OPEN-SOURCE SCRIPT
Updated Best of Option Indicator - Manoj Wadekar
Plot this indicator for both CALL and PUT options and buy only when color of candle is YELLOW and above BLACK line.
Release Notes
This indicator is mainly for educational purpose and please back test first before actual trading. 1. Plot this indicator for both CALL and PUT options simultaneously, use Microsoft Edge browser for split screen resolution if needed.
2. Once we have "BUY" signal along with YELLOW candle, try to add some QTY near BLACK line.
3. Smart entry will be on GREEN line, as our Stoploss will be too small i.e. below Green line.
4. Scalper can use 3min or 5min, and for better result - please use on 15min timeframe.
Release Notes
We have few updates below which makes this indicator as leading indicator.1. RSI Overbought and Oversold -
Candle background is highlighted with Green / Red Color showing Overbought and Overbought region for quick reversal in advance.
2. RSI Divergence -
RSI Divergence is shown below the candle with triangle colored in Green / Red Color.
3. RSI Value on Chart.
4. Fractal -
The fractal marked with dashed lines from previous fractals based on divergence conditions.
5. VWAP and EMA - 20/200
Added VWAP and EMA - 20/200 for better decision making and trend identification.
The Pine script is accessible for all to update this indicator based on your needs, please share your feedback and your valuable suggestions.
Release Notes
The RSI Diversion under Oversold / Overbought region will give you confirm sign of Reversal. Always use 15 min TF for better accuracy.Release Notes
.Release Notes
The Narrow range Camarilla Pivot Point indicates volatility in Option premium.The BUY signal at PE Side with the average of 22 points blast to 200 points, and RSI Diversion under Overbought region creates exit opportunity on top.
Release Notes
Updated script:1. Added Candlestick's name i.e. Engulfing, Pinbar for trend / reversals.
2. Highlighted candle with black color for EMA=5 strategy for identifying quick Selling opportunities.
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.
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.
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.