Easy trend following and reversal - BANKNIFTY (29May20 update)
The indicator used is Ekambit Strength Index (ESI), which makes it easy to identify trends and reversals using weighted multi-timeframe comparisons in the same chart.
We at Ekambit Technologies use it daily with consistent success in Indian markets, especially with
NIFTY and 
BANKNIFTY.
ESI indicator rules:
1) Above mid-zone & rising: uptrend
2) Falling from high-zone: uptrend reversal
3) Below mid-zone & falling: downtrend
4) Rising from low-zone: downtrend reversal
Apply the same indicator to VIX (in the same chart!) or upto 3 correlated instruments to gain greater conviction for your trades, as shown in the chart.
In addition to the chart timeframe, optionally 3 higher weighted timeframes can be used in ESI computation.
So in effect, ESI is a single indicator which provides an insight of 16 indicators (4 timeframes * 4 instruments).
Use the link below to obtain 7-days free access to ESI indicator.
We at Ekambit Technologies use it daily with consistent success in Indian markets, especially with
NIFTY and BANKNIFTY.ESI indicator rules:
1) Above mid-zone & rising: uptrend
2) Falling from high-zone: uptrend reversal
3) Below mid-zone & falling: downtrend
4) Rising from low-zone: downtrend reversal
Apply the same indicator to VIX (in the same chart!) or upto 3 correlated instruments to gain greater conviction for your trades, as shown in the chart.
In addition to the chart timeframe, optionally 3 higher weighted timeframes can be used in ESI computation.
So in effect, ESI is a single indicator which provides an insight of 16 indicators (4 timeframes * 4 instruments).
Use the link below to obtain 7-days free access to ESI indicator.
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