I am aware that indices don't have volumes, as they are not directly tradeable, but I see that tradingview does a proxy by "The index volume is calculated based on the sum of the volume of all components of this index, relevant on the date of calculation. If there is a change in the component composition, then the calculation will be based on a new composition."
To implement this via websockets, does can someone clarify does it mean taking NIFTY 50 constituents or say BNF constituents and just adding up their aggregated volume data? i.e if I want to see if there is a volume candle (higher than average volume) - how do I compute that using websockets if I am doing aggregation of NIFTY and BNF volumes? Any leads on how to approach this
1. You would need to take the Nifty or Banknifty constituent's weightage from the Nifty indices website 2. Calculate the live weights with the free float market cap (free-floating shares * live LTP) 3. Then, apportion the stock volume with the weights in the index using the web socket connection
1. You would need to take the Nifty or Banknifty constituent's weightage from the Nifty indices website
2. Calculate the live weights with the free float market cap (free-floating shares * live LTP)
3. Then, apportion the stock volume with the weights in the index using the web socket connection