Are you looking for a successful intraday trading strategy in Banknifty?

Well here is one along with entry, exit rules, and backtested results!

6 Free Tools and Platforms Every Day-Trader Should Be Using!

Why pay, when they are available for FREE?

Breakout Screener with AMAZING UPDATE!

One-click on the link to view the charts directly from the screener!

@gocharting team helped us to get this wonderful feature!

https://t.co/3teN7Jtuyk

(Screen download link is inside the post)

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You don't need to pay someone ₹50,000 or even ₹25,000 to know CPR Indicator.

This thread will show you how...for Free.

Here's My 16-Points For Using CPR Indicator Into A Profitable System in Intraday Trading:

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The Central Pivot Range (CPR) indicator is a technical analysis tool that is used by traders to help identify potential trading opportunities

The CPR indicator is based on the concept of support & resistance levels. It can be used to help identify potential entries/exits

(1/N)

CPR is developed by Frank Ochoa. It is similar to Pivot Points but with additional lines (TC & BC).

As per Frank,

CPR is the Swiss Army Knife of pivots, and Like the Moon, the central pivot range controls the tides of the market.

(2/N)

Pivot Points Formula

Pivot point (PP) = (High + Low + Close) / 3
R1 = (2 x PP) – Low
S1 = (2 x PP) – High
R2 = PP + (High – Low)
S2 = PP – (High – Low)

(3/N)

CPR Indicator Formula

The CPR Indicator consists of 3 components:

Pivot = (High + Low + Close)/3
BC = (High + Low)/ 2
TC = (Pivot – BC) + Pivot

(4/N)

Price + Open Interest (OI) + Volume = Deadly Combo

There are many tools for Open Interest. Options Decoder from @TrueData2 is one of the simple yet powerful tools on options and OI.

Below are the 10 Powerful Features of Options Decoder

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(1/N)

#1 - PE CE Difference

This feature combines the OI of call options and put options and plots against each other.

At one glance, we can know what big players are doing!

(If they are selling more CE means, they are bearish on the underlying instrument)

(2/N)

#2 - Advance/Decline

This feature displays all the F&O stocks in one place.

In one click, we can see the stocks in any order (like an increase in price, increase in OI, or decrease in volume, etc).

A highly useful feature for options traders!

(3/N)

#3 - Open High

This feature displays all the strike prices that have an open high (or open low) for the selected instrument.

If many CE strikes show "Open Low", then the market is bullish!

(4/N)

#4 - IV Price-OI Chart

This feature plots CE and PE vs. Open Interest (OI) for the ATM strike price.

Always Remember:

CE Long Build Up + PE Short Build Up = BULLISH

PE Long Build Up + CE Short Build Up = BEARISH

CE Short Build Up + PE Short Build Up = SIDEWAYS

(5/N)

#BANKNIFTY-36770

Near term #base 35780 and 36300.

Expect higher Fibonacci extension 36987-38888-40790.

#Perspective
#Perception
#Probability
#Possibility

#BankNifty -- Blue TL Resistance at 35700-780

Gap area Resistance 34797-35130

Let the index cross Blue line to end this correction. Did the same last 2 times.

Crossing Red Lines triggers fresh rally. Today Index managed to cross yday high

33.9k Key Play the move step by step

#BANKNIFTY futures on short term charts 0.15% - interesting pattern
@Prashantshah267 @Definedge

#BankNifty futures on short term charts
CMP 36487 - powerful bullish patterns