OPEN-SOURCE SCRIPT
NSE F&O Option Scanner
How the Scoring Works (0–5 points)
Each condition adds 1 point:
✅ 8 EMA above 20 EMA (trend direction)
✅ OI Proxy confirms direction (Volume + Price interpretation)
✅ Sector index trading above its 20 EMA
✅ RSI not in extreme zone (not overbought for CE / not oversold for PE)
✅ Volume spike ≥ 1.5× the 20-bar average
Score ≥ 4 → High conviction signal → BUY CE or BUY PE label appears on chart
Score 3 → Weak setup — wait for confirmation
Score < 3 → No trade
Dashboard Shows (top-right panel)
🔹 8/20 EMA trend + gap %
🔹 OI Proxy: Long Buildup / Short Buildup / Short Covering / Long Unwinding
🔹 Sector trend vs 20 EMA
🔹 Relative Strength vs sector (20-bar)
🔹 RSI (14) with overbought/oversold alert
🔹 MACD Histogram direction
🔹 Volume — Normal or Spike with multiplier
🔹 Setup Score (0–5)
🔹 Recommendation — 🟢 BUY CALL (CE) / 🔴 BUY PUT (PE) / ⏳ NO SETUP
🔹 Auto Strike Suggestion — ATM + 1 OTM (calculated from CMP)
🔹 Entry (CMP), Stop Loss, Target 1 (1:2), Target 2 (1:3)
🔹 ATR with volatility %
🔹 News reminder
How to Use
Add to any NSE F&O stock on Daily or 1H timeframe
Change the Sector Index input to match the stock — NIFTY_BANK, NIFTY_IT, NIFTY_AUTO, NIFTY_PHARMA, NIFTY_FMCG, NIFTY_METAL etc.
Read the dashboard — Score ≥ 4 = high conviction setup
Always verify news and catalyst on NSE website or Screener.in before entering
Set alerts using the 5 built-in alert conditions
Built-in Alerts
🟢 Strong BUY CE — EMA cross + OI + Sector all aligned (score ≥ 4)
🔴 Strong BUY PE — EMA cross + OI + Sector all aligned (score ≥ 4)
📊 EMA Bull Cross — 8 EMA crossed above 20 EMA
📊 EMA Bear Cross — 8 EMA crossed below 20 EMA
📈 Volume Spike in Bull Trend
Note on OI Data
For real open interest data, switch to the futures chart (e.g. NSE:RELIANCE1!). On equity charts this script uses Volume + Price direction as an OI proxy, which closely mirrors standard OI interpretation (Long Buildup, Short Buildup, Short Covering, Long Unwinding).
Settings
All parameters are adjustable — EMA lengths, ATR multiplier, Risk:Reward ratio, OI proxy sensitivity, and sector index. Tooltips explain each input.
⚠️ For educational and analysis purposes only. Not financial advice. Always use proper risk managemen
Each condition adds 1 point:
✅ 8 EMA above 20 EMA (trend direction)
✅ OI Proxy confirms direction (Volume + Price interpretation)
✅ Sector index trading above its 20 EMA
✅ RSI not in extreme zone (not overbought for CE / not oversold for PE)
✅ Volume spike ≥ 1.5× the 20-bar average
Score ≥ 4 → High conviction signal → BUY CE or BUY PE label appears on chart
Score 3 → Weak setup — wait for confirmation
Score < 3 → No trade
Dashboard Shows (top-right panel)
🔹 8/20 EMA trend + gap %
🔹 OI Proxy: Long Buildup / Short Buildup / Short Covering / Long Unwinding
🔹 Sector trend vs 20 EMA
🔹 Relative Strength vs sector (20-bar)
🔹 RSI (14) with overbought/oversold alert
🔹 MACD Histogram direction
🔹 Volume — Normal or Spike with multiplier
🔹 Setup Score (0–5)
🔹 Recommendation — 🟢 BUY CALL (CE) / 🔴 BUY PUT (PE) / ⏳ NO SETUP
🔹 Auto Strike Suggestion — ATM + 1 OTM (calculated from CMP)
🔹 Entry (CMP), Stop Loss, Target 1 (1:2), Target 2 (1:3)
🔹 ATR with volatility %
🔹 News reminder
How to Use
Add to any NSE F&O stock on Daily or 1H timeframe
Change the Sector Index input to match the stock — NIFTY_BANK, NIFTY_IT, NIFTY_AUTO, NIFTY_PHARMA, NIFTY_FMCG, NIFTY_METAL etc.
Read the dashboard — Score ≥ 4 = high conviction setup
Always verify news and catalyst on NSE website or Screener.in before entering
Set alerts using the 5 built-in alert conditions
Built-in Alerts
🟢 Strong BUY CE — EMA cross + OI + Sector all aligned (score ≥ 4)
🔴 Strong BUY PE — EMA cross + OI + Sector all aligned (score ≥ 4)
📊 EMA Bull Cross — 8 EMA crossed above 20 EMA
📊 EMA Bear Cross — 8 EMA crossed below 20 EMA
📈 Volume Spike in Bull Trend
Note on OI Data
For real open interest data, switch to the futures chart (e.g. NSE:RELIANCE1!). On equity charts this script uses Volume + Price direction as an OI proxy, which closely mirrors standard OI interpretation (Long Buildup, Short Buildup, Short Covering, Long Unwinding).
Settings
All parameters are adjustable — EMA lengths, ATR multiplier, Risk:Reward ratio, OI proxy sensitivity, and sector index. Tooltips explain each input.
⚠️ For educational and analysis purposes only. Not financial advice. Always use proper risk managemen
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.