We have developed a new “tradingview” indicator to help you identify where the big money is active and not just that but also to help you time your trades better.
What does the script do?
The script marks a particular price zone as the place where smart money is active.
How will it help me trade?
Once you see presence of smart money you need to assess the following.
First thing – Whether the price is at the highs/lows
Second thing –
If the price is near swing lows – find a pink shaved bar near the higher extreme of the range and watch for aqua color bar which negates the pink bar, Such negation becomes a trigger for entry of long.
if the price is near swing highs – find an aqua shaved bar near the lower extreme of the smart money price zone and look for pink shaved bar which is negating the Aqua bar. Such negation becomes a trigger for entry of short.
Stop loss will be the immediate swing high/low or if near to top/bottom then the high of the top/low of the bottom.
Use this indicator preferably on 1 minute and on a need basis on 3 minute charts of nifty and bank nifty futures. Also look at the spot price charts for additional confirmation of the signals.
Note: You have to also follow the BIAS and trade location factor rules mentioned in our course videos along with this indicator for best results.