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TEWY - Magic Strength Indicator (SI)

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Detail about this indicator

1. This indicator is used to identify the trend based on the momentum of the counter selected.
2. This indicator is calculated three different metrics for selected script and it's Parent/Main Index as NSE:NIFTY (default) and Sector Index. Keep in mind below point
a) Parent/Main index is set to default NSE:NIFTY, though there is option to provide your own custom parent index e.g. US30, US 100'
B) Sector Index is identified automatically for set to predefined stocks and rest ate set to default NIFTY 500. Again you have option to change it to your preference

3. I have used the rate of change and RSI of it to calculate momentum for script, it's parent index and sector index.
4. I would typically use this indicator to see momentum on the Monthly and Weekly first and daily timeframe to get proper entry.
5. Also please try to stay in the long position only unless you understand the consequences for shorting a stock . why? because the imminent nature of the market is to go upward only.
6. Please try to keep base inputs as defaults, though it allows you to change input parameters

Let's understand this indicator

• On the tor right corner you would see three different numbers. 1st number is SI of the underlying Ticker. 2nd number is SI for the Sector Index and 3rd is for Parent Index SI.
• If selected ticker is outperforming it's parent index the you see one green "▲" and if ticker is also outperforming it's sector index then you would see two green "▲▲". Same on the downside.
• I would only take long position if selected ticker is at least outperforming Parent index, that means at least one green "▲".
• I would take exit from the position if I see no more green "▲".

Always respect RISKS and follow stop loss. In market stop loss is the only friend of yours.

I have given a sample illustrational image below, which should help you understand this indicator.

Best of luck

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Bug Fix:
1. Length was not filtering the result properly hence made slight change in the function.

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Updates : Changed condition to check is bar state is confirmed

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Bug fixes applied. Let me know if you see any anomaly in the behaviour of this indicator

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1. Added few more comparison combinations for cryptos now
2. Updated Color combinations for better understanding

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Bug Fixes : If Index is formed relatively new then it will compare with broader market index.
e.g. IF index is NIFTY_OIL_AND_GAS which do not have weekly level data for the Magic (SI) yet as data is available for lesser period. Hence we will compare stocks under this Index with Larger Market Index line CNX500.
And if you need to use another index than CNX500, then you can always change it in input parameter.

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Done some more optimization in the code