Index & Stock Options Reference Tool-(ISORT) [Arjo]

The Index & Stock Options Reference Tool-(ISORT) [Arjo] is an indicator that helps users observe price trend direction together with commonly used option strike levels for selected indices and stocks in Indian market.

The indicator integrates a smoothed trend framework with structured option-related data to help users observe how price direction aligns with commonly referenced option strike levels.
It does not generate trading signals, does not provide buy or sell recommendations, and does not evaluate profitability.

Key Features
1. Trend Context Engine

• Uses a Super-Smoother filter combined with EMA smoothing
  
• Highlights directional context through color-based trend states
  
• Designed to reduce short-term noise
  

2. Dynamic ATM & Strike Reference

• Automatically computes ATM strike and offset strike levels to select OTM strike
  
• Strike intervals adapt to the selected index or stock
  
• Supports both NSE and BSE instruments, including SENSEX
  

3. Expiry Awareness

• User-selectable expiry date inputs
  
• Displays a visual warning if the selected expiry has already passed
  
• Helps avoid referencing outdated option contracts
  

4. Option Price Reference Panel

• Displays last observed CALL and PUT prices (when available)
  
• Allows optional manual entry values for analytical comparison
  
• All price values are shown strictly as references
  

5. Informational Table Overlay

• Customizable on-chart table layout
  
• Displays strike, timestamp, price reference, and arithmetic P&L values
  
• Table values are informational only, not predictive or advisory
  

How to Use
1. Select the Underlying Instrument

• Choose whether to reference the current chart symbol or a custom index/stock from the input settings
  
• Supported instruments include major NSE indices, selected stocks, and SENSEX
  

2. Configure Expiry Parameters

• Enter the option expiry date using the Day, Month, and Year inputs
  
• If an expired date is selected, the indicator will display a visual warning
  
• This helps ensure option references remain time-relevant
  

3. Observe Trend Context

• The smoothed trend line provides directional context only
  
• Color changes reflect shifts in price structure, not trade instructions
  
• This trend is intended for contextual analysis, not timing entries
  

4. Review Strike References

• The indicator automatically calculates ATM and offset strike levels
  
• Strike spacing adjusts based on the selected index or stock
  
• These values serve as reference levels commonly observed in options markets
  

5. Interpret the Information Table
The on-chart table displays:

• Strike level
  
• Timestamp of the most recent context change
  
• Last observed option price (when available)
  
• Arithmetic price difference values
  
• All values are informational references only and do not represent performance or outcomes
  

6. Optional Manual Inputs

• Manual price fields can be used to compare external reference values
  
• These inputs do not trigger signals or automated calculations
  

Important Notes

This indicator is not a trading system
It does not generate buy or sell signals
It does not provide financial or trading advice
It is intended for learning, observation, and market study

Disclaimer
This script is provided for educational and analytical purposes only. It does not constitute investment advice, trading advice. The author assumes no responsibility for decisions made using this indicator.

Happy Trading (Arjo)