Received an email from Zerodha on 30 Oct 2016 that there has been an addition of New studies/drawing tools on Kite charts. The list is as follows. But can anyone explain how to utilize those in taking trading decisions.? New advanced studies: VWAP (what is the purpose?) Performance Index (what is the purpose?) Beta (what is the purpose?) Balance of Power (what is the purpose?) Trend Intensity Index (can this be a replacement to RSI/stochastic?) Vortex Indicator (can this be a replacement to ADX) ZigZag (will this be a replacement to Fractalâ€™s band?) Psychological Line (what is the purpose?) Moving Average Deviation (what is the purpose?) New advanced drawing: (what is the purpose of all these drawings and how to draw these?) Crossline Speed Resistance Arc Speed Resistance Line Gann Fan Time Cycle Regression Line Tirone Levels Quadrant Lines

The below explanation may helps

**Â VWAPÂ indicator (Volume Weighted Average Price) : **It will operate on any bar interval available inÂ Technician. It will calculate and plot theÂ VWAPÂ line (using a Time Weighted Average Price algorithm) as well as up to three user-defined Standard Deviation bands. When used with an intraday chart, theÂ VWAP calculation is cumulative throughout the day and will automatically reset on each new day. When used with Daily, Weekly, or Monthly charts, theÂ VWAPÂ and Standard Deviation plots will be based on a rolling look back period.

**Performance Index :Â **the process performance index is an estimate of the process capability of a process during its initial set-up, before it has been brought into a state of statistical control.â€‹Â

**Â Balance of Powerâ€‹:Â **It isÂ the relationship between Price, Volume, and the indicatorâ€‹ by itself.

**Vortex Indicatorâ€‹:Â **It Â can be used to identify the start of a trend and subsequently affirm trend direction.Â

**Â ZigZagÂ â€‹:Â **The ZigZag lines simply react when prices move a certain percentage based on price action

**Psychological LineÂ â€‹:Â **This is a sentiment indicator. It checksÂ the obvious mood of the market and to detect undertones for a trend change.â€‹

**Moving Average Deviationâ€‹:Â **It is the standard deviation of the moving average values.

I am also trying to understand theseâ€¦

Thanx @AlgoGeek for throwing light on some of these. But can you explain me , how to take trading/investing decision/s with the help of each of these indicator and drawing tool. I googled for the same but found no help. Just a mathematical explanation is of no use for me but need to kbow about itâ€™s practical use. Else, all these indicators & drawing tools are useless for me.

I guess the only way to know the application of indicators for investing decisions is by applying those indicators with recommended parameters to scrip like nifty etc., and study on that, Example for above indicators there are overbought and oversold levels or few or loss or gain indication,

If you just want to do theoretical study on how these indicators , you can google for the formulas used for the same.