daytraderph

Custom Volume

Idea : Idea of script is getting the volume of index BNF and NIFTY50 ( as Tradingview don't provide the volume information of the indexes )
How it works : Script works on getting the weighted volume of underlying stocks and the plotting them by weight in volume
Benefits:
1. Can server as example how, once can plot the mixed volume of symbols
2. Will help the traders who consider volume also as decision making factor while trading BNF from tradingview chart
3. Can give volume 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.
Release Notes: minor correction in overlay
Release Notes: added
1. weight as input
2. money flow indicator
Open-source script

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.

Want to use this script on a chart?

Comments

Could you please create custom volume code for NIFTY 50 also based on script weitage in index
+8 Reply
HELLO SIR... I'M A COMPLETE BEGINNER TO STOCK MARKETS... SO THE THING I'M GOING TO SAY MAYNOT MAKE MUCH SENSE... BUT LET ME ASK..PLEASE BEAR WITH ME...

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?
+5 Reply
daytraderph jijoycanto
@jijoycanto, check each one by weight, if close < open treat -ve otherwise +ve , sum up everything and color based on sum, that may be one way
Reply
jijoycanto daytraderph
@daytraderph, THANKYOU SIR.. :)
Reply
somalingam jijoycanto
@jijoycanto, Dude... volumes are transactions... in a red candle also... there are buyers for every sellers. each sell/buy combination contributes to Volume. the green / red volume candles are basis the green/red price movements.
Reply
Could you please make

1)nifty 50 script ( based on script weitage) volume chart,
2) advancing stock weighted volume
3) declined stock weighted volume
+1 Reply
Hi. Why don't you simply plot nifty futures volume on the chart? Isn't that a good indication itself?
Reply
daytraderph jainmunish97
@jainmunish97, brilliant idea
Reply
jainmunish97 daytraderph
@daytraderph, please let me know if u make it. I need it too. Must be simple for you 😉
Reply