ml_india — Library by Market_Logic_India — TradingView

What it gives
VIX regime — where India VIX sits in its own recent range: fearful (risk-off), complacent, or normal.
VIX term-structure proxy — short-term vs longer-term implied vol, as a stand-in for the futures curve when that isn’t on your feed.
Spot–futures basis — the NIFTY futures premium/discount, raw and annualized, plus a self-calibrating regime.
riskState — the VIX regime and basis regime combined into a single risk-on / risk-off number.
Design — host-fed

The statistics are host-fed: you fetch India VIX (e.g. NSE:INDIAVIX) and NIFTY spot versus the futures you’re charting with request.security / input.source, and pass the series in. So the library carries no hard-wired tickers and works whatever your feed calls them. A fetch helper is included for convenience. Every read is a pure function of the series you pass — nothing repaints.

The functions
fetch(sym) — a symbol’s close on the chart timeframe. For wiring VIX / spot inputs.
vixRegime(vix, len, hiPct, loPct) — VIX percentile over len: +1 high fear (risk-off), −1 complacent, 0 normal.
vixTermProxy(vix, fastLen, slowLen) — (fast EMA − slow EMA) / slow EMA of the index: >0 backwardation (short-term stress building), <0 contango (calm). A single-series stand-in for a genuine VIX-futures curve.
basis(spot, fut) — (fut − spot) / spot. Positive = futures premium (carry / bullish lean); negative = discount / backwardation.
basisAnn(spot, fut, dte) — the basis annualized by days-to-expiry (× 365 / dte), so different expiries are comparable.
basisRegime(spot, fut, len, z) — the basis z-scored against its own history: +1 rich premium, −1 discount/backwardation, 0 normal. Self-calibrating to each symbol’s typical carry.
riskState(vix, spot, fut, len, hiPct, loPct, z) — one context read: +1 risk-ON (VIX complacent and futures at a premium), −1 risk-OFF (VIX fearful or basis in discount — either alone is enough to de-risk), 0 mixed.
How to use

Fetch the context and gate a signal by it:

//version=6
indicator(“Example — India context”, overlay = false)
import Market_Logic_India/ml_india/1 as ind

vix = ind.fetch(“NSE:INDIAVIX”)
spot = ind.fetch(“NSE:NIFTY”)
fut = close // the futures you are charting (e.g. NIFTY1!)

vReg = ind.vixRegime(vix, 100, 80, 20) // +1 fear / -1 calm / 0
bReg = ind.basisRegime(spot, fut, 100, 1.0) // +1 premium / -1 discount / 0
risk = ind.riskState(vix, spot, fut, 100, 80, 20, 1.0) // +1 risk-on / -1 risk-off / 0

bgcolor(risk < 0 ? color.new(color.red, 88) : risk > 0 ? color.new(color.green, 88) : na)
plot(ind.basisAnn(spot, fut, 7), “Annualized basis”)
Scope / honesty

NSE open-interest (OI-delta) is deliberately not here — Pine does not expose index-futures OI on retail feeds, so any “OI” read would be fabricated. The VIX and basis reads are the genuinely-available NIFTY-native context; pair them with your own OI source if you have one. India VIX itself is a 30-day model index, so vixTermProxy is a single-series proxy, not a true two-point curve — treat it as a fast “stress building” flag.

Concept credits

Volatility-index term structure (contango / backwardation) and the cost-of-carry spot–futures basis are standard derivatives concepts; India VIX is NSE’s volatility index. This library is an original, dependency-free Pine v6 packaging of those public techniques; it is not affiliated with, nor endorsed by, NSE or any originator.

License

Mozilla Public License 2.0 — as required for TradingView libraries (open source). Free to import and build on.

Library “ml_india”

fetch(sym)
  Parameters:
    sym (simple string)

vixRegime(vix, len, hiPct, loPct)
  Parameters:
    vix (float)
    len (simple int)
    hiPct (simple float)
    loPct (simple float)

vixTermProxy(vix, fastLen, slowLen)
  Parameters:
    vix (float)
    fastLen (simple int)
    slowLen (simple int)

basis(spot, fut)
  Parameters:
    spot (float)
    fut (float)

basisAnn(spot, fut, dte)
  Parameters:
    spot (float)
    fut (float)
    dte (simple float)

basisRegime(spot, fut, len, z)
  Parameters:
    spot (float)
    fut (float)
    len (simple int)
    z (simple float)

riskState(vix, spot, fut, len, hiPct, loPct, z)
  Parameters:
    vix (float)
    spot (float)
    fut (float)
    len (simple int)
    hiPct (simple float)
    loPct (simple float)
    z (simple float)