Symbol meter is a feature that shows you the movement of stocks within different indices and industry groups. It is similar to heat maps. With this feature you can manually add or subtract stocks from a group to focus on only a select few. For technical analysis of stocks, this is a very useful feature that saves time in trading and can potentially make your technical analysis of stocks better. For example, let’s say you want to know the composition of which stocks of the Nifty index have moved and by how much. Also, let’s assume you want to exclude Metals & Energy stocks in your analysis for some reason. You can do that by using the Symbol Meter. It gives you the flexibility of trading those stocks within an index that you are tracking and ignore the others. This feature is not available in heat maps as it shows the aggregate of all the stocks. Also, with the Symbol Meter, you can choose from almost all the sectors and indices including Nifty 50, Bank Nifty, Nifty Midcap, Nifty 100 etc. You can also get a graphical presentation of the underlying futures and options of all scrips including Nifty Futures and options on NSE.
To use this feature, click on “Tools” in the main menu and select “Symbol Meter” as shown above.
After choosing Symbol meter, you will arrive at this window (as shown in the image above). You can choose any index or industry group and select the stocks whose performance you want to track. In the example above we have used Nifty 50 and a few stocks which we have chosen to focus on.
• The X axis shows the list of chosen stocks, futures or options.
• The Y axis shows the percentage change in the underlying scrips.
You can change from one index to another by “double clicking” on NSE and selecting “Indices”. More than 40 indices are available to choose from. Some example are:
• Nifty 50
• Nifty Next 50
• Nifty IT
• Nifty Bank / Bank Nifty
• Nifty Midcap 50 etc.
You can also choose over 18 different sectors and filter accordingly. As you move your cursor over each bar, you will be able to see all the details of that particular stock. As highlighted in the image above, get all the price details and traded volumes of stocks.
Right Click Function – You can do a host of things directly from here. Right click on any one scrip and you can:
• Add to Favourites
• Add to Watch list
• Get futures & options prices
• Discover Resistance & support
• Time & Sales features etc.
Trading is a competitive field. With this, you can drastically reduce the time taken to analyse and trade stocks. Ask us if you have any doubts or questions in the comments section below.
Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.