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.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
Skrypt open-source
W zgodzie z duchem TradingView twórca tego skryptu udostępnił go jako open-source, aby użytkownicy mogli przejrzeć i zweryfikować jego działanie. Ukłony dla autora. Korzystanie jest bezpłatne, jednak ponowna publikacja kodu podlega naszym Zasadom serwisu.
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.