NSE Banknifty Dashboard
Nov 5, 2022
The NSE Banknifty Dashboard indicator provides a comprehensive real-time data table tracking the performance and Open Interest (OI) metrics of the BANKNIFTY index and its top seven constituent stocks. It streamlines market analysis by consolidating price action, volume ratios, and OI buildup data into a single, organized dashboard for Indian equity and derivatives traders.
Usage
The dashboard is primarily designed for use on the Daily (D) timeframe to monitor broad market trends and derivative positioning. It monitors key symbols including BANKNIFTY, HDFCBANK, ICICIBANK, KOTAKBANK, AXISBANK, SBIN, INDUSINDBK, and AUBANK.
The table provides several critical data points for each symbol:
- Price Metrics: Current Close price compared against the Volume Weighted Average Price (VWAP), along with point and percentage changes.
- Volume Analysis: Comparison between Spot Volume (Stk Vol) and Futures Volume (Fut Vol) to determine the Fut/Stk Vol ratio.
- Open Interest (OI): Detailed tracking of Current and Next month OI, including changes and total combined OI (COI).
- OI Buildup: Categorizes market sentiment into four quadrants:
- Long Buildup: Price Up, OI Up (Bullish).
- Short Covering: Price Up, OI Down (Neutral/Bullish).
- Short Buildup: Price Down, OI Up (Bearish).
- Long Unwinding: Price Down, OI Down (Neutral/Bearish).
Details
The indicator calculates its metrics using multiple request.security calls to fetch data from both spot and futures contracts (Current and Next month expirations).
The dashboard highlights data using color gradients:
- Price Changes: Background transparency increases with the magnitude of the percentage change.
- OI Changes: Colors shifts based on positive or negative fluctuations in Open Interest.
- VWAP Comparison: The Close price text color changes to green if it is above VWAP and red if below, providing a quick intraday bias check.
Settings
- Timeframe: Determines the data interval for calculations (defaults to Daily).
- Text Size: Adjusts the display size of the dashboard text to fit different screen resolutions.
FAQ
How do I interpret the "Vol/OI Chg" column?
This column displays the ratio of Futures Volume to the absolute change in Open Interest, helping traders understand how much of the trading volume resulted in new positions being created or existing ones being closed.
Can I add more stocks to the dashboard?
The current version is hardcoded to track the BANKNIFTY index and its top 7 constituents to ensure optimal performance and visibility within the table layout.
How can I access the NSE Banknifty 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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