A pattern detector used in Strota's smart-money tracker for Indian markets.
FIIs cut their long futures exposure and bought a large block of index put options the same day.
Foreign institutions are reducing risk and hedging downside — often near local highs. BankNifty has averaged -0.7% over the next 5 sessions when this fires (60% hit rate, n=15).
This tag has not fired in our backtest window yet.