All-in-One Multi-Indicator Straddle - Strangle Strategy

All-in-One Multi-Indicator Straddle – Strangle Strategy

Overview

All-in-One Multi-Indicator Straddle – Strangle Strategy is an analytical indicator designed for options premium analysis on Indian index derivatives. The script dynamically constructs option symbols based on user-selected index, expiry, and strikes, and visualizes the combined premium (Call + Put) or individual leg premium as candles.

On top of the premium structure, the indicator allows traders to optionally apply multiple technical indicators—EMA crossover, Supertrend, VWAP, RSI, and SMA—to generate structured buy and sell signals on the option premium itself.

This tool is intended strictly for educational and analytical purposes and does not execute trades.

Key Features

Dynamic Option Symbol Construction

• Supports NIFTY, BANKNIFTY, FINNIFTY, MIDCPNIFTY, and BSX
  
• User-defined expiry (day, month, year)
  
• Custom Call and Put strike selection
  

Straddle / Strangle Premium Visualization

• Combined Call + Put premium
  
• Only Call premium
  
• Only Put premium
  
• Displayed as candle data for better price-action analysis
  

Multi-Indicator Confirmation Engine

• EMA crossover (fast & slow)
  
• Supertrend with adjustable ATR and factor
  
• Session-reset VWAP on premium
  
• RSI with customizable levels
  
• SMA trend filter - Indicators can be enabled or disabled independently.
  

Signal Control Logic

• One Buy and one Sell signal per trading day
  
• Prevents repeated signals in the same direction
  
• Signals are based on selected indicator confluence
  

Alerts

• Built-in alert conditions for Buy and Sell signals
  

How It Works

• The script builds option symbols using the selected index, expiry, and strike prices.
  
• Option OHLCV data is fetched using request.security.
  
• Depending on the selected mode: (1) Call and Put premiums are combined, or (2) A single leg is analyzed.
  
• The resulting premium is plotted as candles.
  
• Selected indicators are applied directly to the premium price.
  
• Buy/Sell signals are generated only when all enabled conditions align.
  

Inputs Summary

Index & Expiry

• Spot symbol
  
• Expiry day, month, and year (string-based for accuracy)
  

Strike Selection

• Call strike
  
• Put strike
  
• Combined / Only Call / Only Put mode
  

Indicators (Optional)

• EMA (Fast & Slow lengths)
  
• Supertrend (ATR length & factor)
  
• VWAP (volume-weighted premium)
  
• RSI (length, overbought & oversold levels)
  
• SMA (length)
  

Important Notes & Limitations

• This indicator does not place trades and is not a strategy.
  
• Option symbols must exactly match broker-specific naming conventions supported by TradingView.
  
• Data availability depends on TradingView’s option data coverage.
  
• VWAP is session-based and resets on a new trading day.
  
• Signals are analytical references only and should not be considered financial advice.
  

Intended Use

This indicator is best suited for:

• Studying straddle and strangle premium behavior
  
• Monitoring premium trends using technical indicators
  
• Educational analysis of option premium dynamics
  

Users are encouraged to combine this tool with their own risk management and market understanding.