This is a modified version of Intraday Open High Low Strategy. In order to improve the accuracy of this popular strategy, we have tried to incorporate both NSE and BSE prices to generate the signals. In this strategy, Buy signal is generated when Open=Low in both NSE and BSE, while Sell signal is generated when Open=High in NSE as well as BSE. The addition of BSE prices make sure that the signals are more reliable and live testing has shown that many false signals have been eliminated following this approach. Hereafter, this strategy would be called as Intraday NSE BSE Open High Low Strategy.
Below are the live signals generated based on intraday NSE BSE open high low strategy. See the Profit/Loss column to check the accuracy of this strategy. Please note that the actual profit/loss may vary due to slippage and commissions. All the stocks common to NSE and BSE are included as part of this strategy
|Preferred Timeframe||Intraday 5 minutes|
|Buy Condition||Open=Low for the current day in NSE as well as BSE|
|Sell Condition||Open=High for the current day in NSE as well as BSE|
|Stop Loss||0.5% below Open price for Long positions, 0.5% above Open price for short positions|
|Targets||As per one’s risk appetite or End of the day|
How to trade on this Strategy
Step 1: Refresh this page at market open to generate live signals based on this strategy
Step 2: Place order at Open price based on the signals generated. The orders should be placed at NSE to be on safer side.
Step 3: Place stop loss as per the above table
Step 4: Book profit/loss based on your risk appetite and make sure that your entire position is squared off at the end of the day. This is an Intraday only strategy.
How to select stocks for Trading
As you can see that the buy/sell signals are generated for many stocks at the same time. In order to select the best stocks for trading follow the below rules:-
- First preference should be given to the stocks listed in Sensex, Nifty or F&O.
- Always check for High Beta stocks- the ones which have high correlation with Nifty.
- Select stock which has high average daily volume and low bid-ask spread.