India VIX Based Nifty/BankNifty Range Calculator (Auto Fetch)

Oct 14

VIX-Based Expected Daily Range (Auto Volatility Forecast)
Created by: Harshiv Symposium

📖 Purpose

This indicator automatically fetches the India VIX value and calculates the expected daily price range for major Indian indices such as Nifty and BankNifty.
It helps traders understand how much the market is likely to move today based on current volatility conditions.
Designed for educational and analytical awareness, not for signals or profit-making systems.

⚙️ Core Logic

Expected Daily Move (Range) = (India VIX × Current Index Price) ÷ Multiplier

- Multiplier for Nifty: 1000
- Multiplier for BankNifty: 700

This calculation projects the 1-standard-deviation (≈ 68% probability) and 2-standard-deviation (≈ 95% probability) movement zones for the day.

📊 Example

If India VIX = 15 and Nifty = 25,000:
Expected Move ≈ (15 × 25,000) ÷ 1000 = 375 points

Hence,

- 68% Range: 24,625 – 25,375
- 95% Range: 24,250 – 25,750

This gives traders a realistic idea of daily volatility boundaries.

🧭 Key Features

✅ Auto-Fetch India VIX
No need for manual input — automatically pulls live data from NSE:INDIAVIX.

✅ Dynamic Range Visualization
Plots upper/lower boundaries for 1σ and 2σ probability zones with shaded expected-move area.

✅ Dashboard Panel
Displays:

- Current VIX

- Expected Move (in points and %)

- Upper and Lower Ranges

✅ Smart Alerts
Alerts when price crosses upper or lower volatility range — potential breakout signal.

🎯 How It Helps

Intraday Traders:
Know the likely daily movement (e.g., ±220 pts on Nifty) and plan realistic targets or stops.

Options Traders:
Quickly assess whether it’s a seller-friendly (low VIX, small range) or buyer-friendly (high VIX, large range) session.

Risk Managers:
Use volatility context for stop-loss width and position sizing.

Breakout Traders:
If price breaks beyond the 2σ range → indicates potential volatility expansion.

💡 Interpretation Guide
Condition Market Behavior Strategy Insight
VIX ↓ ( < 14 ) Calm / Range-bound Option Selling Edge
VIX ↑ ( > 20 ) Volatile Sessions Option Buying Edge
Price within Range Stable Market Mean Reversion Setups
Price breaks Range Volatility Expansion Breakout Trades

⚠️ Disclaimer

This indicator is for educational and awareness purposes only.
It does not generate buy/sell signals or guarantee returns.
Always apply your own analysis and risk management.

3 days ago

Release Notes

India VIX Based Nifty/BankNifty Range Calculator (Auto Adaptive, Intraday Optimized)

This indicator mathematically estimates the expected intraday price movement of Nifty / BankNifty using the India VIX (Volatility Index) and dynamically plots 1σ (68% probability) and optional 2σ (95% probability) volatility-based price ranges.

The core concept is based on:

Expected Range = (India VIX × Price) ÷ Instrument Multiplier


India VIX is fetched directly from NSE in real time (daily).

Reference Price (Base) can be selected as:

🔹 Current Day Opening Price → stabilizes the range during intraday

🔸 Live Market Price (Close) → dynamically adjusts with market volatility

The indicator auto-detects whether the instrument is NIFTY or BANKNIFTY and applies optimized range calculation using:

📌 Multiplier 1000 for Nifty

📌 Multiplier 700 for BankNifty

📊 Plotted Levels
Level Type Meaning
Upper 1σ Range 68% probability upside
Lower 1σ Range 68% probability downside
Upper 2σ Range 95% probability upside (optional)
Lower 2σ Range 95% probability downside (optional)
Midline (Median Expected Price) (Only if enabled)
🔍 Information Panel Displays

India VIX

Reference price used

Expected move in points and percentage

1σ and 2σ range levels

% of range already covered intraday (Up/Down)

🎯 Use Cases

Intraday risk management

Defining max expected high/low zones

Reversal zone detection

Avoiding trades during extreme volatility

Algorithmic range-based trade setups

🛠 Originality

Unlike traditional ATR or fixed percent-based range indicators, this script:

Uses live India VIX, not static formulas

Automatically adapts to instrument type (Nifty/BankNifty)

Allows range stabilization using day open (rare feature)

Highlights when price moves beyond expected volatility threshold

💡 This indicator does not provide buy/sell signals, but defines statistically expected trading zones based on real-time volatility. Use it in conjunction with your existing price action or system strategies.

— Made for professional traders requiring calculated range expectations using volatility logic.