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Create an Inside Bar Scanner for Narrow Range Bar Trading Strategy - YouTube

Channel: Indrajit Mukherjee

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So hello my dear friends.

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Stock market is just a game of patterns.

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And patterns are just like history.

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So we all know that the history repeats.

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In stock market also patterns do repeat.

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They do repeat after certain time.

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And once they are repeated we can get an idea that what they have done in the last time,

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they can do this time also.

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So we can try to predict the market using these kind of patterns.

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So today I'll show you how you can create a trading system using narrow range trading

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analysis.

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And this and these narrow range or NR, this is also called as NR.

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So we will try to trade the narrow range.

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Whenever there is a narrow range in a particular stock or in a particular index, one sided

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moves can come.

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Because after the range is so narrow, after that, one sided range expansion can start.

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So we will discuss how you can create a pattern using this narrow range trading system.

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Another thing is there that is called inside bar.

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So what is inside bar or what is inside day?

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Inside day is when actually today's bar, today's bar is actually covered by previous days bar.

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So previous day's bar's high was higher than today and previous day's low was lower than

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today.

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So today neither we can cross previous day's high or nor we can cross previous day's low.

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So that is inside bar.

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So now this inside bar is another thing, another pattern that we can get an idea that once

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an inside bar comes there can be a one sided move.

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So this time I will going to mix and match between the inside bar and narrow range four

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or NR four inside a trading scanner.

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We will find which stock has created a insidebar and it has also traded in the narrowest range

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of the last four trading sessions.

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So last four trading sessions, narrow trend is called NR four.

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Narrow range four and inside bar or inside day.

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If that comes along with NR four that is a deadly combination that the next day in case

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the inside bar is broken.

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If the high or low of today's inside bar is broken, there is a high chance that tomorrow

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market may go into one direction.

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Market may show one directional approach.

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So here we will create a scanner, a inside day scanner along with narrow range four.

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And we will use zerodha streak for trading the scanner.

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But before that let me give you a short intro of mine.

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Hello friends.

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I am Indrajit Mukherjee from StockManiacs.net.

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If you want to grow your wealth from the stock and commodity markets hit the subscribe button

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and hit the bell notification icon.

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You can also send me your stock market related queries through WhatsApp in my number +91-9674321856.

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So friends first before I move onto the streak platform for showing you the demo of how you

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can create a scanner, first let me show you some examples.

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We will show you some examples of inside bar and narrow range four breakouts.

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And how one sided moves can come after these breakouts.

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So this is zerodha kite chart and this is a daily chart of HDFC.

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So now if you do not have any chart to analyze your stocks, I will suggest you, you open

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an account in zerodha.

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And you can get zerodha kite after that.

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And for using streak, you also need an account in zerodha.

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So zerodha account is the first criterion.

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So if you do not have zerodha account, I will give you a link to join zerodha in the video

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description.

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So from there you can click the link and you can open an account in zerodha and you can

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get zerodha kite.

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And after that you can create your own scanners on the streak.

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So now in the HDFC stock, you can see this is 16th of March.

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This is 16th of March and 16th of March.

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You can see 16th of March, it has neither crossed previous day's high nor crossed previous

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day's low.

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So 16th March is an inside bar.

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You can see this bar, my dear friends.

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So this is an inside bar.

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And by default this was the NR four day also.

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So this was done narrowest range of the last four days.

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So inside bar plus NR four that was on 16th of March.

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And once you can see once on 17th of March the low of this inside bar has been broken.

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The market has seen a one sided movement.

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So you can also trade it in the intraday.

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So you can keep some stop-loss and one sided break out of the inside bar can be traded

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for a directional approach.

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So now let us show another examples.

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Let us go to the Infy chart.

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So Infy, once again we can see on 16th of March we have got an inside bar plus NR four.

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It was an inside bar plus NR four.

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I have tasted it, I have scanned it previously.

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So on 16 March on Infy, there was an inside bar plus NR four.

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Once again wherever the next day it has actually crossed below the low of the inside bar.

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You can see there was a one sided movement.

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There was a big downfall on Infy also.

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Now let us show you another example.

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Say Kotak bank.

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Now in Kotak bank, this is 16th of March.

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Once again, you can see there was an inside bar.

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So this was an inside bar and this was a narrow range four situation also.

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So second day, the next day, whenever the low of that inside bar got broken.

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So once again we have seen a one sided movement in the Kotak bank stock.

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So now my dear friends, I have shown you if there is an inside bar in some stock or in

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some index, and that insight bar is accompanied by a narrow range four or a NR four day, there

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is high chance that in case the high or low of that inside bar gets broken, the stock

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or the index will show a one sided movement.

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So which side the market will move or the stock will move.

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In case the high of the inside bar gets broken the next day, the stock will move to the upper

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direction.

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And in case the low of the inside bar gets broken the next day, the stock will move to

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the lower direction.

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So accordingly, you need to choose your stop loss and you need to be in the trade.

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You need to trail your trend so that you can get the most amount of profit from the trade.

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But mostly there are high chance that there will be a single sided move in case the inside

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bar breakout along with that NR 4 breakout happens.

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So now I'll show you how you can create a scanner for this.

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So if you can get a scanner for this, you can scan the stocks from the universe of the

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whole NSE stocks.

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And you can find which stocks has actually made the criteria today or some other trading

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days.

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So now we will go to the zerodha streak and we will create a scanner.

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But for that my dear friends, once again, I am repeating that for accessing streak,

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you need an account in zerodha.

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So if you do not have an account in zerodha, make sure that you open a account in zerodha

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first.

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And I'll give you the link to join zerodha in the video descriptions.

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So from there you can actually go to the zerodha website.

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And you can open an account.

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The account opening process is very fast.

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And once you get the account open, so after that you can start creating a scanner on the

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streak platform.

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And start trading on the zerodha platform.

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So let me show you how you can create a scanner on the streak platform using the inside bar

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NR 4 theory.

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So my dear friends to go to the streak, open up a browser window and there you need to

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put the link of the streak.

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So the link of the streak is bit.ly/streaktech.

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bit.ly/streaktech.

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If you do not remember this link, I'll give you the link in the video description.

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From there you can click the link and you can go to the streak platform.

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So I'm hitting enter, so I am into the streak platform now.

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And here there is an option log in with kite.

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As I already told you that you need a zerodha kite account.

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So here I'm already having a kite account.

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So I am clicking to login with kite.

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You can see I am being redirected to the streak dashboard.

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So here we can see what is my equity, what is my available balance, what is my margin

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used, what is my account value.

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So everything can be shown here and now we will create a scanner here.

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So here we can see there is the scanner section.

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So go there and click on discover.

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So inside the scanner, there are readymade scanners from the street platform.

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So you come down and there is an option range breakout.

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So inside the range breakout there is NR 4 day.

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You can use this scanner for now.

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Now here, once we are inside the NR 4 scanner, we can see it will scan on nifty hundred stocks.

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So whatever stocks are inside the nifty 100 index timeframe is one day because we will

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be scanning on the daily candle.

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And chart type is candlestick and you can see the NR 4 formula has been written here.

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So NR four formula we are already getting here.

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We will simply add another condition of inside bar.

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So here actually we will be adding the inside bar logic.

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So inside bar logic is high, so high zero.

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We will actually compare.

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So lower than, today's high is lower than.

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Once again high, which I high minus one.

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So today's high is lower than high minus one.

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And we will add another condition that is low.

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So which low the offset will be zero.

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So low zero.

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Today's low is actually compactors higher than, higher than low which low offset is

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minus one.

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So today's low is higher than yesterday's low and today's high is lower than yesterday's

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high.

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So we are already having this NR 4 formula over here.

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And we have added the inside bar formula high zero lower than high minus one.

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And low zero higher than low minus one.

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So that is the inside bar formula.

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Today's high is lower than yesterday's high.

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And today's low is higher than yesterday's low.

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So that means that is an inside bar.

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So now we will add the name, scan name.

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The scan name, let us keep us IB NR 4, IB NR 4 scan.

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So we will now save and scan.

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So my dear friends, I have named the scan as IB NR 4 scan.

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We'll be scanning on nifty hundred scripts.

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And the timeframe is one day and chart type is candlestick.

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So both of my scan logics are set here.

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This is the NR4 logic and this is inside day logic.

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So I have given a name and now click, scan and save.

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So you can see my dear friends.

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I have got few scripts.

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So one is bharti airtel, another one is dr reddy, another one is maruti.

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So as per the scan result, all these three stocks are making IB NR4 inside bar NR4 on

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today's candle.

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So still the market is not closed.

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So still this data is not perfect, but still we can check whether this data is correct

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or not.

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So let me go to the daily chart of bharti airtel, dr reddy and maruti.

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So let me go to the zerodha kite.

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Here in the symbols let me attach bharti airtel.

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You can see bharti airtel.

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Let me zoom the chart.

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You can see this is creating an inside bar in the daily candles, daily candles inside

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bar.

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And today's NR4 too.

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Because you can see the ranges.

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Today is the narrowest range and this is an inside bar.

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So the scan is working perfectly.

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Let us check dr reddy.

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You can see once again dr reddy.

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It is an inside bar and the narrowest range of the last four days.

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This was one, this was two.

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This was three.

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This was four.

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So this is the narrowest range of the last four days.

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So once again, dr reddy is IB NR4.

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So let me open the maruti chart.

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You can see bharti airtel.

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Let me zoom the chart.

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You can see this is creating an inside bar in the daily candles, daily candles inside

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bar.

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And today's NR4 too.

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Because you can see the ranges.

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Today is the narrowest range and this is an inside bar.

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So the scan is working perfectly.

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Let us check dr reddy.

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You can see once again dr reddy.

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It is an inside bar and the narrowest range of the last four days.

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This was one, this was two.

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This was three.

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This was four.

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So this is the narrowest range of the last four days.

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So once again, dr reddy is IB NR4.

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So let me open the maruti chart.

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You can see maruti.

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Maruti also this is the daily candle.

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Today's candle, today's high is lower than yesterday's high.

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Today's low is higher than yesterday's low, so today is once again inside day in maruti.

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So maruti once again inside day and NR4 as per the scan.

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So the scan is working perfectly.

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You need to just come back to the scan at night and check what are the trades it is

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suggesting for the next day.

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So my dear friends.

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I have shown you how you can create your own inside bar scanner on the zerodha streak platform.

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And you can mix and match this inside bar theory along with the narrow day trading strategy.

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And you can create a deadly combination of these two strategies for getting tomorrow

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stocks, which will show one directional move.

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So if you can trade these stocks, you can make good amount of profits and this strategy

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is quite accurate.

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So friends, I will ask you guys to create the scanner exactly I have shown you step

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by step guide on how you can create this scanner on the streak platform.

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So if you get good accuracy and if you get good profits from this trading strategy, do

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let me know your observations on this particular strategy.

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So, friends, I have completed today's webinar.

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If you have liked today's video please do not forget to hit the like button.

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Please also do not forget to share it with your friends.

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Because if you share it, someone else can also be benefitted.

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If you have any queries, just ask me in the comments.

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I will try to answer you as early as possible.

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Friends, thanks a lot for watching this webinar till the end.

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Bye bye!till the end.

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Bye.

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Bye.

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