SharemarketRaja

3 Leg Short Strangle Bands

Draws 3 leg bands along with safe zone(green lines) based on input

1) Input ATR, Week Day, Current Market Close
2) Input ATR - Previous day 1H Max ATR
3) ADX < 25
4) Input Current Market Close
5) Trading Day - Mon/Tue/Wed/Thu/ Fri - Bands distance calculated based on day M/Tu/F 2*(Max ATR), W/Th 1.5(ATR)
6) Safe zone green lines - CMPCls +/- (1.5 * Max ATR)
7) Leg 1 Upper Lower Legs - M/Tu/F - CMPCls +/-(2 * Max ATR), W/Th - CMPCls +/-(1.5 * ATR)
8) Leg 2 & 3 Calculates based on Leg 2 = Leg 1 +/- 100 pts distance, Leg 3 = Leg 2 +/- 100 pts distance'
9) All figures rounded to nearest 100's
10) Safe zone broken exit all positions


This is a popular technic used by Profitable traders on sideway markets for Intraday
One can keep 3K as SL per 1 set of 3 legs for better R:R
Release Notes: V2 Version update Wednesday with color
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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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Comments

nothiing is displaying in the chart
its empty after applying the indicator
Reply
@nilanjan62, u need to change the input manually Current market price Cls, ATR Value, And the day this is only for Index not stocks
+2 Reply
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