NIFTY Expected Range (VIX based)

NIFTY VIX Expected Range
This indicator calculates the expected monthly trading range for the NIFTY50 index using INDIA VIX volatility data.
The script uses the following formula to estimate the implied percentage move:

INDIAVIX / (Sqrt(12))

The calculated value represents the expected percentage range for NIFTY based on current market volatility.

How It Works

Takes the current day’s NIFTY opening price
Fetches live INDIA VIX data
Calculates the expected volatility range
Plots:
Upper expected range
Lower expected range
Opening price reference line
Highlights price action moving outside the implied range using a light red background

Example
If:
NIFTY Open = 24000
INDIA VIX = 16
Then:
16 / (sqrt(12) ≈ 4.62%

Expected range becomes:

Upper Range = 25,108.8
Lower Range = 22,891.2

Features

Real-time INDIA VIX integration
Automatic daily range recalculation
Visual upper/lower boundary levels
Volatility-based market context
Clean overlay directly on chart

Use Cases

Identifying statistically stretched price moves
Monitoring volatility expansion
Setting directional targets
Risk management and position sizing
Option selling and volatility trading strategies

Notes

This indicator is based on implied volatility expectations, not guaranteed support/resistance levels.
Best used as a probabilistic framework alongside price action and market structure.

Perfect for traders who want a simple visual representation of volatility-implied NIFTY ranges directly on their charts.

Notas de Lançamento

This change makes the indicator automatically adapt to:

NIFTY BANK
NIFTY FIN SERVICE
individual stocks
any index/chart you open

while still using INDIAVIX for volatility calculation.

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.

pranavkojha

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Script de código aberto

pranavkojha