OPEN-SOURCE SCRIPT
OpenRoad_NiftyOptions
**Open Road V3 — NIFTY Weekly Option Selling Framework**
A rules-based, regime-aware indicator for NIFTY 50 weekly option sellers. Built from 3 years of backtested data (Apr 2023–Apr 2026), this framework tells you *what* to sell, *where* to sell it, and *when to sit out* — every Wednesday morning.
**How It Works**
The indicator runs two engines:
*Engine A — Weekly Directional Spreads*
Uses a V2 Regime Filter (2-of-3 vote system) to determine market direction, then generates exact credit spread strikes with 200-point wings. In a bear regime, it signals bear call spreads. In a bull regime, bull put spreads. In range-bound markets, iron condors. VIX-based position sizing automatically scales you down in high or low volatility.
*Engine C — Monthly Iron Condor*
Activates only during calm, range-bound months when VIX is below 16. Places wide iron condors at 1.5× the monthly expected move with 300-point wings. Designed as a carry engine for low-volatility environments.
**The V2 Regime Filter**
Three independent signals vote on market direction:
1. EMA Slope — Rate of change of EMA20 normalized by ATR. Catches trend acceleration early.
2. Consecutive Closes — Counts days closing above/below EMA20. 4+ consecutive closes = directional conviction.
3. 5-Day Range Position — Where price sits within its recent range. Near the bottom = bearish, near the top = bullish.
If 2 of 3 agree → trade that direction only. No agreement → iron condor or skip.
**Dashboard (Top-Right)**
Live readings updated every bar:
- Regime verdict + individual signal values
- India VIX level with color coding
- Position size % (auto-adjusted by VIX)
- Strike multiplier (1.3× wider strikes when VIX < 12)
- Weekly expected move in points
- Engine A structure and exact strikes
- Engine C status and reason if skipped
**Chart Visuals**
- Background color: red (bear), green (bull), orange (range)
- Step-lines showing sell and buy strikes for active spreads
- Yellow shaded expected move zone
- Wednesday labels with full trade details (structure, strikes, VIX, sizing)
- Blue monthly IC labels when Engine C activates
**VIX-Based Sizing**
| VIX | Size | Strike Mult |
|---|---|---|
| < 10 | 50% | 1.3× wider |
| 10–12 | 75% | 1.3× wider |
| 12–20 | 100% | 1× |
| 20–25 | 75% | 1× |
| 25–35 | 50% | 1× |
| > 35 | Skip | — |
**Key Design Principles**
- Risk-first: every signal includes position sizing and defined max loss
- No naked selling — all structures are defined-risk credit spreads
- Regime-aware: doesn't blindly sell iron condors into trends
- Low-VIX adapted: wider strikes (1.3×) when premiums are thin, validated by backtest
- Monthly IC only in confirmed range markets — avoids selling premium into crashes
**How to Use**
1. Apply to NIFTY 50 daily chart
2. Set VIX Symbol to `NSE:INDIAVIX` in settings
3. Check dashboard every Wednesday morning
4. Execute the indicated structure at the shown strikes on your broker
5. Hold to Tuesday expiry. Stop at 2× premium loss.
**What This Is NOT**
This is not a signal generator or auto-trader. It is a decision framework that shows you the regime, the structure, and the strikes. You still need to check option chain liquidity, verify bid-ask spreads, and size according to your capital.
**Settings**
All parameters are adjustable: EMA length, slope threshold, consecutive close count, range position thresholds, wing widths, VIX thresholds, and strike multipliers. Defaults are the backtested values.
Built as part of the Open Road project — documenting the journey of learning institutional NIFTY option selling from first principles.
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
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.
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
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.