This technique has been back-tested for the last 7000+ trading days [since January 1991] with consistent accuracy. During periods of sustained rallies and extended corrections - the 3 variables - x,y&z stood as signposts for probable price levels.
When the stock or index manages to hold itself above all 3, keep the trailing stop loss at the highest of the 3 variables - x,y & z.Similarly, when the price is below all 3, the variable immediately above acts as a Resistance for the index.
This technique is slightly finer than BollingerBands and can be calculated on the EOD data using a simple spreadsheet. It can be used on any liquid stock, index, or future with at least 21 days of EOD data.
Please find below the Charts & Levels for the SENSEX, M&MFIN & TECHM [All Spot Levels] for 10th August 2020:
By reading this, you are agreeing to the Disclaimer and Exclusion of Liability at http://www.raghavs-picks.com/disclaimer.JPG