OPEN-SOURCE SCRIPT
Sensex Institutional Level Breakout (500-Point Grids)
Overview
This strategy is designed specifically for the BSE Sensex intraday volatility. It leverages the psychological importance of "Round Numbers" (multiples of 500) to identify institutional supply and demand zones after the initial morning volatility settles.
How it Works
The 9:45 AM Snapshot: The script ignores the first 30 minutes of "noise." At 9:45 AM, it identifies the nearest 500-point round numbers above and below the current price (e.g., if Sensex is at 73,320, it marks 73,500 and 73,000).
The Entry Logic: * Bullish: Triggers when a 5-minute candle closes below the upper 500-point line (anticipating a liquidity grab or "fake-out" reversal).
Bearish: Triggers when a 5-minute candle closes below the lower 500-point line.
Exit Strategy:
Target: A fixed profit-taking level at the next 500-point increment (e.g., if entering at 73,500, the target is 74,000).
Initial Stop Loss: Fixed at 100 points from entry.
Risk Management (The 200-Point Rule): To protect capital, the Stop Loss automatically moves to Break-Even (Entry Price) once the trade moves 200 points in your favor. This "single-step" trail ensures you don't turn a winning trade into a loser during mid-day reversals.
Features
Intraday Only: Automatically squares off all positions at 3:25 PM IST to avoid overnight gap risk.
Visual Levels: Clear plotting of Entry Levels, Profit Targets, and the active Stop Loss on the chart.
Customizable: Users can adjust the round-number increment (e.g., 100, 250, 1000) and the trailing trigger points via the settings menu.
Best Used On
Timeframe: 5-Minute (M5).
Instrument: SENSEX / BSN.
Note: This is a Mean Reversion / Liquidity Grab style strategy since it triggers on a close below the upper level for a long.
This strategy is designed specifically for the BSE Sensex intraday volatility. It leverages the psychological importance of "Round Numbers" (multiples of 500) to identify institutional supply and demand zones after the initial morning volatility settles.
How it Works
The 9:45 AM Snapshot: The script ignores the first 30 minutes of "noise." At 9:45 AM, it identifies the nearest 500-point round numbers above and below the current price (e.g., if Sensex is at 73,320, it marks 73,500 and 73,000).
The Entry Logic: * Bullish: Triggers when a 5-minute candle closes below the upper 500-point line (anticipating a liquidity grab or "fake-out" reversal).
Bearish: Triggers when a 5-minute candle closes below the lower 500-point line.
Exit Strategy:
Target: A fixed profit-taking level at the next 500-point increment (e.g., if entering at 73,500, the target is 74,000).
Initial Stop Loss: Fixed at 100 points from entry.
Risk Management (The 200-Point Rule): To protect capital, the Stop Loss automatically moves to Break-Even (Entry Price) once the trade moves 200 points in your favor. This "single-step" trail ensures you don't turn a winning trade into a loser during mid-day reversals.
Features
Intraday Only: Automatically squares off all positions at 3:25 PM IST to avoid overnight gap risk.
Visual Levels: Clear plotting of Entry Levels, Profit Targets, and the active Stop Loss on the chart.
Customizable: Users can adjust the round-number increment (e.g., 100, 250, 1000) and the trailing trigger points via the settings menu.
Best Used On
Timeframe: 5-Minute (M5).
Instrument: SENSEX / BSN.
Note: This is a Mean Reversion / Liquidity Grab style strategy since it triggers on a close below the upper level for a long.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Investor | Trader | Bestselling Author | Healing Money Blocks & Manifesting Abundance | Transpersonal Counselor
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Investor | Trader | Bestselling Author | Healing Money Blocks & Manifesting Abundance | Transpersonal Counselor
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.