Options Strategy Charts

Options Strategy Charts(Nifty) - Multi-Strategy Analysis Tool

Analyze NIFTY option strategies (Straddle, Strangle, Spreads, Iron Condor) with built-in technical indicators, real-time data table, and comprehensive alerts.

Overview
**Option Strategy Charts** is a comprehensive technical analysis tool designed specifically for traders working with NIFTY index options on NSE. This indicator transforms complex multi-leg option strategies into clean, chartable price series with built-in technical analysis tools.

What This Indicator Does

This indicator creates a **synthetic price chart** from your selected option strategy, allowing you to:
- Visualize option strategy performance as candlestick or line charts
- Apply technical analysis to option strategy price movements
- Monitor individual strike prices within complex strategies
- Receive real-time alerts on strategy signals
- Track key technical indicators in an organized data table

Supported Strategies

1. **Straddle** - Long ATM Call + Long ATM Put (volatility play)
2. **Strangle** - Long OTM Call + Long OTM Put (lower cost volatility)
3. **Call Spread** - Long Call + Short Call (bullish directional)
4. **Put Spread** - Long Put + Short Put (bearish directional)
5. **Iron Condor** - 4-leg range-bound strategy
6. **Iron Butterfly** - Tight range credit strategy
7. **Custom** - Build any 4-leg strategy with customizable quantities

Key Features

1. Strategy Price Chart
- **Candlestick or Line display** - Choose your preferred visualization
- **Real-time OHLC data** - Built from actual NSE option prices
- **Proper price scaling** - Shows actual ₹ premium values
- **Multiple chart modes** - Standard candle coloring or trend-based

2. Built-in Technical Indicators

**VWAP (Volume Weighted Average Price)**
- Customizable anchor periods: Session, Week, Month, Quarter, Year
- Source selection: Close, HL2, HLC3, OHLC4
- Standard deviation bands for volatility analysis
- Shaded band area for visual clarity

**Supertrend**
- ATR-based trend identification
- Adjustable period and multiplier
- Visual trend direction with color-coded lines
- Signal displayed in data table

**Moving Averages (Up to 3)**
- EMA or SMA selection for each
- Customizable periods (default: 9, 21, 50)
- Independent toggle for each MA
- Color customization via Style tab

3. Real-Time Data Table

The data table displays:
- **Strategy LTP** - Current combined premium value
- **Individual Strike Prices** - Shows each leg's current price
- **RSI** - Momentum indicator with color coding
- **ADX** - Trend strength measurement
- **+DI / -DI** - Directional movement indicators
- **ATR** - Volatility measurement
- **Supertrend Signal** - Current trend status (Bullish/Bearish)

Table customization:
- Position: Top-left, Top-right, Bottom-left, Bottom-right
- Font size: Tiny, Small, Normal, Large, Huge
- Color-coded values for quick interpretation

4. Comprehensive Alert System

**Available Alerts:**
1. **Supertrend Signals**
- Bullish: Trend changes to uptrend
- Bearish: Trend changes to downtrend

2. **RSI Extremes**
- Overbought: RSI crosses above 70
- Oversold: RSI crosses below 30

3. **Moving Average Crossovers**
- Bullish: MA1 crosses above MA2
- Bearish: MA1 crosses below MA2

4. **VWAP Crosses**
- Price above VWAP
- Price below VWAP

5. **ADX Trend Strength**
- Strong trend: ADX crosses above 25
- Weak trend: ADX crosses below 25

6. **Confluence Signals**
- Strong Buy: Supertrend bullish + RSI < 50
- Strong Sell: Supertrend bearish + RSI > 50

How to Use

Step 1: Configure Your Strategy
1. Set the **expiry date** (YY-MM-DD format)
2. Select your **strategy type**
3. Enter the **strike prices** for your chosen strategy

Step 2: Enable Indicators (Optional)
All indicators are **disabled by default**. Enable only what you need:
- Toggle VWAP, Supertrend, or Moving Averages in settings
- Customize parameters to match your trading style
- All indicator colors can be adjusted in the Style tab

Step 3: Configure Data Table
- Choose table position on chart
- Adjust font size for readability
- Set RSI, ADX, and ATR periods

Step 4: Set Up Alerts
- Click the Alert button (clock icon)
- Choose from available alert conditions
- Customize alert messages
- Set notification preferences

Trading Applications

**For Volatility Traders (Straddle/Strangle)**
- Monitor combined premium movement
- Use RSI to identify oversold entry points
- Track VWAP for mean reversion signals
- Set alerts on price breakouts

**For Directional Traders (Spreads)**
- Analyze spread value trends with Supertrend
- Use moving averages for trend confirmation
- Monitor ADX for trend strength
- Get alerted on MA crossovers

**For Range Traders (Iron Condor/Butterfly)**
- Watch premium decay with time-based analysis
- Use VWAP bands to stay within range
- Monitor RSI to avoid trending markets
- Alert on Supertrend changes (range breakdown)

**For Custom Strategies**
- Build ratio spreads (1:2, 1:3)
- Create unbalanced butterflies
- Test exotic combinations
- Track performance with standard indicators

Technical Specifications

- **Platform**: TradingView
- **Version**: Pine Script v6
- **Type**: Indicator (overlay=false)
- **Data Source**: NSE NIFTY Options (real-time request.security calls)
- **Update Frequency**: Real-time (based on TradingView data feed)
- **Maximum Legs**: 4 (2 Calls + 2 Puts in Custom mode)

### Important Notes

1. **Data Accuracy**: This indicator fetches real-time option prices from NSE via TradingView. Ensure your data subscription includes NSE options.

2. **Expiry Format**: Enter expiry as YY-MM-DD (e.g., "26-02-10" for 10th Feb 2026)

3. **Strike Availability**: Ensure the strikes you enter exist in NSE option chain. Invalid strikes will show no data.

4. **Analysis Only**: This is an analysis tool. Actual trade execution must be done through your broker.

5. **Performance**: The indicator makes multiple security calls (2-4 depending on strategy). Performance is optimized but may vary based on connection speed.

6. **Custom Strategy Quantities**:
- Positive values = Buy/Long position
- Negative values = Sell/Short position
- Zero = Don't use this leg

Best Practices

1. **Start Simple**: Begin with Straddle or Strangle before exploring complex strategies

2. **Enable Indicators Gradually**: Start with one indicator, understand its signals, then add more

3. **Backtest Your Setups**: Use TradingView's bar replay feature to test indicator combinations

4. **Combine Multiple Timeframes**: Use different timeframes to confirm signals

5. **Use Alerts Wisely**: Set alerts for key signals to avoid constant monitoring

6. **Monitor Individual Strikes**: Use the data table to see which leg is moving the most

7. **Adjust for Market Conditions**: Different indicators work better in trending vs ranging markets

Limitations

- Cannot execute trades directly (analysis tool only)
- Requires manual expiry date input
- Limited to NIFTY options (not BANKNIFTY or other instruments)
- Maximum 4 legs in Custom mode
- Dependent on TradingView's NSE data feed quality

Support & Updates

This indicator is actively maintained. Updates may include:
- Additional strategy types
- New technical indicators
- Enhanced alert conditions
- Performance optimizations

Disclaimer

This indicator is provided for **educational and analytical purposes only**. It is not financial advice. Users should:
- Conduct their own analysis before trading
- Understand the risks of options trading
- Use proper risk management
- Consult with a qualified financial advisor
- Paper trade before using real money

Options trading involves substantial risk and is not suitable for all investors. Past performance of any trading system or methodology is not indicative of future results.