PROTECTED SOURCE SCRIPT
MultiPrem+
Detailed Description of MultiPrem+
MultiPrem+ is a versatile TradingView Pine Script indicator designed to enhance the analysis of multi-leg option strategies by calculating and visualizing the combined premium of various predefined option setups. It allows users to select from a comprehensive list of popular option strategies, such as Short Straddle, Iron Condor, Butterfly Call, and more, and dynamically computes the net premium, Greeks (Delta and Theta), volume, and other key metrics for the selected strategy. The indicator overlays these calculations on the chart, providing real-time insights into the potential profitability and risk of the strategy based on the underlying asset's price movement.
The core functionality revolves around fetching data for up to four option legs (e.g., calls and puts at different strikes) using TradingView's `request.security` function. It supports indices like NIFTY, BANKNIFTY, and SENSEX, with customizable ATM strike levels, strike width multipliers, and expiry dates. The script calculates the combined premium by summing the premiums of each leg, adjusted for position direction (long or short), and displays the results in a compact table on the chart. It also includes technical indicator overlays (e.g., SMA, RSI, MACD) to contextualize the strategy within market trends, and generates alerts with strategy metrics for automated notifications.
The indicator is particularly suited for option traders who want to monitor strategy performance without manual calculations, offering a blend of quantitative metrics and visual feedback. It operates on any timeframe but is optimized for intraday or short-term trading, where option premiums fluctuate rapidly.
### Unique Features
MultiPrem+ stands out from standard option analysis tools on TradingView due to several innovative features:
1. **Dynamic Multi-Leg Strategy Support**: Unlike basic option chain indicators that focus on single legs or simple spreads, MultiPrem+ supports a wide range of advanced multi-leg strategies (e.g., Iron Condor Wide, Reverse Iron Condor, Butterfly Call/Put). It automatically configures strike prices, directions, and approximate Greeks based on the selected strategy, saving time and reducing errors in setup.
2. **Combined Premium Visualization**: The indicator plots the net premium as a line on the chart, colored based on whether it's a credit or debit strategy and its relation to a selected technical indicator (e.g., green if below SMA for potential buys). This unique visualization helps traders see how the strategy's value evolves over time, providing an at-a-glance view of profitability.
3. **Integrated Greeks Calculation**: It computes net Delta (directional risk) and net Theta (time decay) for the entire strategy, factoring in leg directions. For credit strategies like Short Straddle, Theta is positive to reflect time decay benefits, a nuance not commonly found in free indicators.
4. **Strategy Suggestion Engine**: Based on RSI and net Theta, it suggests alternative strategies (e.g., "Bear Put Spread" if RSI is overbought). This AI-like recommendation system is unique, helping novices or busy traders pivot quickly to more suitable setups.
5. **Customizable Alerts**: The script generates JSON-formatted alerts with key metrics (premium, net Delta, net Theta, etc.), which can be integrated with TradingView's alert system or external tools for automated trading signals.
6. **Compact Table Display**: A dynamic table shows leg-specific details (Type, Strike, Position, Premium, Qty, Delta, Theta, Volume) without cluttering the chart. It's positionable and sized for usability.
### How a User Can Gain Valuable Analysis from It
MultiPrem+ empowers users to conduct sophisticated option strategy analysis, offering insights that can improve decision-making and risk management. Here's how users can leverage it for valuable outcomes:
1. **Strategy Evaluation and Selection**: Traders can quickly test different strategies by changing the selection and ATM strike. For instance, in a sideways market, selecting "Short Straddle" shows the net credit and positive Theta, highlighting potential profits from time decay. The suggestion engine further aids by recommending alternatives if current conditions (e.g., high RSI) suggest a mismatch, helping users optimize for market volatility or direction.
2. **Risk Assessment with Greeks**: Net Delta indicates directional bias (e.g., near zero for delta-neutral strategies like Iron Condor), allowing users to hedge against price moves. Net Theta quantifies daily time decay, crucial for theta-positive strategies—users can analyze how much profit they might gain per day if the underlying asset stays range-bound. This is especially valuable for income-focused traders.
3. **Premium and Volume Monitoring**: By plotting combined premium, users can track strategy value in real-time, identifying entry/exit points when premium crosses a moving average (e.g., buy when below EMA). Volume data per leg helps gauge liquidity, avoiding low-volume options that could lead to poor fills.
4. **Integration with Technical Indicators**: Overlaying strategies on RSI or MACD enables hybrid analysis. For example, a user might enter a Bull Call Spread when RSI is oversold, using the indicator's plot to visualize potential premium gains alongside RSI crossovers.
5. **Alert-Driven Trading**: Custom alerts notify users of premium changes or suggested strategy shifts, enabling hands-off monitoring. This is useful for busy traders, who can set notifications for when net Theta exceeds a threshold, signaling favorable decay conditions.
6. **Educational and Backtesting Tool**: Beginners can experiment with strategies to understand how strikes and widths affect outcomes. Advanced users can backtest by replaying historical data, analyzing how strategies performed in past markets.
Overall, MultiPrem+ transforms option trading from manual spreadsheet work into an interactive, visual experience, helping users spot opportunities, manage risks, and optimize returns with data-driven insights. For best results, combine it with external option pricing tools for precise Greeks, as the script uses approximate values.
Updated timestamp for alerts: `2025-09-06 13:50:00` (1:50 PM IST, September 06, 2025).
MultiPrem+ is a versatile TradingView Pine Script indicator designed to enhance the analysis of multi-leg option strategies by calculating and visualizing the combined premium of various predefined option setups. It allows users to select from a comprehensive list of popular option strategies, such as Short Straddle, Iron Condor, Butterfly Call, and more, and dynamically computes the net premium, Greeks (Delta and Theta), volume, and other key metrics for the selected strategy. The indicator overlays these calculations on the chart, providing real-time insights into the potential profitability and risk of the strategy based on the underlying asset's price movement.
The core functionality revolves around fetching data for up to four option legs (e.g., calls and puts at different strikes) using TradingView's `request.security` function. It supports indices like NIFTY, BANKNIFTY, and SENSEX, with customizable ATM strike levels, strike width multipliers, and expiry dates. The script calculates the combined premium by summing the premiums of each leg, adjusted for position direction (long or short), and displays the results in a compact table on the chart. It also includes technical indicator overlays (e.g., SMA, RSI, MACD) to contextualize the strategy within market trends, and generates alerts with strategy metrics for automated notifications.
The indicator is particularly suited for option traders who want to monitor strategy performance without manual calculations, offering a blend of quantitative metrics and visual feedback. It operates on any timeframe but is optimized for intraday or short-term trading, where option premiums fluctuate rapidly.
### Unique Features
MultiPrem+ stands out from standard option analysis tools on TradingView due to several innovative features:
1. **Dynamic Multi-Leg Strategy Support**: Unlike basic option chain indicators that focus on single legs or simple spreads, MultiPrem+ supports a wide range of advanced multi-leg strategies (e.g., Iron Condor Wide, Reverse Iron Condor, Butterfly Call/Put). It automatically configures strike prices, directions, and approximate Greeks based on the selected strategy, saving time and reducing errors in setup.
2. **Combined Premium Visualization**: The indicator plots the net premium as a line on the chart, colored based on whether it's a credit or debit strategy and its relation to a selected technical indicator (e.g., green if below SMA for potential buys). This unique visualization helps traders see how the strategy's value evolves over time, providing an at-a-glance view of profitability.
3. **Integrated Greeks Calculation**: It computes net Delta (directional risk) and net Theta (time decay) for the entire strategy, factoring in leg directions. For credit strategies like Short Straddle, Theta is positive to reflect time decay benefits, a nuance not commonly found in free indicators.
4. **Strategy Suggestion Engine**: Based on RSI and net Theta, it suggests alternative strategies (e.g., "Bear Put Spread" if RSI is overbought). This AI-like recommendation system is unique, helping novices or busy traders pivot quickly to more suitable setups.
5. **Customizable Alerts**: The script generates JSON-formatted alerts with key metrics (premium, net Delta, net Theta, etc.), which can be integrated with TradingView's alert system or external tools for automated trading signals.
6. **Compact Table Display**: A dynamic table shows leg-specific details (Type, Strike, Position, Premium, Qty, Delta, Theta, Volume) without cluttering the chart. It's positionable and sized for usability.
### How a User Can Gain Valuable Analysis from It
MultiPrem+ empowers users to conduct sophisticated option strategy analysis, offering insights that can improve decision-making and risk management. Here's how users can leverage it for valuable outcomes:
1. **Strategy Evaluation and Selection**: Traders can quickly test different strategies by changing the selection and ATM strike. For instance, in a sideways market, selecting "Short Straddle" shows the net credit and positive Theta, highlighting potential profits from time decay. The suggestion engine further aids by recommending alternatives if current conditions (e.g., high RSI) suggest a mismatch, helping users optimize for market volatility or direction.
2. **Risk Assessment with Greeks**: Net Delta indicates directional bias (e.g., near zero for delta-neutral strategies like Iron Condor), allowing users to hedge against price moves. Net Theta quantifies daily time decay, crucial for theta-positive strategies—users can analyze how much profit they might gain per day if the underlying asset stays range-bound. This is especially valuable for income-focused traders.
3. **Premium and Volume Monitoring**: By plotting combined premium, users can track strategy value in real-time, identifying entry/exit points when premium crosses a moving average (e.g., buy when below EMA). Volume data per leg helps gauge liquidity, avoiding low-volume options that could lead to poor fills.
4. **Integration with Technical Indicators**: Overlaying strategies on RSI or MACD enables hybrid analysis. For example, a user might enter a Bull Call Spread when RSI is oversold, using the indicator's plot to visualize potential premium gains alongside RSI crossovers.
5. **Alert-Driven Trading**: Custom alerts notify users of premium changes or suggested strategy shifts, enabling hands-off monitoring. This is useful for busy traders, who can set notifications for when net Theta exceeds a threshold, signaling favorable decay conditions.
6. **Educational and Backtesting Tool**: Beginners can experiment with strategies to understand how strikes and widths affect outcomes. Advanced users can backtest by replaying historical data, analyzing how strategies performed in past markets.
Overall, MultiPrem+ transforms option trading from manual spreadsheet work into an interactive, visual experience, helping users spot opportunities, manage risks, and optimize returns with data-driven insights. For best results, combine it with external option pricing tools for precise Greeks, as the script uses approximate values.
Updated timestamp for alerts: `2025-09-06 13:50:00` (1:50 PM IST, September 06, 2025).
Script protégé
Ce script est publié en source fermée. Toutefois, vous pouvez l'utiliser librement et sans aucune restriction - en savoir plus ici.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script protégé
Ce script est publié en source fermée. Toutefois, vous pouvez l'utiliser librement et sans aucune restriction - en savoir plus ici.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.