Tradingnomy Options Dashboard

Jul 12
**Tradingnomy Options Dashboard**

The "Tradingnomy Options Dashboard" is a sophisticated indicator developed, tailored for traders focusing on options trading in the Indian market. This powerful tool offers a comprehensive analysis of options premiums across various indices, enhancing decision-making capabilities.

**Key Features and Functionality:**

1. **Data Source Selection**: Users can select the data source (defaulting to the closing price) for precise calculations, ensuring accurate analysis.

2. **Index Selection**: Choose from prominent Indian indices including NIFTY, BANKNIFTY, MIDCPNIFTY, FINNIFTY, SENSEX, and BANKEX. Each selection dynamically maps to its corresponding spot symbol for data retrieval.

3. **Strike Prices and Expiry Date Customization**: Customize strike prices (`strike_ce` for calls and `strike_pe` for puts) and set the expiration date (day, month, year) of the options contracts. This flexibility allows traders to simulate various trading scenarios.

4. **Symbol Construction**: The script constructs unique symbols (`symbol_CE` for call options and `symbol_PE` for put options) based on the chosen index, expiry date, and strike prices. This automated process simplifies data fetching and analysis.

5. **Real-Time Data Retrieval**: Utilizing TradingView's `request.security` function, the script fetches real-time closing prices for the constructed option symbols (`symbol_CE` and `symbol_PE`), ensuring up-to-date market information.

6. **Straddle and Premium Calculation**: The indicator calculates the straddle value by combining the closing prices of both call and put options (`straddle_close`). Additionally, it separately plots the call premium (`Call_Premium`) and put premium (`Put_Premium`) for visual clarity.

7. **User-Driven Visualization**: Users can easily toggle visibility settings to display or hide the straddle, call premiums, and put premiums based on their analytical needs. This feature-rich customization enhances usability and focus on relevant trading insights.

**Usage and Originality:**

- **Educational Tool**: Designed primarily for educational purposes, the "Tradingnomy Options Dashboard" helps traders understand options pricing dynamics and formulate informed trading strategies.

- **Original Script**: Developed exclusively by tradingnomy_algo, this script adheres to the Mozilla Public License 2.0, ensuring transparency and respect for intellectual property rights. It stands out as an original contribution to the TradingView community, offering unique insights into the Indian options market.

This has been possible due to the Newly Added Options Data provided by Tradingview for Indian Markets

**How to Use:**

1. **Select Index**: Choose your preferred index (e.g., NIFTY, BANKNIFTY) from the dropdown menu.

2. **Set Parameters**: Customize strike prices (`strike_ce` and `strike_pe`) and choose the expiration date (`_day`, `_month`, `_year`) using intuitive input controls.

3. **Visualize Data**: Toggle the visibility of straddle/strangle values, call premiums, and put premiums to focus on specific metrics relevant to your trading strategy.

4. **Interpret Results**: Analyze the plotted data to understand options premiums trends and make informed trading decisions based on current market conditions.

**Disclaimer**: While this indicator provides valuable insights, it is important to conduct thorough research and consider multiple factors before making trading decisions. The "Tradingnomy Options Dashboard" is a tool for educational purposes and does not constitute financial advice.