How it works : Script works on getting the weighted of underlying stocks and the plotting them by weight in
1. Can server as example how, once can plot the mixed of symbols
2. Will help the traders who consider also as decision making factor while trading BNF from tradingview chart
3. Can give information on any TF **in my knowledge only available for premium users
Important factor to note: Weight of stocks may change time to time depending on Exchange decision.
1. weight as input
2. money flow indicator
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
I WOULD LIKE TO ASK MYH DOUBT THROUGH AN EXAMPLE
SUPPOSE, TODAY 8/10 BNF STOCKS WERE POSITIVE AND 2 HIGH WIEGHTAGE STOCKS WERE NEGATIVE, FROM MY UNDERSTANDING, THIS INDICATOR WILL ADD THE (VOLUMES*WEIGHTAGE) COMPONENT OF ALL THE STOCKS IRRESPECTIVE OF WHETHER EACH STOCK CONTRIBUTED TO THE UPWARD OR DOWNWARD MOVEMENT OF BNF, AND FINALLY GIVE IT THE COLOUR OF BNF'S CURRENT PRICE CANDLE...
MY QUESTION IS SINCE 8 OF THE STOCKS WERE POSITIVE AND 2 OF THE STOCKS WERE NEGATIVE, THE WIEGHTED VOLUME COMPONENT OF THESE 2 STOCKS SHOULD BE ACTUALLY SUBTRACTED FROM THE SUM OF WEIGHTED VOLUME COMPONENT OF THE OTHER 8 STOCKS RIGHT?
SO IS THERE A WAY TO ADD THE WEIGHTED VOLUMES ACCORDING TO THEIR DIRECTION?