0DTE Options - Iron Condor & Butterfly

vor 4 Tagen

To help options traders:

Plan and structure Iron Condor or Butterfly spreads in “Setup Mode.”

Track live trades, including P&L, breach risk, and strike distances, in “Live Mode.”

Visualize the trade on the price chart with profit zones, breakeven lines, strike markers, and alerts.

Evaluate market conditions using IV Rank, ATR-based range modeling, and modeled Delta approximation.

Essentially, it turns your TradingView chart into an options risk graph + planning terminal.

⚙️ Core Modes of Operation
🧱 1. Setup Mode

Used for planning new trades. It automatically suggests strikes based on:

ATR (volatility proxy)

IV Rank

Target Delta

Chosen risk tier (High / Mid / Low / Delta)

You can:

Preview recommended short and long strikes.

See estimated credit, width, and risk/reward ratios in a setup table.

Auto-feed these calculated strikes into the Live Mode to track them later.

Example Use:
Before market open, choose Setup Mode → Mid Risk Tier → see what strike widths and credits make sense for the day.

📈 2. Live Mode

Used to track real trades you’ve already opened.

You can:

Paste your real trade data (strikes, credits, etc.) into the 📋 paste field.

Or auto-feed from Setup Mode (if “Auto-Feed” is enabled).

The indicator then plots:

Short/long strikes

Breakevens

Profit/loss zone

Real-time breach detection and delta drift

Alerts when price nears your strikes or exits your safe zone.

Example Use:
After opening an Iron Condor on SPX, paste in 626,628,620,618,1.20,1, and the chart visually shows your safe range and warning zones.

🧮 Built-In Calculations
1. IV Rank (Volatility Environment)

Uses a 20-day log return volatility model to calculate IV Rank (percentile of volatility over the last 252 bars).

You can use this automatically or manually override it if you have data from your broker.

→ High IV Rank (>50) = better for selling Iron Condors (more premium).

2. ATR (Average True Range)

Measures short-term volatility to estimate expected daily price movement.

Used in Setup Mode to model distance between strikes.

3. Strike Calculations (Setup Mode)

Based on risk tier:

High Risk → wide wings, high credit, high potential drawdown

Mid Risk → balanced setup

Low Risk → narrow wings, safer but less credit

Delta Mode → based purely on target delta (e.g., 0.20)

Uses ATR × multiplier to determine how far short strikes should be from current price.

4. Credit Estimation

Based on strike width × IV Rank multiplier:

IV > 50 → 30% of width

IV 30–50 → 25%

IV < 30 → 20%

5. Profit & Loss Modeling

The indicator computes:

Max Profit:

Iron Condor → credit × 100 × contracts

Butterfly → (wing width − debit) × 100 × contracts

Max Loss:

Iron Condor → width − credit

Butterfly → debit × 100 × contracts

Breakevens:

Iron Condor → short strikes ± credit

Butterfly → body ± debit

Current P&L: Approximated by where the underlying is relative to the short/long strikes.

6. Delta Modeling

Estimates each short strike’s modeled delta based on how far it is from current price.

Displays total delta balance to show directional bias.

If Delta drifts too high → market imbalance → consider rolling or adjusting.

7. Breach Detection System

Automatically classifies your trade as:

🟢 In Range: Price between short strikes (safe zone).

🟠 Near Breach: Price close to short strike (risk zone).

🔴 Breached: Price outside long strike (stop or adjust zone).

This dynamically changes color in your profit box and info label.

🎨 Visual Components
Element Meaning Color
Red Line Put side strikes 🔻 Red
Green Line Call side strikes 🔺 Green
Yellow Dotted Lines Breakevens 🟡 Yellow
Green Box Profit zone 🟩 Light green
Orange Box Adjustment zone (near breach) 🟧 Orange
Red Box Breach zone 🟥 Red
White Line Current price ⚪ White

Optional labels display strike details and distances (e.g., “📉 Short Put: 620 – 5 pts away”).

📊 Setup Table (Setup Mode Only)

Displays a grid comparing all risk tiers:

Tier Short Call Short Put Width Est. Credit R:R
High 632 614 4.0 $1.20 0.43
Mid 630 616 3.0 $0.90 0.43
Low 628 618 2.0 $0.60 0.43

Highlighted row = selected risk tier.
This lets you compare how wide/narrow each setup is before committing to a trade.

🧾 Info Box (Live Mode)

Displays real-time stats such as:

🔶 IRON CONDOR | 1 Contract
📊 Calls: 626 / 628 | Puts: 620 / 618
💵 Credit: $1.20 | 💰 Profit: $120 | 🔴 Loss: $180
⬆️ BE: 627.2 | ⬇️ BE: 618.8
📍 Current: $623 | 💵 P&L: +$35.00 (+29.1%)
📏 To Short Call: 3 | To Short Put: 3
📊 Delta: 0.05 | IV Rank: 56% (FAVORABLE)
🔴 BREACH STATUS: In Range

🚨 Alerts

The indicator generates TradingView alerts for:

⚠️ Approaching Call Zone → nearing short call

⚠️ Approaching Put Zone → nearing short put

🛑 Stop Loss Triggered → current P&L exceeds loss threshold

🟠 Near Breach → price entering adjustment zone

🔴 Breached → price outside protection (long strikes)

These alerts can be used with TradingView notifications or webhooks.

🧠 How to Use It Step-by-Step
A. Planning (Setup Mode)

Set mode to “Setup.”

Adjust:

Risk Tier (High / Mid / Low / Delta)

Target Delta (0.15–0.30 recommended)

Strike Interval (e.g., 1.0 or 5.0)

Check Setup Table → see suggested strikes & credits.

Optionally toggle Auto-Feed → Live to send to live mode later.

B. Executing (Broker)

Confirm and enter your trade in your brokerage (use the strikes shown).
Record your strikes, net credit/debit, and number of contracts.

C. Tracking (Live Mode)

Switch to “Live” mode.

Paste your strikes in the 📋 Paste Data field:

Iron Condor Example: 626,628,620,618,1.20,1
Butterfly Example: 600,620,640,2.50,2


The chart updates:

Lines = your strikes

Boxes = profit/risk zones

Labels = strike info, distance to price

Info box = P&L, delta, IV rank, breach status

Set alerts for automatic notifications.

D. Managing the Trade

When the chart turns orange or red, you’re approaching or breaching a strike.

Use this signal to roll, hedge, or close your trade.

Monitor Gamma Risk: warning appears when price nears short strikes (explosive delta risk).

📌 Summary
Feature Description
Mode Switching Plan (Setup) or Track (Live)
IV Rank & ATR Modeling Estimates volatility environment
Auto Strike Planning Suggests strikes based on risk/delta
Visual Range Map Profit, breakeven, and adjustment zones
Real-Time Alerts Warns when nearing or breaching strikes
Trade Info Box Displays live risk, reward, delta, IV, and P&L
Setup Table Compares setups across risk tiers
Fully Configurable Works for Iron Condors or Butterflies

vor 3 Tagen

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How to Use the 0-DTE Options Iron Condor Indicator
Overview
This indicator helps identify and analyze 0-DTE (0 Days To Expiration) Iron Condor setups. It evaluates market conditions, suggests strike prices, calculates risk/reward, and displays a dashboard with trade metrics.
Initial Setup
1. Basic configuration
📊 IV RANK
IV Source: Choose VIX source (default: TVC:VIX)
IV Length: 252 (default)
IV Repaint: Leave enabled for real-time updates
📊 ADX & ATR
Defaults (14) are usually fine
Show ATR Boxes: Toggle ATR visualization
Show ATR Levels: Toggle ATR level lines
📊 RSI
Defaults (14, 70/30) are usually fine
2. Risk management (⚠️ RISK)
Required settings:
Account Size: Your trading account size (e.g., $10,000)
Risk %: Risk per trade (default: 1.0%)
Profit Target %: Take profit at X% of max profit (default: 50%)
Loss Limit %: Stop loss at X% of max loss (default: 200%)
Alerts: Enable/disable alerts
Strike Configuration (🎯 TRADE)
Option A: Auto-Calculate Strikes (recommended)
Enable "Auto-Calculate Strikes" (default: ON)
Choose Strike Method:
Expected Move (default): IV-based, best for 0-DTE
Standard Deviation: Statistical approach
ATR Based: Volatility-based
Fixed %: Fixed percentage from current price
Set Wing Width: Distance between short and long strikes (default: $2)
Manual Override: OFF (to use auto-calculated strikes)
The indicator calculates strikes based on current market conditions and displays them on the chart.
Option B: Manual Strikes
Turn OFF "Auto-Calculate Strikes", OR
Turn ON "Use Manual Override"
Enter strikes:
Short Call: Upper short strike
Long Call: Upper long strike (protection)
Short Put: Lower short strike
Long Put: Lower long strike (protection)
Enter Net Credit: Estimated credit per spread (e.g., $1.20)
Set Contracts: Number of contracts
Understanding the Signals
GO Signal (✅ GO)
Green header in the table
Conditions met:
Valid strike configuration
IV Rank > 50%
ADX between 15-30
ATR% between 1.0-2.5%
Stability Score ≥ 3
0-DTE conditions met (if enabled)
NO-GO Signal (❌ NO-GO)
Red header in the table
Shows which conditions failed
Review the "NO-GO Reason" row
CAUTION Signal (⚠️ CAUTION)
Yellow header
Market Condition Score ≥ 7 but not all GO conditions met
Proceed with caution
Reading the Dashboard Table
The table has 3 columns:
Column 1: Metric Names
Trade quality, IV Rank, ADX, Risk:Reward, etc.
Column 2: Values
Current values for each metric
Color-coded (green = good, red = bad)
Column 3: Market Context
Contextual interpretation of each metric
Examples: "Excellent Setup", "High IV", "Choppy Market"
Key rows to watch
Overall Signal: GO/NO-GO/CAUTION
Quality: Trade quality grade (A+ to D)
IV Rank: Should be >50% for Iron Condors
Risk:Reward: Ratio (aim for >1.2:1)
P(Win): Probability of profit (enhanced)
Expected Range: Profit zone range
Current P&L: Real-time profit/loss
Time Remaining: Hours until market close (0-DTE)
0-DTE Status: GO/NO-GO for 0-DTE conditions
Chart Elements
Lines and levels
Strike Lines: Green (calls) and Red (puts)
Breakeven Lines: Orange (BE+ and BE-)
Key Levels:
PDH/PDL: Previous Day High/Low (blue)
PMH/PML: Premarket High/Low (teal, dotted)
ORH/ORL: Opening Range High/Low (orange)
EM+/EM-: Expected Move (purple, dashed)
PP: Pivot Point (yellow, dotted)
PR+/PR-: Projected Range (aqua, dotted)
σ+/σ-: Standard Deviation bands (gray, dotted)
Zones
Green Box: Max Profit Zone (between short strikes)
Orange Boxes: Partial Loss Zones (between short and long strikes)
Red Boxes: Max Loss Zones (beyond long strikes)
VWAP
Gold line: Volume Weighted Average Price
Useful for identifying choppy vs trending markets
Visual Customization (🎨 VISUALS)
Info Box: Show/hide the dashboard table
Table Position: Choose location (Top Right, Top Left, etc.)
Label Size: Small/Medium/Large for chart labels
Table Size: Small/Medium/Large for table text
Show VWAP: Toggle VWAP line
Show Key Levels: Toggle key level lines
Alerts
When "Alerts" is enabled, you get notifications for:
GO Signal: When GO conditions are met
NO-GO Signal: When GO signal is lost
0-DTE GO: When 0-DTE conditions are confirmed
Risk Warning: Price approaching max loss zone
Profit Target: Profit target reached
Loss Limit: Loss limit reached
Breakeven: Price crossed breakeven
Time Decay Warning: Less than 1 hour remaining
Trading Workflow
Morning routine (before 10:30 AM ET)
Check the dashboard for overall signal
Review IV Rank (should be >50%)
Check Market Condition Score and Stability Score
If GO signal: Review auto-calculated strikes or enter manual strikes
During the trade
Monitor Current P&L in the table
Watch Time Remaining (0-DTE time decay)
Use alerts for profit targets and loss limits
Monitor price relative to breakeven levels
Exit strategy
Profit Target: Take profit at your set % (default: 50%)
Loss Limit: Exit at your set % (default: 200%)
Time Decay: Consider closing before last hour (time decay accelerates)
Tips
Best conditions for Iron Condors:
IV Rank >50% (higher premium)
ADX 15-30 (not too trending)
Choppy market (VWAP chop active)
Price within expected move range
Avoid trading when:
NO-GO signal is active
IV Rank <30%
Strong trending market (ADX >30)
Less than 1 hour remaining (unless managing)
Strike selection:
Use "Expected Move" method for 0-DTE
Wider wings = more protection but lower credit
Ensure strikes are valid (check table warnings)
Risk management:
Never risk more than your set Risk %
Use the recommended contract size from the table
Monitor Risk Metrics row for account risk percentage
Quick Reference
Setting Recommended Value Purpose
Auto-Calculate Strikes ON Let indicator suggest strikes
Strike Method Expected Move Best for 0-DTE
Wing Width $2-5 Protection distance
Risk % 1-2% Conservative risk per trade
Profit Target % 50% Take profits early
Loss Limit % 200% Stop loss threshold
IV Rank >50% Higher premium collection
ADX 15-30 Ideal range for Iron Condors
The indicator provides real-time analysis and suggestions. Use it as a tool alongside your own analysis and risk management.

vor 2 Stunden

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paste data