Price Pivots for NSE Index & F&O Stocks

Price Pivots for NSE Index & F&O Stocks

What is this Indicator?
• This indicator calculates the price range a Stock or Index can move in a Day, Week or Month.

Advantages of this Indicator
• This is a Leading indicator, not Dynamic or Repaint.
• Helps to identify the tight range of price movement.
• Can easily identify the Options strike price.
• The levels are more reliable and authentic than Gann Square of 9 Levels.
• Develops a discipline in placing Targets.

Disadvantages of this Indicator
• The indicator is specifically made for National Stock Exchange of India (NSE) listed index and stocks.
• The indicator is calculated only for index NIFTY , BANKNIFTY , FINNIFTY, MIDCPNIFTY and Stocks listed in Futures and Options.
• The indicator shows nothing for other indexes and stocks other than above mentioned.
• The data need to be entered manually.
• The data need to be updated manually when the F&O listed stocks are updated.

Who to use?
Highly beneficial for Day Traders, it can be used for Swing and Positions as well.

What timeframe to use?
• Any timeframe.
• The highlighted levels in Red and Green will not show correct levels in 1 minute timeframe.
• 5min is recommended for Day Traders.

When to use?
• Wait for proper swing to form.
• Recommended to avoid 1st 1 hour or market open, that is 9.15am to 10.15 or 10.30am.
• Within this time a proper swing will be formed.

How to use?
• Enter when the Price reach closer to the Blue line.
• Enter Long when the Price takes a pullback or breakout at the Red lines.
• Exit position when the Price reach closer to the Red lines in Long positions.

What are the Lines?

Gray Lines:
• Every lines with price labels are the Strike Prices in the Option Chain from NSE website.
• Price moves from 1 Strike Price level to another.
• The dashed lines are average levels of 2 Strike Prices.

Red & Green Lines:
• The Red and Green Lines will appear only after the first 1 hour.
• The levels are calculated based on the 1st 1 hour.
Red Lines are important Resistance levels, these are strong Bearish reversal points. It is also a breakout level, this need to be figured out from the past levels, trend, percentage change and consolidation.
Green Lines are important Support levels, these are strong Bullish reversal points. It is also a breakdown level, this need to be figured out from the past levels, trend, percentage change and consolidation.

What are the Labels?
• First Number: Price of that level.
• Numbers in (): Percentage change and Change of price from LTP (Last Traded Price) to that Level.

How to use?

• Enter when price is closer to the Red or Green lines.
• Enter after considering previous Swing and Trend.
• Note the 50% of previous Swing.
• Enter Short when price reverse from each level.
• If 50% of swing and the pivot level is closer it can be a good entry.

• Use the logic of Entry, each level can be a target.
• Exit when price is closer to the Red or Green lines.

Indicator Menu

• Custom: Enter the price manually after choosing the Source as Custom to show the Pivots at that price.
• LTP: Pivot is calculated based on Last Traded Price.
• Day Open: Pivot is calculated based on current day opening price.
PD Close: Pivot is calculated based on previous day closing price.
PD HL2: Pivot is calculated based on previous day average of High and Low.
PD HLC3: Pivot is calculated based on previous day average of High, Low and Close.

"Time (IST) (Vertical)"
• This is a marker of every 1 hour.
• Usually major price movement happen between previous day last 1 hour (2:15 pm) to today first 1 hour (10:15 pm).
• Two swings can happen between first 2 hour of current day.
• At the end of the day last 1 hour from 2.15 pm another important movement will happen.
• Usually rest of the time won't show any interesting movement.

To the Users
• Certain symbols may show the levels as a single line. For such symbols choose a different Source or Timeframe from the indicator menu.
• Please inform if any of the Symbol's price levels don't react to the pivots , include the Symbol a well.
• Also inform if you notice any wrong values, errors or abnormal behavior in the indicator.
• Feel free to suggest or adding new features and options.

General Tips
• It is good if Stock trend is same as that of NIFTY trend.
• Lots of indicators creates lots of confusion.
• Keep the chart simple and clean.
• Buy Low and Sell High.
• Master averages or 50%.
• Previous Swing High and Swing Low are crucial.
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