averaging can be done once. Price will surely go down and give us good profit on short side.
Strike price selection: At the money strike price option
Stoploss: Exit from a trade can be done by keeping SL of 20% premium.
Exit from a trade: A trade taken can be exited by using pivot points (standard). I use Central pivot point along with PP1, PP2 and PP4. I remove PP3 and PP5 from the pivot point indicator. For trailing stoploss, I use Supertrend(30,1) (as shown in the chart)
PS: Please do back testing in chart before taking trades. There is no update in this version. I only wanted to explain the SL, strike price selection and exit points in a trade.
This indicator is the enhancement to my previous indicator (RSI+OBV). There is combined RSI and OBV with DMI. This new indicator is combination of RSI and OBV with VWAP . I have been using this indicator for intraday trades in NIFTY & BANKNIFTY .
The white line indicates the movement of VWAP wrt current price. There default range for this has been defined as -40 to 40 .
Entry for long: When white line goes below -40, we need to wait for green background. Entry has to be taken when green background appears. If price goes below the entry point, averaging can be done once. Price will surely go long and give us good profit.
Entry for short: When white line goes above 40 , we need to wait for red background (if darker red comes, it is better) . Entry has to be taken when red background appears. If price goes above the entry point, averaging can be done once. Price will surely go down and give us good profit on short side.
Strike price selection: At the money strike price option
Stoploss: Exit from a trade can be done by keeping SL of 20% premium.
Exit from a trade: A trade taken can be exited by using pivot points (standard). I use Central pivot point along with PP1, PP2 and PP4. I remove PP3 and PP5 from the pivot point indicator. For trailing stoploss, I use Supertrend(30,1) (as shown in the chart)
PS: Please do back testing in chart before taking trades. There is no update in this version. I only wanted to explain the SL, strike price selection and exit points in a trade.