Option Analysis Tool.
Based on the Observations in the past one week, I am basically developing the Option Analysis Tool.
The logic is as follows.
1. The OptionsChain Data is downloaded from NSEIndia.com - using the url
http://www.nseindia.com/live_market/dynaContent/live_watch/option_chain/optionKeys.jsp?symbol=NIFTY. This link will always give the current month data. So we don't have to specifiy the expiry date
2. The Futures Data is downloaded from NSEIndia.com - This is more for information - using the url
http://www.nseindia.com/live_market.../fomwatchsymbol.jsp?key=NIFTY&Fut_Opt=Futures
3. Find out where the MAX CHG in OI happened in CE and PE - This would be used to calculate the daily range and direction. (I had used Volume first but it is not giving the right direction).
4. Find out where the MAX OI is in CE and PE - This would be used to calculate the weekly / positional range and direction.
5. The daily range will be used to calculate the daily, Low, High and Pivot and similarly for Weekly.
6. If CE positions are greater than PE positions then it is SELL and vice versa.
7. Please note that this is just a beginning and I am not using any Price movement.
8. Based on further observations we can keep fine tuning the tool.
The tool can used to Analyze for any NSE Index or Stock which are traded in F&O.
Welcome your suggestions and comments.