Straddle & Strangle Premium Chart
Straddle & Strangle Premium Chart
WHAT IT DOES
Option sellers and buyers often watch the combined price of a call and a put (a straddle or strangle) rather than either leg on its own. TradingView has no ready-made symbol for that combined price. This indicator builds it as a candle chart in its own pane for the latest session of NIFTY (NSE) or SENSEX (BSE) weekly or monthly options, and adds a small set of standard studies and a dashboard on top of that series. The index is detected from the chart, and the strike step and expiry weekday switch with it.
Structures:
- ATM straddle
- Strangle — choose how many strikes above ATM for the call and below ATM for the put
- Manual strikes — any CE and PE strike
Strike anchoring:
- Fixed at time — strikes are chosen from the index price at a time you set (default 09:20) and kept for the rest of the day. The price is read from 1-minute data, so every chart timeframe fixes the same strikes.
- Rolling (always ATM) — strikes follow the nearest ATM strike on every bar; a label marks each strike change
HOW IT WORKS
1. Expiry: the next weekly (or monthly) expiry is worked out from the expiry weekday set for that index (defaults: NIFTY Tuesday, SENSEX Thursday). If that day is an NSE/BSE trading holiday, the expiry moves to the previous trading day. A 2026 NSE/BSE holiday list is built in, and an input accepts extra dates. The dashboard marks a shifted expiry. A manual expiry date is also available.
2. Strike grid: option data is requested for a grid of strikes around the previous index close (±9 strikes by default; with the grid the script uses all 40 of TradingView's data requests). Because the data is already loaded, a rolling straddle can switch strikes on the same bar without a gap.
3. Honest wicks: a combined candle cannot be made by adding the call's high to the put's high. The two legs move in opposite directions and almost never peak at the same moment, so that shortcut draws wicks to prices the straddle never traded at. This script requests 1-minute bars for both legs inside every chart candle, lines them up by timestamp (carrying a leg's last price forward if it did not trade in a minute) and adds them minute by minute. The candle's open, high, low and close come from that combined path. An alternative "highs + lows" method is available for 1-minute charts.
STUDIES ON THE COMBINED PREMIUM
All studies are standard formulas. They are calculated on the combined premium series rather than on the index, which is the point of the tool:
- VWAP — volume-weighted average of the combined premium, using the volume of both legs; restarts each day (and optionally on a strike change in rolling mode). Shows where the combined premium has traded on average during the session.
- Supertrend (ATR-based) — shows the direction of the premium's recent swing.
- Fast and slow EMA — smoothed premium; the dashboard reports whether the fast EMA is above or below the slow one.
- RSI — shown in the dashboard only, with optional background tint in the upper and lower zones.
- Bollinger Bands (off by default) — width of recent premium movement.
- Start, day-high and day-low lines — the premium at the fixed time and the session's extremes.
Each one describes the combined premium from a different angle (average price, swing direction, smoothing, momentum, range). None of them produces buy or sell signals, and the script draws no entry or exit markers.
DASHBOARD
Index, expiry and days to expiry, structure, strikes in use, current premium, change since the start, day high/low, position versus VWAP, Supertrend direction, EMA relationship, RSI, Bollinger position and the wick method. Colours only show direction: green when the premium is falling or below a reference, orange when it is rising or above it.
ALERTS
Premium crossing VWAP, Supertrend direction changes, EMA crosses and closes outside the Bollinger Bands are available as alert conditions. They report what the premium did; they are not trade instructions.
HOW TO USE
1. Open the NSE:NIFTY or BSE:SENSEX index chart on an intraday timeframe; 2 to 15 minutes works best.
2. Add the indicator. Check that the dashboard shows the index and expiry you expect.
3. Choose the structure and anchoring. For strangles or rolling mode, the strikes must stay inside the strike grid; the dashboard warns if they leave it. For manual strikes, enter strikes that match the index (multiples of 50 for NIFTY, 100 for SENSEX).
4. If NSE or BSE changes the weekly expiry weekday, change the weekday next to that index's strike step. Add any new holidays in "Extra holidays".
LIMITATIONS
- NIFTY and SENSEX only, and only the latest session: the script does not rebuild past days, so it is not a backtesting tool.
- Depends on TradingView's NSE and BSE option data; data timing follows your TradingView data access.
- The strike grid is limited by TradingView's 40-request cap. Very large intraday moves can take a rolling or strangle strike outside the grid.
- The built-in holiday list covers 2026; later years need the extra-holidays input or an update.
- The current candle updates in real time like any live bar. In rolling mode the strike can change on the live bar until it closes. Completed candles do not change.
- VWAP uses traded option volume; in thinly traded minutes it leans on fewer trades.
DISCLAIMER
For education and analysis only. This is not investment advice or a recommendation to buy or sell any instrument. The author is not a SEBI-registered investment adviser or research analyst. Futures and options carry a high risk of loss.
WHAT IT DOES
Option sellers and buyers often watch the combined price of a call and a put (a straddle or strangle) rather than either leg on its own. TradingView has no ready-made symbol for that combined price. This indicator builds it as a candle chart in its own pane for the latest session of NIFTY (NSE) or SENSEX (BSE) weekly or monthly options, and adds a small set of standard studies and a dashboard on top of that series. The index is detected from the chart, and the strike step and expiry weekday switch with it.
Structures:
- ATM straddle
- Strangle — choose how many strikes above ATM for the call and below ATM for the put
- Manual strikes — any CE and PE strike
Strike anchoring:
- Fixed at time — strikes are chosen from the index price at a time you set (default 09:20) and kept for the rest of the day. The price is read from 1-minute data, so every chart timeframe fixes the same strikes.
- Rolling (always ATM) — strikes follow the nearest ATM strike on every bar; a label marks each strike change
HOW IT WORKS
1. Expiry: the next weekly (or monthly) expiry is worked out from the expiry weekday set for that index (defaults: NIFTY Tuesday, SENSEX Thursday). If that day is an NSE/BSE trading holiday, the expiry moves to the previous trading day. A 2026 NSE/BSE holiday list is built in, and an input accepts extra dates. The dashboard marks a shifted expiry. A manual expiry date is also available.
2. Strike grid: option data is requested for a grid of strikes around the previous index close (±9 strikes by default; with the grid the script uses all 40 of TradingView's data requests). Because the data is already loaded, a rolling straddle can switch strikes on the same bar without a gap.
3. Honest wicks: a combined candle cannot be made by adding the call's high to the put's high. The two legs move in opposite directions and almost never peak at the same moment, so that shortcut draws wicks to prices the straddle never traded at. This script requests 1-minute bars for both legs inside every chart candle, lines them up by timestamp (carrying a leg's last price forward if it did not trade in a minute) and adds them minute by minute. The candle's open, high, low and close come from that combined path. An alternative "highs + lows" method is available for 1-minute charts.
STUDIES ON THE COMBINED PREMIUM
All studies are standard formulas. They are calculated on the combined premium series rather than on the index, which is the point of the tool:
- VWAP — volume-weighted average of the combined premium, using the volume of both legs; restarts each day (and optionally on a strike change in rolling mode). Shows where the combined premium has traded on average during the session.
- Supertrend (ATR-based) — shows the direction of the premium's recent swing.
- Fast and slow EMA — smoothed premium; the dashboard reports whether the fast EMA is above or below the slow one.
- RSI — shown in the dashboard only, with optional background tint in the upper and lower zones.
- Bollinger Bands (off by default) — width of recent premium movement.
- Start, day-high and day-low lines — the premium at the fixed time and the session's extremes.
Each one describes the combined premium from a different angle (average price, swing direction, smoothing, momentum, range). None of them produces buy or sell signals, and the script draws no entry or exit markers.
DASHBOARD
Index, expiry and days to expiry, structure, strikes in use, current premium, change since the start, day high/low, position versus VWAP, Supertrend direction, EMA relationship, RSI, Bollinger position and the wick method. Colours only show direction: green when the premium is falling or below a reference, orange when it is rising or above it.
ALERTS
Premium crossing VWAP, Supertrend direction changes, EMA crosses and closes outside the Bollinger Bands are available as alert conditions. They report what the premium did; they are not trade instructions.
HOW TO USE
1. Open the NSE:NIFTY or BSE:SENSEX index chart on an intraday timeframe; 2 to 15 minutes works best.
2. Add the indicator. Check that the dashboard shows the index and expiry you expect.
3. Choose the structure and anchoring. For strangles or rolling mode, the strikes must stay inside the strike grid; the dashboard warns if they leave it. For manual strikes, enter strikes that match the index (multiples of 50 for NIFTY, 100 for SENSEX).
4. If NSE or BSE changes the weekly expiry weekday, change the weekday next to that index's strike step. Add any new holidays in "Extra holidays".
LIMITATIONS
- NIFTY and SENSEX only, and only the latest session: the script does not rebuild past days, so it is not a backtesting tool.
- Depends on TradingView's NSE and BSE option data; data timing follows your TradingView data access.
- The strike grid is limited by TradingView's 40-request cap. Very large intraday moves can take a rolling or strangle strike outside the grid.
- The built-in holiday list covers 2026; later years need the extra-holidays input or an update.
- The current candle updates in real time like any live bar. In rolling mode the strike can change on the live bar until it closes. Completed candles do not change.
- VWAP uses traded option volume; in thinly traded minutes it leans on fewer trades.
DISCLAIMER
For education and analysis only. This is not investment advice or a recommendation to buy or sell any instrument. The author is not a SEBI-registered investment adviser or research analyst. Futures and options carry a high risk of loss.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.