The India VIX, often referred to as the “Fear Index,” is a popular measure of market volatility and investor sentiment. It quantifies the market’s expectations of near-term volatility by calculating the implied volatility of NIFTY options. The MagicLines Level Indicator utilizes these calculations to draw key levels on price charts, enhancing trader’s understanding of potential market movements.
The indicator’s main function is to identify critical support and resistance levels derived from IndiaVIX data. We considered to volatility of all the FnO instruments and calculated the mean value keeping the day into consideration while performing the calculations. These levels serve as significant reference points that can help traders gauge potential price reversals, breakouts, and trends. By integrating the Magic Levels Indicator into their analysis, traders can gain a comprehensive view of market dynamics and improve their timing for entering or exiting positions.
Please note that this is not fib series nor pivot.
The free version for life time is availble on Tradingview.com
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go to advance charts > indicator tab > search Magic Levels by Optionable and add it to see the magic lines.
Try it and let us know if this helps you.
This is shared to educate you if this can help