OPEN-SOURCE SCRIPT
Improved Option Selling Strategy
Its a mix of indicators for option selling.
🔵 Updated Entry & Exit Conditions
✅ Buy Signal (Bull Put Spread) – When Market is Bullish
🔹 EMA Crossover (20 EMA crosses above 50 EMA)
🔹 ADX Above 15 (Confirms trend strength)
🔹 RSI Above 45 (Avoid weak trends)
🔹 Price Above VWAP (Market is bullish)
🔹 No Resistance Nearby (Avoid rejection zones)
🔹 SELL ATM or 1 OTM Put Option
🔹 Hedge with 200-300 points lower OTM Put
🔴 Sell Signal (Bear Call Spread) – When Market is Bearish
🔹 EMA Crossunder (20 EMA crosses below 50 EMA)
🔹 ADX Above 15 (Confirms trend strength)
🔹 RSI Below 55 (Avoid reversals)
🔹 Price Below VWAP (Market is weak)
🔹 No Support Nearby (Avoid bounce zones)
🔹 SELL ATM or 1 OTM Call Option
🔹 Hedge with 200-300 points higher OTM Call
🔵 Updated Entry & Exit Conditions
✅ Buy Signal (Bull Put Spread) – When Market is Bullish
🔹 EMA Crossover (20 EMA crosses above 50 EMA)
🔹 ADX Above 15 (Confirms trend strength)
🔹 RSI Above 45 (Avoid weak trends)
🔹 Price Above VWAP (Market is bullish)
🔹 No Resistance Nearby (Avoid rejection zones)
🔹 SELL ATM or 1 OTM Put Option
🔹 Hedge with 200-300 points lower OTM Put
🔴 Sell Signal (Bear Call Spread) – When Market is Bearish
🔹 EMA Crossunder (20 EMA crosses below 50 EMA)
🔹 ADX Above 15 (Confirms trend strength)
🔹 RSI Below 55 (Avoid reversals)
🔹 Price Below VWAP (Market is weak)
🔹 No Support Nearby (Avoid bounce zones)
🔹 SELL ATM or 1 OTM Call Option
🔹 Hedge with 200-300 points higher OTM Call
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
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.