OPEN-SOURCE SCRIPT
CAN SLIM Market Direction Monitor (India)
How to use it
Open TradingView → load NSE:NIFTY on Daily timeframe.
Pine Editor (bottom panel) → paste contents → Save → Add to chart.
Cross-check on BSE:SENSEX and your sectoral indices.
What it computes
Distribution Days — full (≥0.2% down on rising vol) and stalling (0.5x weight). Auto-expires after 25 sessions or on a 5% rally from the DD's intraday low.
Follow-Through Day — Day 4–13 of a rally attempt with ≥1.5% gain on rising volume.
Phase — Green / Yellow / Red driven by DD count and price-vs-MA structure (the framework's logic, not just one trigger).
Weinstein Stage — 1–4 from the 30-week SMA and its slope.
Dashboard — phase, DD count, % vs 50/200 DMA, drawdown from 60-day high, MA structure, stage, rally-day counter, and posture text.
Alerts — DD, stalling, FTD, and zone transitions.
Caveats to keep in mind
DD logic requires volume. Some sectoral indices on TradingView lack volume — the script flags this on-chart. Use NSE:NIFTY as the primary tape.
Breadth metrics (% of Nifty 500 above 50/200-DMA) and FII/DII flows aren't in Pine's data — those still need to be brought in manually per the project's output protocol.
FTD detection is mechanical; always confirm the rally context (genuine correction preceding it) before treating the signal as actionable.
Open TradingView → load NSE:NIFTY on Daily timeframe.
Pine Editor (bottom panel) → paste contents → Save → Add to chart.
Cross-check on BSE:SENSEX and your sectoral indices.
What it computes
Distribution Days — full (≥0.2% down on rising vol) and stalling (0.5x weight). Auto-expires after 25 sessions or on a 5% rally from the DD's intraday low.
Follow-Through Day — Day 4–13 of a rally attempt with ≥1.5% gain on rising volume.
Phase — Green / Yellow / Red driven by DD count and price-vs-MA structure (the framework's logic, not just one trigger).
Weinstein Stage — 1–4 from the 30-week SMA and its slope.
Dashboard — phase, DD count, % vs 50/200 DMA, drawdown from 60-day high, MA structure, stage, rally-day counter, and posture text.
Alerts — DD, stalling, FTD, and zone transitions.
Caveats to keep in mind
DD logic requires volume. Some sectoral indices on TradingView lack volume — the script flags this on-chart. Use NSE:NIFTY as the primary tape.
Breadth metrics (% of Nifty 500 above 50/200-DMA) and FII/DII flows aren't in Pine's data — those still need to be brought in manually per the project's output protocol.
FTD detection is mechanical; always confirm the rally context (genuine correction preceding it) before treating the signal as actionable.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.