NSE Nifty Dashboard
Nov 5, 2022
The NSE Nifty Dashboard indicator provides a comprehensive overview of NIFTY 50 and its top constituent stocks, consolidating essential price and open interest metrics into a single table. It is designed to help traders analyze market sentiment through volume dynamics and open interest (OI) buildup across key equity and derivative segments.
Usage
The dashboard is best utilized on the Daily timeframe to monitor broader market shifts. It tracks NIFTY along with major non-banking constituents such as RELIANCE, TCS, INFY, HDFC, ITC, HINDUNILVR, and LT.
Traders can use the dashboard to identify:
- OI Buildup Types: Automatically classifies market action into Long Buildup, Short Covering, Short Buildup, or Long Unwinding based on price and OI changes.
- Price vs. VWAP: Monitors the relationship between the current future price and the Volume Weighted Average Price (VWAP) for intraday or multi-day trend confirmation.
- Volume Analysis: Compares stock volume against futures volume (Fut/Stk Vol) to identify where the primary trading activity is occurring.
- OI Dynamics: Tracks cumulative open interest (COI) and percentage changes across current and next-month contracts to gauge institutional positioning.
Details
The indicator fetches data for both the spot NSE symbols and their corresponding futures contracts (Current and Next month). It calculates the total volume and open interest across these contracts to provide a unified "COI" (Combined Open Interest) metric.
The coloring logic is data-driven:
- Price/OI Changes: Green highlights positive movement, while red highlights negative movement, with varying transparency based on the intensity of the change.
- VWAP Alerts: The tool includes built-in alert logic that triggers when the future price crosses above or below the VWAP, aiding in trend-following strategies.
Settings
- Timeframe: Determines the data interval used for all calculations (defaulted to Daily).
- Text Size: Adjusts the size of the text within the dashboard table to fit different screen resolutions.
FAQ
How do I interpret the "OI Buildup" column?
This column combines price change and open interest change. For example, if price and OI are both rising, it indicates "Long Buildup," suggesting bullish sentiment. If price is falling while OI is rising, it indicates "Short Buildup."
Why are banks excluded from this dashboard?
This specific dashboard focuses on the top non-banking constituents of NIFTY. A separate dedicated dashboard is typically used for BANKNIFTY and its specific banking components to avoid table clutter.
How can I access NSE Nifty Dashboard?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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