Nifty / Banknifty Dashboard

The Nifty / Banknifty Dashboard tool provides a comprehensive real-time overview of key technical indicators across major Indian indices and their primary constituents. It allows traders to monitor multiple symbols simultaneously, displaying trend bias, momentum, and volatility metrics within a single, customizable table on the chart.

Usage

The dashboard is designed to help traders gauge market breadth and sentiment by looking at a basket of stocks. By default, it tracks either Nifty or Banknifty along with their high-weightage components.

• Trend Identification: The tool uses VWAP, three variations of Supertrend, and the Alligator indicator to signal whether a symbol is in a bullish, bearish, or neutral state.
• Momentum & Strength: RSI and ADX columns provide insight into price momentum and the strength of the current trend, with ADX specifically grading trends from "Neutral" to "Bullish ++".
• Key Levels: The Previous Day High/Low (PDH-PDL) column highlights if a symbol is trending above/below yesterday's range or remains rangebound.
• Customization: Users can toggle specific indicators or symbols to declutter the view and focus on the data most relevant to their strategy.

Details

The indicator calculates several classic technical studies for each selected symbol:

• Supertrend: Calculated at (21,1), (14,2), and (10,3) to provide a multi-layered view of trend direction.
• ADX/DMI: Uses directional movement indices to categorize trend intensity based on the 25, 50, and 75 thresholds.
• Alligator: Based on Bill Williams' classic indicator (Lips, Teeth, and Jaw) to determine if the market is "sleeping" or trending.
• MACD: Evaluates the relationship between the MACD line and the signal line to determine momentum crossovers.

Settings

Style Settings

• Dashboard Location: Sets the position of the table on the chart (e.g., Top Right, Bottom Left).
• Dashboard Size: Adjusts the scale of the text and cells (Tiny to Large).
• Cell Colors (Bullish/Bearish/Neutral): Customizes the background colors for different market states.
• Cell Transparency: Controls the opacity of the dashboard background.

Columns Settings

• Show [Indicator]: Toggles the visibility of specific data points like LTP, VWAP, RSI, ADX, MACD, etc.

Rows Settings

• Show Symbol [X]: Toggles the visibility of specific rows in the dashboard.

Symbol Settings

• Dashboard for Index: Quickly switch between Nifty and Banknifty presets.
• Ticker Vix: Defines the symbol used for volatility tracking.
• Symbols 1-10: Allows manual override of the symbols displayed in the dashboard for complete market customization.

FAQ

How do I interpret the ADX values? The dashboard categorizes ADX into text-based signals. "Neutral" indicates a weak trend (ADX < 25), while "Bullish/Bearish" with "+" or "++" indicates increasing trend strength as the ADX value crosses higher thresholds.

Can I use this for non-Indian markets? Yes. While the presets are for Nifty and Banknifty, you can manually input any symbols (e.g., AAPL, BTCUSD, Gold) into the Symbol Settings to track different markets.

How do I access Nifty / Banknifty Dashboard? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.