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Use Market Meter to POWER your technical analysis

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Market Meter is another amazing tool on Fyers One. It is a more customizable version of heat maps and it encompasses far more information to help you in technical analysis. Heat maps provide you quick actionable information on how exactly the stock markets are moving by observing Index components of Nifty or other indices on NSE.

Market Meter is useful if you want to look beyond the information available in heat maps and guess what, its actionable information that you can use to trade immediately. Traders will find this extremely useful to toggle through the different available search filters and options that can reveal opportunities and help you do quick stock research.

Let’s go through this step by step:

Fyers One market meter 0

You will have to select “Market Meter” from the “Tools” section in the main menu.

Fyers One market meter 1B

When you arrive at the tool, you can choose from different industry groups of the economy. We have encompassed over 18 different sectors of the Indian Economy.

Fyers One market meter 2

Further, you could select based on the NSE sectors. All the major indices have been covered here. The screen auto adjusts and you can scroll down to see all the listed scrips within the index. As you can see, you can choose from:
• Nifty 50
• Nifty Small 100
• Nifty FMCG
• Nifty Auto
• Nifty Bank / Bank Nifty etc.

In all, you can choose from over 30 different indices. Now, notice how the scrips are colour coded to denote the underlying change in price / performance. This function is similar to a heat map. But instead of displaying it in a non-uniform dynamic format, Market Meter is simple and is designed for those who want to look a few steps beyond and plan their trading.

Fyers One market meter 3

Okay, so let’s say we choose Nifty 50 for this example. We can view stocks performance based on the following criteria:
• % Change in price
• Last Traded Price
• PE Ratio of stocks
• Market Capitalization
• 1 year rolling returns in (%)
• YTD returns in (%)
• Range of stocks
• Total Traded volumes
• Total Turnover

Such information can be very useful to strategically plan your technical analysis and to trade professionally. Retail traders in the Indian stock market need to have such data to be able to maintain a sane approach. So far in online trading, such technical analysis features have not been available in other trading platforms.

Fyers One market meter 5

You can arrange the flow of the window from:
• Left to Right
• Top Down
• Right to Left
• Bottom Up

Fyers One market meter 4

You could also sort the data based on the ascending or descending order. Basically, it’s made to suit the custom preferences of traders.

Fyers One market meter 6

Range – Is the difference between the high and the low of stocks. This feature shows you how much a stock has moved during the day. It can be used to check the feasibility of a trade.

Let’s say you want to trade in volatile stocks and you’re not sure which one to choose. In such a situation, if you use the range feature on Fyers One, you can filter stocks based on any index and then choose the ones which are most volatile within a sector. Okay, so what if you didn’t have this feature? You could be trading in the dark. This can help you find better opportunities as the information is readily available for analysis.

At Fyers, we want traders to analyse data, not accumulate it. That’s our job, leave it to us. Save time and do what’s most needed to turn profits. Time is as precious as money, if not more. If you have any questions, ask us in the comments section below.

Tejas Khoday

Tejas Khoday

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.

13 Comments

  • Avatar debasis poddar says:

    Is all charts are default setting?

  • Avatar Value_investor says:

    It is one of the 1st books everyone should read.

  • Avatar nabilal babu says:

    I like to know if any stocks hits days high /low should be high lighted complete row of that particular stock and you can add one column which is nearing percentage of high of a particular stock.
    the same what you do in tools-live scanner the same hi or low should show in ticker complete flash of the stock with colour section example say hi for green and days low for red complete row of that perticular stock

    • Tejas Khoday Tejas Khoday says:

      Hi Nabilal Babu, I didn’t fully understand what you had to say. Can you re-phrase it?
      Did you mean you want the “stock movement color codes” for the entire row? Well that’s
      how it was until we came out with a recent update. We had to remove it as most clients
      preferred only the name of the scrip to be highlighted and not the entire row.

  • Avatar Abhishek Chowdhury says:

    Does Fyers one have backtesting capability? Which is the programming language. How many years of daily data is available for backtesting? Can I use my own data (10-15 yrs) for backtesting?

    • Tejas Khoday Tejas Khoday says:

      Hi Fyers One is built for discretionary traders.. So backtesting was never really the focus.

  • Tejas Khoday Tejas Khoday says:

    Thanks Eliza. Hope you use it efficiently.

  • Avatar Eliza Jacob says:

    Personally I found it really useful for my Technical analysis. I got to know more about it after I started reading your blog. Really good stuff Fyers. A much needed Service!

  • Tejas Khoday Tejas Khoday says:

    Hi Jeetendra, we have explained how to use the market meter using an example of Nifty 50. Each feature in the tool is useful in different ways. You could use it however you want. For instance, if you want to trade banking stocks, you could first filter down to the sector or Bank Nifty and then start furthering your analysis using YTD, Market cap of stocks, PE ratios, Range etc. You can toggle between these very easily. So if you’re looking to trade financial stocks which are relatively small and which are not that volatile, you could find that in less than a minute using Market Meter.

  • Avatar Jeetendra Mistry says:

    Can you please put LIVE example on how Nifty 50 or Nifty Bank or any stock would reflect in analysis by Market Meter ?
    Thanks.

  • Avatar PRADEEP KUMAR SARIN says:

    super i need ur help to get market meter to power our technical analysis
    help me get it

    u r from zerodha i also from long time client of zerodha co. in ur time m-08791479781

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