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This document is a Pine Script code for a trading indicator focused on Bank Nifty options. It includes calculations for EMA, RSI, and MACD to determine buy signals for call and put options, along with stoploss and target levels based on option premiums. The script also provides visual signals and alerts for trading decisions, along with formatted output for option premiums and strike prices.

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limoko7589
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7 views

DEV0EuH7

This document is a Pine Script code for a trading indicator focused on Bank Nifty options. It includes calculations for EMA, RSI, and MACD to determine buy signals for call and put options, along with stoploss and target levels based on option premiums. The script also provides visual signals and alerts for trading decisions, along with formatted output for option premiums and strike prices.

Uploaded by

limoko7589
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as TXT, PDF, TXT or read online on Scribd
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//@version=6

indicator('Bank Nifty Option Buying', overlay = true)

// Hardcoded values (removing input menu)


bankNifty = 'BANKNIFTY' // Symbol for Bank Nifty
emaShortLen = 9 // Short EMA Length
emaLongLen = 21 // Long EMA Length
rsiPeriod = 14 // RSI Period
rsiOverbought = 70 // RSI Overbought Level
rsiOversold = 30 // RSI Oversold Level
macdShort = 12 // MACD Short Length
macdLong = 26 // MACD Long Length
macdSignal = 9 // MACD Signal Length
showSupportResistance = false // Whether to show support & resistance levels

// Fetch Bank Nifty data


[highBN, lowBN, closeBN] = request.security(bankNifty, timeframe.period, [high,
low, close])

// Calculate EMA for trend


emaShort = ta.ema(closeBN, emaShortLen)
emaLong = ta.ema(closeBN, emaLongLen)

// Calculate RSI for momentum


rsi = ta.rsi(closeBN, rsiPeriod)

// MACD for trend and momentum


[macdLine, signalLine, _] = ta.macd(closeBN, macdShort, macdLong, macdSignal)

// Support & Resistance (Pivot Points)


pivotHigh = ta.pivothigh(highBN, 5, 5)
pivotLow = ta.pivotlow(lowBN, 5, 5)
resistance = ta.valuewhen(bool(pivotHigh), highBN, 0)
support = ta.valuewhen(bool(pivotLow), lowBN, 0)

// Entry conditions
callBuy = ta.crossover(closeBN, resistance) and emaShort > emaLong and rsi > 50 and
macdLine > signalLine
putBuy = ta.crossunder(closeBN, support) and emaShort < emaLong and rsi < 50 and
macdLine < signalLine

// Conditional plotting of support and resistance


plot(showSupportResistance ? resistance : na, 'Resistance', color = color.red,
linewidth = 2, style = plot.style_line)
plot(showSupportResistance ? support : na, 'Support', color = color.green,
linewidth = 2, style = plot.style_line)

var isBuy = false


var isSell = false

callBuy := not isBuy and callBuy


putBuy := not isSell and putBuy

if callBuy
isBuy := true
isSell := false

if putBuy
isBuy := false
isSell := true

// Signals
plotshape(callBuy, title = 'Call Buy Signal', location = location.belowbar, color =
color.green, style = shape.labelup, text = 'CALL')
plotshape(putBuy, title = 'Put Buy Signal', location = location.abovebar, color =
color.red, style = shape.labeldown, text = 'PUT')

// Alerts
alertcondition(callBuy, title = 'Call Buy Alert', message = 'Buy Call Option')
alertcondition(putBuy, title = 'Put Buy Alert', message = 'Buy Put Option')

///////////

///////////

// Signal conditions
longCond = callBuy
shortCond = putBuy

// Determine ATM strike price (nearest 100-point increment)


atmStrike = math.round(close / 100) * 100

// Retrieve option premiums using request.security()


// Example symbol for Bank Nifty options (adjust with the correct symbol for your
expiration and strike)
callOptionSymbol = "NSE:BANKNIFTY250130C49100" // Replace with actual option
symbol
putOptionSymbol = "NSE:BANKNIFTY250130P49100" // Replace with actual option
symbol

// Use request.security to get the historical price of the options


callPremium = request.security(callOptionSymbol, "5", close) // 5-minute chart for
call option premium
putPremium = request.security(putOptionSymbol, "5", close) // 5-minute chart for
put option premium

// Format premiums to 2 decimal places


callPremiumFormatted = str.format("{0,number,0.00}", callPremium)
putPremiumFormatted = str.format("{0,number,0.00}", putPremium)

// Calculate stoploss and target levels based on option premium


callStoploss = math.ceil(callPremium * 0.82 / 0.05) * 0.05 // 0.82% stoploss
rounded to nearest 0.05
putStoploss = math.ceil(putPremium * 0.82 / 0.05) * 0.05 // 0.82% stoploss
rounded to nearest 0.05

// Targets for Call Option (percentage-based)


callTarget1 = math.ceil(callPremium * 1.18 / 0.05) * 0.05 // 118% target rounded
to nearest 0.05
callTarget2 = math.ceil(callPremium * 1.36 / 0.05) * 0.05 // 136% target rounded
to nearest 0.05
callTarget3 = math.ceil(callPremium * 1.54 / 0.05) * 0.05 // 154% target rounded
to nearest 0.05
callTarget4 = math.ceil(callPremium * 1.72 / 0.05) * 0.05 // 172% target rounded
to nearest 0.05
callTarget5 = math.ceil(callPremium * 1.90 / 0.05) * 0.05 // 190% target rounded
to nearest 0.05

// Targets for Put Option (percentage-based)


putTarget1 = math.ceil(putPremium * 1.18 / 0.05) * 0.05 // 118% target rounded
to nearest 0.05
putTarget2 = math.ceil(putPremium * 1.36 / 0.05) * 0.05 // 136% target rounded
to nearest 0.05
putTarget3 = math.ceil(putPremium * 1.54 / 0.05) * 0.05 // 154% target rounded
to nearest 0.05
putTarget4 = math.ceil(putPremium * 1.72 / 0.05) * 0.05 // 172% target rounded
to nearest 0.05
putTarget5 = math.ceil(putPremium * 1.90 / 0.05) * 0.05 // 190% target rounded
to nearest 0.05

// Format premiums and targets to 2 decimal places


callStoplossFormatted = str.format("{0,number,0.00}", callStoploss)
putStoplossFormatted = str.format("{0,number,0.00}", putStoploss)
callTarget1Formatted = str.format("{0,number,0.00}", callTarget1)
callTarget2Formatted = str.format("{0,number,0.00}", callTarget2)
callTarget3Formatted = str.format("{0,number,0.00}", callTarget3)
callTarget4Formatted = str.format("{0,number,0.00}", callTarget4)
callTarget5Formatted = str.format("{0,number,0.00}", callTarget5)
putTarget1Formatted = str.format("{0,number,0.00}", putTarget1)
putTarget2Formatted = str.format("{0,number,0.00}", putTarget2)
putTarget3Formatted = str.format("{0,number,0.00}", putTarget3)
putTarget4Formatted = str.format("{0,number,0.00}", putTarget4)
putTarget5Formatted = str.format("{0,number,0.00}", putTarget5)

// Signal time in 12-hour format with AM/PM


signalHour = hour(time)
signalMinute = minute(time)
signalAMPM = signalHour >= 12 ? "PM" : "AM"
signalHour12 = signalHour % 12
signalHour12 := signalHour12 == 0 ? 12 : signalHour12
signalTimeFormatted = str.format("{0}:{1} {2}", str.tostring(signalHour12),
str.tostring(signalMinute, "00"), signalAMPM)

// Background and bar colors


// bgcolor(s9ema > s18ema ? color.new(color.green, 92) : s9ema < s18ema ?
color.new(color.red, 92) : na)
// barcolor(s9ema > s18ema ? color.new(color.green, 0) : s9ema < s18ema ?
color.new(color.red, 0) : na)

// Plot buy and sell shapes


// plotshape(series = longCond, title = 'BUY', style = shape.triangleup, location =
location.belowbar, color = color.new(color.green, 0), textcolor =
color.new(color.green, 0), text = 'BUY', size = size.small)
// plotshape(series = shortCond, title = 'SELL', style = shape.triangledown,
location = location.abovebar, color = color.new(color.red, 0), textcolor =
color.new(color.red, 0), text = 'SELL', size = size.small)

// Add ATM option labels with premiums, stoploss, targets, and signal time
if (longCond)
label.new(bar_index, hl2*0.98 + 40,
"ATM " + str.tostring(atmStrike) + " CE: " + callPremiumFormatted +
"\nSL: " + callStoplossFormatted +
"\nT1: " + callTarget1Formatted + "\nT2: " + callTarget2Formatted +
"\nT3: " + callTarget3Formatted +
"\nT4: " + callTarget4Formatted + "\nT5: " + callTarget5Formatted +
"\nTime: " + signalTimeFormatted,
style=label.style_label_up, color=color.new(color.green, 0),
textcolor=color.white, textalign=text.align_left)

if (shortCond)
label.new(bar_index, hl2*1.02 - 40,
"ATM " + str.tostring(atmStrike) + " PE: " + putPremiumFormatted + "\
nSL: " + putStoplossFormatted +
"\nT1: " + putTarget1Formatted + "\nT2: " + putTarget2Formatted + "\
nT3: " + putTarget3Formatted +
"\nT4: " + putTarget4Formatted + "\nT5: " + putTarget5Formatted + "\
nTime: " + signalTimeFormatted,
style=label.style_label_down, color=color.new(color.red, 0),
textcolor=color.white, textalign=text.align_left)

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