CE & PE Signals and Dashboard

The CE & PE Signals and Dashboard indicator provides a comprehensive dual-panel interface for monitoring Call (CE) and Put (PE) option premiums simultaneously on a single chart. This tool is designed to help Nifty options traders track both legs of a trade, visualize key technical levels, and receive signal confirmations based on price action and volume-weighted metrics.

Usage

The Usage section highlights how to interpret the dual candlestick display and the integrated signal dashboard:

• Dual Candlestick Panel: The script plots CE and PE premiums on the same panel. Users can adjust the "Visual Gap" setting to separate the two assets vertically, preventing overlapping price action.
• Signal Logic: Trading signals are triggered based on a confluence of factors. A Long CE signal appears when the CE premium closes above its VWAP and Point of Control (POC), confirmed by the underlying Spot price breaking above the Opening Range Breakout (ORB) High. Conversely, a Long PE signal triggers when the PE premium is above its VWAP and POC while the Spot price breaks below the ORB Low.
• Dashboard Interpretation: The bottom-left dashboard displays real-time status for both contracts, including current VWAP/POC status, active trade tracking (Entry, Target, SL), and dynamic next-target levels.
• Key Levels: Use the plotted Previous Day High/Low, Opening Range levels, and Fibonacci 50% levels as dynamic support and resistance for the option premiums.

Details

The indicator utilizes session-anchored calculations to ensure levels are relevant to the current trading day.

• Anchored VWAP: Calculates volume-weighted average price for both CE and PE using their respective option volumes, anchored to the session start.
• Opening Range (ORB): Defines the high, low, and mid-point of the first candle of the session, which serves as a volatility anchor for signal confirmation.
• Fibonacci & POC: The 50% Fibonacci level and Point of Control (POC) are derived from the session open to identify high-interest price zones.
• Targeting: Targets are calculated based on premium point increases (e.g., +20 points), while Stop Losses (SL) are anchored to the underlying Spot price's interaction with the ORB.

Settings

Symbol & Gap

• Call Option (CE): Define the symbol for the Call option.
• Put Option (PE): Define the symbol for the Put option.
• Visual Gap (Offset): Adjusts the vertical spacing between the CE and PE price plots.

Master Visibility & Dashboard

• Show All CE/PE Levels: Global toggles for visibility of all technical levels.
• Show Dashboard: Toggles the information overlay.
• Dashboard Position: Choose where the dashboard appears on the chart.

Technical Overlays

• Fibonacci Settings: Customize the 50% and POC level colors, width, and styles.
• EMA Settings: Adjust the length (default 20) and appearance of the Exponential Moving Averages for both contracts.
• VWAP Settings: Toggle and style the Session-Anchored VWAP lines.

CE/PE Level Customization

• Previous Day H/L/C: Toggles for historical reference levels.
• Opening Candle H/M/L: Toggles for the initial session range.
• Target Levels (T1/T2): Percentage-based target lines relative to the opening price.

FAQ

How do I interpret the CE and PE signals? Signals are confirmed when the option premium is above its key volume levels (VWAP/POC) and the underlying spot index breaks its initial opening range.

Can I change the target percentage for the lines? Yes, you can adjust the Target 1 and Target 2 percentages within the CE and PE line settings groups.

How can I access CE & PE Signals and Dashboard? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.