The indicator will show the Sectors which are leading or lagging NIFTY50 index based on Alpha & Beta values. Stock selection can be done based on the respective Sectors.
Look for alpha & beta values.
Prefer one with high beta.
Greens are leaders & Blues are lagers.
This don't completely indicates a trend, but it can give the overview of a major trend & market movers.
Gray line is the base index NIFTY50, it is Zero.
Turn on Indicator Name Label in Settings > Chart Settings.
In intraday or positions, in a leading Sector there will be a leading stock, spot it out.
Make a sector wise watchlist of stocks.
Use higher or Daily timeframe for Swing trades.
Detailed descriptions are available in my previous Alpha & Beta indicators.
Информация о релизе
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Update v1.1 Added table. Changed color scheme.
Информация о релизе
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Update v1.2
Day Start Marker color choice. Simplified menu. Avoided Labels and Tables show/hide option as it is available in the Style tab.
Can you explain the length for the Beta Window and Alpha Period. If i'm using the daily chart, I will receive the beta value for the last 300 days? Thanks!
Arun_K_Bhaskar
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@RandomJ48, @RandomJ48, 300 candles. It depends on the timeframe for monthly breakout I use 30min candles and the beta window will be 298.