Unusual Whale - Unusual Options Volume Data Screener

The Unusual Whale - Unusual Options Volume Data Screener indicator scans and aggregates options volume across multiple strike prices to identify unusual market activity and sentiment shifts.

Usage

This tool is used to monitor institutional and retail flow by aggregating volume data for a specific options chain. To use the indicator, follow these steps:

• Identify the Underlying: By default, the script uses the current chart symbol.
• Set Expiration: Enter the desired expiration date in the YYMMDD format (e.g., 250411 for April 11, 2025).
• Define the Strike Range: Enter a "Base Strike" that is near-the-money. The script will then use the "Strike Increment" to look at contracts above and below this level.
• Review the Output: The indicator plots two lines: green for cumulative call volume and red for cumulative put volume.
• Interpret Volume Categories: A dashboard table categorizes current volume levels as Melt, Low, Normal, Elevated, or Unusual based on a comparison with a 20-period moving average of the aggregate volume.

Details

The indicator dynamically constructs option tickers using the TradingView symbology format (Symbol + Date + Type + Strike). It utilizes request.security to fetch real-time and historical volume for each individual contract.

By aggregating volume across multiple strikes (up to 20 per side), the tool provides a more comprehensive view of "Option Walls" or "Unusual Volume" than looking at a single contract. This smoothed data helps traders identify where significant capital is being positioned, which can often precede significant price movements in the underlying asset.

Settings

Main Settings

• Custom Base Symbol: The underlying ticker to scan. Leave blank to automatically use the chart's ticker.
• Expiration Date (YYMMDD): The specific expiration date for the options contracts being analyzed.
• Custom Base Strike: The starting strike price (usually the at-the-money strike) for the scan.
• Strike Increment: The price interval between option strikes (e.g., 0.50, 1.00, 5.00) used to find neighboring contracts.
• Options per Side (Max 20): Determines how many contracts the script will aggregate on the Call and Put side starting from the base strike.

FAQ

How do I access Unusual Whale - Unusual Options Volume Data Screener?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Why am I seeing a "Valid options not found" label?

This occurs if the script cannot retrieve data for the specified number of strikes. Ensure your expiration date and strike increments match the official options chain for that ticker, and that you have a TradingView subscription that includes options data.

Can I set alerts for unusual activity?

Yes, the script includes built-in alert conditions that trigger when the volume category transitions to "Unusual" for either calls or puts.