OPEN-SOURCE SCRIPT
Option Strike Distance - Husam Kallangodan
A simple BTC options dashboard designed to monitor the distance between spot price and your short call/put strikes.
This indicator helps track strike buffer, ATR distance, DTE, and risk status in one view, making it easier to monitor a short strangle or similar options-selling setup.
What it shows
Call Buffer (%) — Percentage distance between BTC spot and the short call strike.
Put Buffer (%) — Percentage distance between BTC spot and the short put strike.
Call / Put ATRs — Distance to each strike expressed in ATRs.
ATR (14) — Current 14-period ATR.
ATR % — ATR expressed as a percentage of BTC spot.
DTE — Time remaining until the configured Friday 1:30 PM IST expiry.
4H Candles — Approximate number of 4-hour candles remaining until expiry.
Status — Overall status based on the closest short strike.
Buffer Status
The status is determined by the nearest short strike:
🟢 SAFE — Buffer above the Safe Threshold
🔵 WATCH — Buffer between Safe and Watch thresholds
⚪ ALERT — Buffer between Watch and Defend thresholds
🔴 DEFEND — Buffer below the Defend Threshold
The default thresholds are:
SAFE: >12%
WATCH: >8%
ALERT: >5%
DEFEND: ≤5%
All thresholds can be adjusted from the indicator settings.
Alerts
The indicator provides separate alerts when either the call-side or put-side buffer crosses below the configured Alert Trigger (%).
For example, with an Alert Trigger of 7%, an alert is generated when the respective strike's buffer crosses below 7%.
Inputs
You can configure:
Short Call Strike
Short Put Strike
Safe Threshold
Watch Threshold
Defend Threshold
Alert Trigger
This indicator is intended as a monitoring and risk-management aid, not as a prediction tool or a standalone trading strategy.
The buffer percentages are calculated relative to the current BTC spot price, while ATR values provide additional context around current market volatility.
Always consider volatility, liquidity, time to expiry, option Greeks, market structure, and your own risk management before making trading decisions.
This indicator helps track strike buffer, ATR distance, DTE, and risk status in one view, making it easier to monitor a short strangle or similar options-selling setup.
What it shows
Call Buffer (%) — Percentage distance between BTC spot and the short call strike.
Put Buffer (%) — Percentage distance between BTC spot and the short put strike.
Call / Put ATRs — Distance to each strike expressed in ATRs.
ATR (14) — Current 14-period ATR.
ATR % — ATR expressed as a percentage of BTC spot.
DTE — Time remaining until the configured Friday 1:30 PM IST expiry.
4H Candles — Approximate number of 4-hour candles remaining until expiry.
Status — Overall status based on the closest short strike.
Buffer Status
The status is determined by the nearest short strike:
🟢 SAFE — Buffer above the Safe Threshold
🔵 WATCH — Buffer between Safe and Watch thresholds
⚪ ALERT — Buffer between Watch and Defend thresholds
🔴 DEFEND — Buffer below the Defend Threshold
The default thresholds are:
SAFE: >12%
WATCH: >8%
ALERT: >5%
DEFEND: ≤5%
All thresholds can be adjusted from the indicator settings.
Alerts
The indicator provides separate alerts when either the call-side or put-side buffer crosses below the configured Alert Trigger (%).
For example, with an Alert Trigger of 7%, an alert is generated when the respective strike's buffer crosses below 7%.
Inputs
You can configure:
Short Call Strike
Short Put Strike
Safe Threshold
Watch Threshold
Defend Threshold
Alert Trigger
This indicator is intended as a monitoring and risk-management aid, not as a prediction tool or a standalone trading strategy.
The buffer percentages are calculated relative to the current BTC spot price, while ATR values provide additional context around current market volatility.
Always consider volatility, liquidity, time to expiry, option Greeks, market structure, and your own risk management before making trading decisions.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que cualquier republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.