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Iron Condor Strategy with Directional Bias
This TradingView indicator identifies bullish and bearish conditions for trading Iron Condor, Bull Put Spreads, or Bear Call Spreads based on a combination of technical indicators: RSI (Relative Strength Index) and ADX (Average Directional Index). It provides visual signals on the chart for potential trade opportunities and highlights high-probability setups.
How It Works:
• Bullish Signal: If the RSI is above the bullish threshold (default 60) and the ADX is above the volatility threshold (default 25), the indicator suggests a Bull Put Spread or an Iron Condor with a bullish bias. The background turns green to highlight these conditions.
• Bearish Signal: If the RSI is below the bearish threshold (default 40) and the ADX is above the volatility threshold, the indicator suggests a Bear Call Spread or an Iron Condor with a bearish bias. The background turns red to highlight these conditions.
Customization Options:
• RSI Length: Customize the length of the RSI calculation.
• ADX Length and Smoothing: Adjust the period and smoothing for the ADX calculation to fit your trading style.
• RSI Thresholds: Modify the RSI thresholds for bullish and bearish conditions.
• ADX Threshold: Adjust the volatility filter for entering trades based on trend strength.
Alerts:
• The indicator includes built-in alert conditions, allowing you to set notifications for when bullish or bearish signals are generated, so you can be informed about potential trade setups.
How to Use:
1. Add this indicator to your TradingView chart.
2. Use the green-shaded background as a signal for potential bullish trades (Iron Condor, Bull Put Spread).
3. Use the red-shaded background as a signal for potential bearish trades (Iron Condor, Bear Call Spread).
4. Customize the indicator settings based on your preferred trading style and market conditions.
5. Optionally, set up alerts to be notified when a new signal appears.
How It Works:
• Bullish Signal: If the RSI is above the bullish threshold (default 60) and the ADX is above the volatility threshold (default 25), the indicator suggests a Bull Put Spread or an Iron Condor with a bullish bias. The background turns green to highlight these conditions.
• Bearish Signal: If the RSI is below the bearish threshold (default 40) and the ADX is above the volatility threshold, the indicator suggests a Bear Call Spread or an Iron Condor with a bearish bias. The background turns red to highlight these conditions.
Customization Options:
• RSI Length: Customize the length of the RSI calculation.
• ADX Length and Smoothing: Adjust the period and smoothing for the ADX calculation to fit your trading style.
• RSI Thresholds: Modify the RSI thresholds for bullish and bearish conditions.
• ADX Threshold: Adjust the volatility filter for entering trades based on trend strength.
Alerts:
• The indicator includes built-in alert conditions, allowing you to set notifications for when bullish or bearish signals are generated, so you can be informed about potential trade setups.
How to Use:
1. Add this indicator to your TradingView chart.
2. Use the green-shaded background as a signal for potential bullish trades (Iron Condor, Bull Put Spread).
3. Use the red-shaded background as a signal for potential bearish trades (Iron Condor, Bear Call Spread).
4. Customize the indicator settings based on your preferred trading style and market conditions.
5. Optionally, set up alerts to be notified when a new signal appears.
إخلاء المسؤولية
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