OPEN-SOURCE SCRIPT
Advanced Options Signals
This advanced TradingView indicator is designed to generate precise buy signals for options trading by combining a broad array of technical tools into one cohesive script. It leverages custom VWAP calculations, multi-timeframe EMAs, RSI, MACD, a custom ADX, Bollinger Bands, and a Z-score filter of the price-VWAP difference to produce robust signals for call and put options.
Key Features:
Custom VWAP Calculation:
Offers the flexibility to use either an anchored VWAP (with a user-defined start time) or a session/daily reset VWAP, ensuring that the reference price adapts to different market conditions.
Multi-Timeframe Trend Confirmation:
Utilizes EMAs from higher timeframes (60-minute and 240-minute charts) to confirm the primary trend, thereby filtering out noise and improving signal accuracy.
Comprehensive Technical Filtering:
Integrates RSI, MACD, a custom ADX (calculated using the directional movement system), Bollinger Bands, and a Z-score filter. This multi-indicator approach refines entry signals and helps reduce false triggers.
Dynamic Risk Management:
Includes ATR-based stop loss suggestions and dynamically generated take profit levels at 25%, 50%, 75%, and 100% targets—ideal for options trading where partial exits can be advantageous.
Targeted Adjustments for NVDA and TSLA:
Recognizing that NVDA and TSLA are high-volatility, high-volume stocks, the script automatically adjusts key parameters (such as the ATR multiplier, ADX threshold, and Z-score thresholds) when it detects these tickers. This fine-tuning improves precision on these popular tech stocks while maintaining full configurability for use on other instruments.
Usage:
While this script is optimized for NVDA and TSLA, it remains fully adaptable for any stock or instrument. Simply adjust the input parameters (such as the periods for technical indicators or the multipliers for volatility filters) to suit the behavior of your target asset. Backtest across different timeframes to ensure it fits your trading style.
Alerts:
Alerts are built in for both call and put signals so you can set notifications for timely trade execution.
Disclaimer: This script is for educational and informational purposes only and should not be construed as financial advice. Trading involves risk, and past performance is not indicative of future results. Use at your own risk.
Key Features:
Custom VWAP Calculation:
Offers the flexibility to use either an anchored VWAP (with a user-defined start time) or a session/daily reset VWAP, ensuring that the reference price adapts to different market conditions.
Multi-Timeframe Trend Confirmation:
Utilizes EMAs from higher timeframes (60-minute and 240-minute charts) to confirm the primary trend, thereby filtering out noise and improving signal accuracy.
Comprehensive Technical Filtering:
Integrates RSI, MACD, a custom ADX (calculated using the directional movement system), Bollinger Bands, and a Z-score filter. This multi-indicator approach refines entry signals and helps reduce false triggers.
Dynamic Risk Management:
Includes ATR-based stop loss suggestions and dynamically generated take profit levels at 25%, 50%, 75%, and 100% targets—ideal for options trading where partial exits can be advantageous.
Targeted Adjustments for NVDA and TSLA:
Recognizing that NVDA and TSLA are high-volatility, high-volume stocks, the script automatically adjusts key parameters (such as the ATR multiplier, ADX threshold, and Z-score thresholds) when it detects these tickers. This fine-tuning improves precision on these popular tech stocks while maintaining full configurability for use on other instruments.
Usage:
While this script is optimized for NVDA and TSLA, it remains fully adaptable for any stock or instrument. Simply adjust the input parameters (such as the periods for technical indicators or the multipliers for volatility filters) to suit the behavior of your target asset. Backtest across different timeframes to ensure it fits your trading style.
Alerts:
Alerts are built in for both call and put signals so you can set notifications for timely trade execution.
Disclaimer: This script is for educational and informational purposes only and should not be construed as financial advice. Trading involves risk, and past performance is not indicative of future results. Use at your own risk.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publications is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.