In this blog post, we’ll walk through creating a Simple Option Straddle Dashboard using TradingView’s Pine Script v5. This dashboard will dynamically calculate the At-The-Money (ATM) strike price for a given underlying asset, fetch the corresponding call and put option prices, and display the combined straddle price—all in real-time on your TradingView chart.
Overview of the Dashboard
Our straddle dashboard will:
• Calculate the ATM Strike Price based on the current price of the underlying asset.
• Generate Option Symbols for both the call and put options at the ATM strike.
• Fetch Option Premiums for these options using request.security.
• Calculate the Straddle Price by summing the call and put premiums.
• Display the Information neatly in a table on the chart.
The Pine Script Code
Below is the complete Pine Script code for the dashboard:
// This Pine Script™ code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © algostudio
//@version=5
strategy("Nifty Options Straddle Dashboard", overlay=true,calc_on_every_tick = true,dynamic_requests = true, calc_bars_count = 50)
// Input for underlying symbol
underlying = input.symbol("NSE:NIFTY", "Underlying Symbol")
// Input for expiry date
i_expiry = input.string("240926", "Expiry Date (YYMMDD)")
// Input for strike interval
strikeInterval = input.int(50, "Strike Interval", minval=1)
// Function to extract ticker from full symbol
extractTicker(fullSymbol) =>
array.get(str.split(fullSymbol, ":"), 1)
// Extract ticker from the underlying symbol
underlyingTicker = extractTicker(underlying)
// Function to round to nearest strike
roundToNearestStrike(price, strikeInterval) =>
math.round(price / strikeInterval) * strikeInterval
// Calculate ATM strike
atmStrike = roundToNearestStrike(close, strikeInterval)
// Generate option symbols
generateOptionSymbol(ticker, exp, strikePrice, optionType) =>
s_exp = str.tostring(exp) // Convert input string to simple string
"NSE:" + ticker + s_exp + optionType + str.tostring(strikePrice)
// Request security for options
getOptionPrice(ticker, exp, strikePrice, optionType) =>
s_exp = str.tostring(exp) // Convert input string to simple string
s_optionType = str.tostring(optionType) // Convert input string to simple string
optionSymbol = generateOptionSymbol(ticker, s_exp, strikePrice, s_optionType)
s_optionSymbol = str.tostring(optionSymbol) // Convert input string to simple string
request.security(s_optionSymbol, timeframe.period, close)
// Get call and put prices
callPrice = getOptionPrice(underlyingTicker, i_expiry, atmStrike, "C")
putPrice = getOptionPrice(underlyingTicker, i_expiry, atmStrike, "P")
// Calculate straddle price
straddlePrice = callPrice + putPrice
// Table settings
var table dashboardTable = table.new(position.top_right, columns=2, rows=7, border_width=1)
// Function to update table
updateTable() =>
s_expiry = str.tostring(i_expiry) // Convert input string to simple string
callSymbol = generateOptionSymbol(underlyingTicker, s_expiry, atmStrike, "C")
putSymbol = generateOptionSymbol(underlyingTicker, s_expiry, atmStrike, "P")
table.cell(dashboardTable, 0, 0, "Underlying", bgcolor=color.new(color.blue, 70), text_color=color.white)
table.cell(dashboardTable, 1, 0, underlying, text_color=color.white)
table.cell(dashboardTable, 0, 1, "ATM Strike", bgcolor=color.new(color.blue, 70), text_color=color.white)
table.cell(dashboardTable, 1, 1, str.tostring(atmStrike), text_color=color.white)
table.cell(dashboardTable, 0, 2, "Call Symbol", bgcolor=color.new(color.green, 70), text_color=color.white)
table.cell(dashboardTable, 1, 2, callSymbol, text_color=color.white)
table.cell(dashboardTable, 0, 3, "Put Symbol", bgcolor=color.new(color.red, 70), text_color=color.white)
table.cell(dashboardTable, 1, 3, putSymbol, text_color=color.white)
table.cell(dashboardTable, 0, 4, "Call Premium", bgcolor=color.new(color.green, 70), text_color=color.white)
table.cell(dashboardTable, 1, 4, str.tostring(callPrice), text_color=color.white)
table.cell(dashboardTable, 0, 5, "Put Premium", bgcolor=color.new(color.red, 70), text_color=color.white)
table.cell(dashboardTable, 1, 5, str.tostring(putPrice), text_color=color.white)
table.cell(dashboardTable, 0, 6, "Straddle Price", bgcolor=color.new(color.purple, 70), text_color=color.white)
table.cell(dashboardTable, 1, 6, str.tostring(straddlePrice), text_color=color.white)
// Update table on every bar
updateTable()
How to Use the Dashboard
1. Adding the Script to TradingView
• Copy the Code:
• Copy the entire script provided above.
• Create a New Strategy:
• In TradingView, go to Pine Editor at the bottom of the screen.
• Paste the code into the editor.
• Save and Add to Chart:
• Click Save and give it a name (e.g., “Option Straddle Dashboard”).
• Click Add to Chart.
2. Configuring the Inputs
• Access Settings:
• Click on the gear icon next to the script name in the Indicators panel.
• Set the Underlying Symbol:
• Ensure the symbol matches the underlying asset you’re interested in (e.g., NSE:NIFTY).
• Set the Expiry Date:
• Enter the option expiry date in YYMMDD format (e.g., 240926 for September 26, 2024).
• Set the Strike Interval:
• Adjust the strike interval if necessary (common intervals are 50, 100, etc.).
3. Viewing the Dashboard
• Dashboard Location:
• The dashboard appears on the top-right corner of your chart.
• Interpreting the Data:
• Underlying: The asset you’re analyzing.
• ATM Strike: The strike price closest to the current price.
• Call/Put Symbols: The option symbols for the ATM strike.
• Call/Put Premiums: The current premiums for the call and put options.
• Straddle Price: The total cost of entering the straddle position.
Practical Applications
• Real-Time Decision Making:
• Monitor the cost of entering a straddle in real-time.
• Assess whether the straddle strategy is viable based on current premiums.
• Volatility Analysis:
• The straddle price can serve as an indicator of market volatility expectations.
• Educational Tool:
• Understand how option premiums change with the underlying price movements.
Creating a dynamic option straddle dashboard in TradingView using Pine Script v5 empowers traders to make informed decisions quickly. By leveraging real-time data and Pine Script’s capabilities, you can customize tools to fit your trading strategies.
