8.8 Custom Indices

An equity index aggregates and tracks the underlying basket of equities. In ChartNexus, you can easily create your own custom indices. The basket of equities found in watchlist can be easily converted into an index and shown on the chart. Follow these steps:

Create a new watchlist. Give it a proper name as it will be used to name the index
Add the stocks, warrants etc. that you’re interested in into the newly created watchlist
Click on the IndexCreator $\includegraphics[bb=0 0 16 16]{ico_index_creator.png}$ button and a pop up menu will be shown
Click on “Edit” and the IndexCreator dialog window will appear (see Figure 8.17
By default, equal weightage scheme is used for calculating the index. You can adjust the parameters to your own preference and then click on “Apply” button to adopt the new parameters
Once ready, click “Plot” button to display the index as a chart

$\includegraphics[width=0.6\textwidth ,bb=0 0 270 224]{index_creator.png}$

Figure 8.16: Use IndexCreator tool to create your own index. The equity used to create the index is collated from the selected watchlist.

$\includegraphics[width=0.9\textwidth ,bb=0 0 420 436]{index_creator_panel.png}$

Figure 8.17: IndexCreator dialog window lets you adjust the different weightage to the basket of equities. You can customize the parameters to your own preference.