PavanDeshetty-Call

17. Okt.

The PavanDeshetty-Call indicator is a custom Pine Script tool designed to track options price movements for a specific call option and generate entry and exit signals based on predefined conditions. Below is a description of its key components:

Key Features:
Index Selection: Allows the user to select from major indices like NIFTY, BANKNIFTY, FINNIFTY, and MIDCPNIFTY. The selected index forms part of the option symbol.

Expiry Date Input: The user inputs the expiry day, month, and year, which helps to construct the full symbol for the call option being tracked.

Strike Price Selection: Allows the user to input a specific strike price for the call option, further refining the option symbol.

Option Symbol Generation: Based on the selected index, expiry date, and strike price, the indicator generates the symbol for the selected call option.

Data and Plotting:
Option Premium Data: The indicator fetches the open, high, low, and close data for the selected call option symbol using the request.security() function, which is then plotted as a candle chart. Green candles indicate price increases (close > open), while red candles indicate price decreases (close < open).
Entry and Exit Logic:
Entry Condition:

The indicator checks if the current option price is greater than or equal to 100.5% of the highest high of the previous "n" candles (the number of previous candles can be specified by the user).
If true, and if the user is not already in a position, a buy signal is generated.
Exit Condition:

The indicator checks if the option price has crossed below 99.5% of the previous candle's low.
If true, and if the user is in a position, a sell signal is generated.
Position Tracking:

The script uses a boolean variable in_position to track whether the user is currently in a trade. This prevents multiple entries and ensures that the exit condition resets the trade status.
Visual Signals:
Buy and Sell Signals:
Buy signals are plotted as green "Buy" labels at the bottom of the chart.
Sell signals are plotted as red "Sell" labels at the top of the chart.
After each signal, the flags for plotting the signals are reset.
Alerts:
Buy and Sell Alerts: The indicator includes alert conditions for both the buy and sell signals, allowing users to set up notifications when the entry or exit conditions are met.
This indicator is useful for traders looking to automate or track options trading based on specific strike prices and options expiry dates, combined with simple price-action-based entry and exit conditions.