NIFTY Money Flow - Scalping/Swing

22. Okt. 2020

Brief Description About Script

It considers the change of price in the direction
change of price is +Ve then considered as +Ve money flow
-Ve then considered as -Ve money flow
and it multplied by Volume change



This Strategy works best with NIFTY

For Scalping:-

Settings:- 1 Min Candle Time Frame, Length 20

For Swing:-

Setting:- 30 Min Candle Time Frame, Length 11

How to use it?

Common usage:-

Buy - When turns Red to Green Buy by keeping 1.5 * ATR as SL or Trailing SL(Optional) at the same time frame
Sell - When turns Green to Red SL by keeping 1.5 * ATR as SL or Trailing SL(Optional) at the same time frame

Trend reversal:-

Draw Divergence between indicator and price

Buy - Indicator forms Higher Highs(Red Side), Price Lower Lows
Sell - Indicator forms Lower Lows(Green Side), Price Higher Highs

Breakouts:-(Less Accurate compared to other scenarios)
End of Triangel/Box Indicator Turns Red to Green - Bullish Breakout, Green to Red Bearish Breakout

can use for breakouts chart patterns and guess which side it's going to break
can use for reversal as well by observing divergence between price & indicator

Note:-
In the future, an updated version is coming with it auto-generated buy/sell signal on the chart & gives backtesting results as a strategy