[VDB]Advanced BankNifty Volume

BANKNIFTY Index is traded significantly along with NIFTY and having a VOLUME indicator is very helpful for those who follow it extensively as it is used to measure the relative significance of a price move. Given TradingView doesn’t provide the VOLUME on Index chart, many end up using BANKNIFTY FUTURE chart for volume information. This indicator helps providing that VOLUME information.

Get VOLUME You Prefer –

• FUTURE : This extracts VOLUME data from BANKNIFTY FUTURE chart.
  
• INDEX: VOLUME is calculated by the weighted sum (Composite method) of underlying stock’s spot volume for all the 12 stocks of the Bank Nifty Index.
  

INPUTS:

• Volume Moving Average in added to show the LINE and also used in calculation to change volume bars color if that input is selected.
  
• Color Bars Based on Average VOLUME: Selecting this helps changing the Color of VOLUME bars to lighter color if volume < average volume.
  
• Color Bars Based on Previous Close: Selecting this input changes the Color of VOLUME bars based on “Previous Close” than “Current Open”.
  
• BANKS & WEIGHTAGE: Here all 12 underlying banking stocks of Bank Nifty Index are listed along with their weightage in the index.
  

IMPORTANT NOTE: Changing any settings of the indicator leads to its complete recalculation. The result may differ from the expected one. Weightage of each stock changes by end of every month. Always to refer NSE NIFTY BANK composition and weightage from NSE website.

DISCLAIMER: This indicator has been created for educational reference only and do not constitute investment advice. This indicator should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Market data or any other content is subject to change at any time without notice. Liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of this indicator is accountability of user.