Straddle Mover is an indicator especially made for option writer / seller who wants to do straddle and adjust the position based on the market trend / movement. It can be use for iron fly strategy too.
Settings: User must know the settings of the indicator before using.
First one is Option Strike Difference, user need to enter the correct option strike difference of the particular instrument / stock / indices, one can get it from option chain. For example, Nifty having 50 points differences in each option strike and bank nifty having 100 points. So, Nifty user must enter 50 and Bank nifty user must enter 100 in this setting.
Second is Straddle Type based on, user can choose the type of the straddle mover. There are two options to choose, 1) High/Low is based on current day high/low average near strike to make straddle and 2) Trend is based on recent N number of candle(s) average near strike to make straddle.
Third is Trend Length, default value is 20 which generally used in vwma , donchian channel and other trend finding indicators. User can change if need.
If user select high/low based type then length is not important.
Note: Option Strike Difference and Straddle type based on is very important setting to use this indicator.
User must do adjustments based on their own risk and strategy. This indicator is only for education purpose.