OPEN-SOURCE SCRIPT
Directional Call/Put Entry Indicator + Trigger Labels
## Directional Call/Put Entry Indicator + VWAP Trigger Labels
FYI: I have many other indicators that I used that you might not have, so ignore those.
This indicator is designed to help identify directional option-trading setups by combining the 13 EMA channel, 89 EMA trend structure, VWAP, opening-range information, candle direction, and momentum conditions.
The script displays potential bullish and bearish continuation signals directly on the chart and includes separate trigger labels intended for put credit spread and call credit spread setups.
## Main Features
The indicator calculates and displays:
* Session VWAP
* 13 EMA high and low channel
* 89 EMA trend line
* Opening-range high, low, and midpoint calculations
* Bullish and bearish trend alignment
* 13 EMA slope and momentum direction
* Separation between the 13 EMA and 89 EMA
* Candle-direction confirmation
* ATR-based late-entry filtering
* Optional VIX values inside trigger labels
* Adjustable label placement and connector-line width
## Trend and Continuation Logic
Bullish conditions are evaluated by determining whether the 13 EMA is above the 89 EMA, whether the 13 EMA is rising, and whether price and momentum support continued upside movement.
Bearish conditions are evaluated by determining whether the 13 EMA is below the 89 EMA, whether the 13 EMA is falling, and whether price and momentum support continued downside movement.
The script also identifies stronger conditions when the entire 13 EMA channel is positioned above or below the 89 EMA channel and the distance between the moving averages is increasing.
## Late-Entry Filter
The indicator includes a late-move or chase filter designed to reduce signals after price has already extended too far from the 13 EMA channel.
This filter considers:
* Recent bullish or bearish candle count
* ATR-based price extension
* Whether price is reaching a recent high or low
These conditions help distinguish a potential early continuation setup from a move that may already be overextended.
## CCS Trigger Label
The bearish trigger label displays:
“CCS TRIGGER
BREAK BELOW 13”
This label is designed for a possible call credit spread setup.
The CCS trigger requires:
* The previous candle to have closed above the 13 EMA high
* The current candle to break and close below the 13 EMA low
* The current candle to be bearish
* The current candle to make a lower low
* The current candle to remain above VWAP
The label will not appear when the trigger candle closes below VWAP.
## PCS Trigger Label
The bullish trigger label displays:
“PCS TRIGGER
BREAK ABOVE 13”
This label is designed for a possible put credit spread setup.
The PCS trigger requires:
* The previous candle to have closed below the 13 EMA low
* The current candle to break and close above the 13 EMA high
* The current candle to be bullish
* The current candle to make a higher high
* The current candle to remain below VWAP
The label will not appear when the trigger candle closes above VWAP.
## Changes in This Version
The primary update in this version is the addition of strict VWAP-location filters for the CCS and PCS trigger labels.
### CCS Change
In the previous version, the CCS trigger could display based on the break below the 13 EMA without strictly enforcing the trigger candle’s location relative to VWAP.
The updated version requires the CCS trigger candle to close above VWAP before the label is created.
### PCS Change
In the previous version, the PCS trigger could display based on the break above the 13 EMA without strictly enforcing the trigger candle’s location relative to VWAP.
The updated version requires the PCS trigger candle to close below VWAP before the label is created.
### Label Text Update
The label text was also simplified.
The previous label wording included:
* “ONLY IF ABOVE VWAP”
* “ONLY IF BELOW VWAP”
Those phrases have been removed from the chart labels.
The labels now display only:
* “CCS TRIGGER — BREAK BELOW 13”
* “PCS TRIGGER — BREAK ABOVE 13”
The VWAP requirements remain enforced by the script logic even though they are no longer shown inside the labels.
## Result of the Update
The two trigger labels now follow specific VWAP-location rules:
* CCS triggers are restricted to setups above VWAP.
* PCS triggers are restricted to setups below VWAP.
This reduces conflicting labels and makes the trigger logic more consistent with the intended directional credit-spread setup.
## Important Notes
This indicator does not place trades, calculate option strikes, determine position size, or manage risk.
The labels are technical-condition alerts only. A signal does not guarantee that price will continue in the expected direction.
Users should independently evaluate:
* Overall market direction
* Support and resistance
* Volatility
* Economic announcements
* Option liquidity
* Credit received
* Spread width
* Maximum loss
* Exit and stop-loss rules
This script is intended for educational and informational purposes only and should not be considered financial advice.
FYI: I have many other indicators that I used that you might not have, so ignore those.
This indicator is designed to help identify directional option-trading setups by combining the 13 EMA channel, 89 EMA trend structure, VWAP, opening-range information, candle direction, and momentum conditions.
The script displays potential bullish and bearish continuation signals directly on the chart and includes separate trigger labels intended for put credit spread and call credit spread setups.
## Main Features
The indicator calculates and displays:
* Session VWAP
* 13 EMA high and low channel
* 89 EMA trend line
* Opening-range high, low, and midpoint calculations
* Bullish and bearish trend alignment
* 13 EMA slope and momentum direction
* Separation between the 13 EMA and 89 EMA
* Candle-direction confirmation
* ATR-based late-entry filtering
* Optional VIX values inside trigger labels
* Adjustable label placement and connector-line width
## Trend and Continuation Logic
Bullish conditions are evaluated by determining whether the 13 EMA is above the 89 EMA, whether the 13 EMA is rising, and whether price and momentum support continued upside movement.
Bearish conditions are evaluated by determining whether the 13 EMA is below the 89 EMA, whether the 13 EMA is falling, and whether price and momentum support continued downside movement.
The script also identifies stronger conditions when the entire 13 EMA channel is positioned above or below the 89 EMA channel and the distance between the moving averages is increasing.
## Late-Entry Filter
The indicator includes a late-move or chase filter designed to reduce signals after price has already extended too far from the 13 EMA channel.
This filter considers:
* Recent bullish or bearish candle count
* ATR-based price extension
* Whether price is reaching a recent high or low
These conditions help distinguish a potential early continuation setup from a move that may already be overextended.
## CCS Trigger Label
The bearish trigger label displays:
“CCS TRIGGER
BREAK BELOW 13”
This label is designed for a possible call credit spread setup.
The CCS trigger requires:
* The previous candle to have closed above the 13 EMA high
* The current candle to break and close below the 13 EMA low
* The current candle to be bearish
* The current candle to make a lower low
* The current candle to remain above VWAP
The label will not appear when the trigger candle closes below VWAP.
## PCS Trigger Label
The bullish trigger label displays:
“PCS TRIGGER
BREAK ABOVE 13”
This label is designed for a possible put credit spread setup.
The PCS trigger requires:
* The previous candle to have closed below the 13 EMA low
* The current candle to break and close above the 13 EMA high
* The current candle to be bullish
* The current candle to make a higher high
* The current candle to remain below VWAP
The label will not appear when the trigger candle closes above VWAP.
## Changes in This Version
The primary update in this version is the addition of strict VWAP-location filters for the CCS and PCS trigger labels.
### CCS Change
In the previous version, the CCS trigger could display based on the break below the 13 EMA without strictly enforcing the trigger candle’s location relative to VWAP.
The updated version requires the CCS trigger candle to close above VWAP before the label is created.
### PCS Change
In the previous version, the PCS trigger could display based on the break above the 13 EMA without strictly enforcing the trigger candle’s location relative to VWAP.
The updated version requires the PCS trigger candle to close below VWAP before the label is created.
### Label Text Update
The label text was also simplified.
The previous label wording included:
* “ONLY IF ABOVE VWAP”
* “ONLY IF BELOW VWAP”
Those phrases have been removed from the chart labels.
The labels now display only:
* “CCS TRIGGER — BREAK BELOW 13”
* “PCS TRIGGER — BREAK ABOVE 13”
The VWAP requirements remain enforced by the script logic even though they are no longer shown inside the labels.
## Result of the Update
The two trigger labels now follow specific VWAP-location rules:
* CCS triggers are restricted to setups above VWAP.
* PCS triggers are restricted to setups below VWAP.
This reduces conflicting labels and makes the trigger logic more consistent with the intended directional credit-spread setup.
## Important Notes
This indicator does not place trades, calculate option strikes, determine position size, or manage risk.
The labels are technical-condition alerts only. A signal does not guarantee that price will continue in the expected direction.
Users should independently evaluate:
* Overall market direction
* Support and resistance
* Volatility
* Economic announcements
* Option liquidity
* Credit received
* Spread width
* Maximum loss
* Exit and stop-loss rules
This script is intended for educational and informational purposes only and should not be considered financial advice.
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.