Support and resistance levels for the day based on the volatility index.
Major - The Major support line where the day low, high or close can occur at that level Minor - The second level of the Support/Resistance line , where we can expect some rejections or breakouts/breakdowns Mild - The mid level between the Major and minor levels. The market may consolidate around that area.
The script will automatically get the previous day close value of the current scrip and the India vix.
India vix is calculated based on the annual percentage and hence the previous day close value of the scrip is divided by 19.1 ( square root of 365 )
The PDC values can be manually overridden for backtesting purposes.
Please note, there will be some slippages involved on the trend lines.
Versionsinformation
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Settings
Use Manual Close Value The previous Day close of the scrip is automatically calculated , when this option is unchecked. If checked, you can manually enter the value. This option is useful during the backtest.
Use Manual VIX Value The previous Day close of the India VIX is automatically calculated , when this option is unchecked. If checked, you can manually enter the value. This option is useful during the backtest.
PDC - Scrip The Previous close of the Scrip. Used along with 'Use Manual Close Value' option
PDC - India VIX The Previous close of the India VIX. Used along with 'Use Manual Close Value' option
Levels Above PDC The number of main lines to be drawn above the Previous Day Close
Levels Below PDC The number of main lines to be drawn below the Previous Day Close.
Line Left Offset The line length from the current bar to the left
Line Right Offset The line length from the current bar to the right
Extend Lines Option to extend the lines on both side. Useful during the back test.
Show Minor Support Level It shows the minor Support and resistance lines
Show Mild Support Level It shows the mild Support and resistance lines
Show Price on Lines The labels on the lines will show the price value
Release Notes v0.6 * Added a new option Show Price On Lines * Changed CMP to PDC
Hello sir Thanks for this indicator. One Request from my end is can you add value with this all line if possible. M Waiting for your Reply Thnx
abeltherock007
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@d.umesh, Thank you. Yeah sure.. I will add it in the next update
d.umesh
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@abeltherock007, Thanks sir M Waiting for that hope vll get update ASAP...🤞
abeltherock007
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@d.umesh, I have added the option you requested. Please have a look :)
d.umesh
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@abeltherock007, Thanks sir so much. Working on any other new indicator ?
abeltherock007
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@d.umesh, nothing for now.. Just building a platform for algo trading..
priyankabth57
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Is it needed to change vix value daily manually
abeltherock007
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@priyankabth57, no need, it's automatic.. but for some reasons , on some days the api is returning the correct values.
alokmax1983
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How to take trade, sl, timeframe. Thanks in advance
abeltherock007
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@alokmax1983, Use 3mins tf or 5 mins tf. Whenever a green candle breaks out the major or minor line and sustains above it, enter CE or whenever a red candle breaks down the major or minor line and sustains below it go for PE. Scalp 5 to 10 points in nifty / Fin nifty and 10 to 20 points in BNF. To increase the accuracy , use moving averages or VWAP
One Request from my end is can you add value with this all line if possible.
M Waiting for your Reply
Thnx