Options Combined Premium Strategy

Overview
The "Options Combined Premium Strategy" is a technical analysis indicator coded in Pine Script™ v5, designed for traders who wish to analyze options trading for various indices, such as NIFTY, BANKNIFTY, and others. The script focuses on calculating and visualizing combined premiums from both call and put options, enabling users to make informed trading decisions based on technical indicators.

Key Features:
1> Index Selection: Users can choose from multiple indices (e.g., NIFTY, BANKNIFTY).
2> Expiry Date Configuration: Inputs for specifying the expiry date of the options (day, month,
year).
3>Strike Prices: Allows users to input strike prices for both call (CE) and put (PE) options.
4>Strike Choice: The option to include combined premiums or choose to focus solely on either
calls or puts.

Data Retrieval:
The script retrieves historical price data (open, high, low, close) and volume for the specified call and put options using the generated symbol format, which is compliant with the naming conventions of options on supported exchanges.

Combined Premium Calculation:
Based on the user's selection (Combined, Only Call, Only Put), it computes the combined open, high, low, and close values for the selected options and derives the total volume. This is essential for understanding the overall market sentiment based on both options.

Technical Indicators:
The script offers the flexibility to integrate various commonly used technical indicators, including:
1)Exponential Moving Averages (EMA): To identify trends and potential reversals.
2)Supertrend: A trend-following indicator that helps define bullish and bearish trends.
3)Volume Weighted Average Price (VWAP): Averages price based on volume, providing insight
into price trends throughout the trading day.
4)Relative Strength Index (RSI): A momentum oscillator that measures the speed and change of
price movements, indicating overbought or oversold conditions.
5)Simple Moving Average (SMA): A traditional average used to smooth price data and confirm
trends.

Buy and Sell Signal Generation:
The script incorporates logic to generate buy and sell signals based on the selected indicators. It tracks the conditions for entering (buy) and exiting (sell) trades and executes these based on defined crossover strategies.

Visual Representation:
The combined premium is displayed as candlesticks on the chart, with color coding to differentiate between rising (green) and falling (red) prices.
Buy and sell signals are represented visually on the chart with up (buy) and down (sell) triangles for quick analysis.

Alert Conditions:
Users can set alert conditions for the generated buy and sell signals, allowing for timely notifications when market conditions meet specified criteria.

Conclusion:
This Pine Script provides a comprehensive framework for traders focusing on options strategies by calculating combined premiums and integrating various technical indicators. Its user-friendly interface allows customization, catering to individual trading styles. By leveraging this indicator, traders can enhance their market analysis and improve decision-making when trading options.