OPEN-SOURCE SCRIPT
Directional Call/Put Entry Indicator
This indicator is designed to help traders identify directional opportunities for buying calls and puts by combining trend structure, momentum, and price location into a single framework. It uses a 13 EMA and 89 EMA high/close/low channel to define whether the market is bullish or bearish, but goes further by evaluating whether the move is strengthening or weakening. The script looks at EMA alignment, slope, and gap expansion to determine if conditions support continuation, while also requiring price to interact with the 13 EMA band so entries occur closer to the beginning of a move rather than after it has already extended.
A key feature of this script is its ability to distinguish between valid setups and poor timing. It labels general directional conditions as LONG CALL OK or LONG PUT OK, highlights higher-quality opportunities as PERFECT LONG CALL or PERFECT LONG PUT when trend and entry location align, and flags overextended moves as LATE CALL or LATE PUT SKIP. This helps traders avoid chasing price after multiple strong candles or when the market is already stretched relative to the 13 EMA channel. Optional VWAP and ORB midpoint filters provide additional confirmation, while VIX values are displayed in the labels for added context. The overall goal of the indicator is to separate direction from timing and help traders focus on earlier, higher-probability entries while avoiding common late-entry mistakes.
A key feature of this script is its ability to distinguish between valid setups and poor timing. It labels general directional conditions as LONG CALL OK or LONG PUT OK, highlights higher-quality opportunities as PERFECT LONG CALL or PERFECT LONG PUT when trend and entry location align, and flags overextended moves as LATE CALL or LATE PUT SKIP. This helps traders avoid chasing price after multiple strong candles or when the market is already stretched relative to the 13 EMA channel. Optional VWAP and ORB midpoint filters provide additional confirmation, while VIX values are displayed in the labels for added context. The overall goal of the indicator is to separate direction from timing and help traders focus on earlier, higher-probability entries while avoiding common late-entry mistakes.
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.