IndianPivotBoss_ADMIN

This is a momentum index derived from the number of advances - number of declines of the stocks comprising the index.
This is called Advance Decline Momentum INdex (ADMIN).
It is a leading indicator to spot reversals.
This can be used in any time frames right from intraday to higher time frames.
By default it is configured for Bank Nifty (12 stocks).
Stocks can be changed with provision to have maximum of 12 stocks only.

How to use this while trading ?

The bars represent the 55 period ema of the momentum of difference between advances and declines
The line represent the 13 period ema of the momentum of difference between advances and declines.

If the bars are upward sloping, the color becomes blue and it becomes red if they are sloping downwards.

If the line crosses above the bars and moves past 50 with bars having blue color, it suggests a possible upward bias.
If the line crosses below the bars and moves below 50 with bars having red color, it suggests a possible downward bias.

Practice spotting in any time frames. I am confident this will form a major tool in your trading arsenal.

Respect Risk management. There is no holy grail.

Versionsinformation:

Additional options included :
1) ADMIN_MACD ( Another version of advance decline momentum identification)
2) Advance Decline line can be plotted (ensure you adjust the scale after plotting by expanding the right hand scales)
3) Advance Decline line 200 ema can be plotted. (ensure you adjust the scale after plotting by expanding the right hand scales).