[FDD] Options Reticle caters to degenerate traders and gamblers worldwide, reaching out for long distant contract expiration and just OTM strike placement.
Generate the overlay yourself using the tradingview-options-reticle CLI tool found on GitHub.
The Options Reticle provides a targeting system overlay that will show a horizontal OTM strike price and verticle expiration target. If you're thinking as soon as the expiration date has passed, this overlay will be useless; you're right but, you can use the options-reticle CLI tool to generate a new overlay from a watchlist exported from TradingView.
OVERLAY FEATURES:
Quick Action PUT (QAP) Mode - When you flip the chart by adding a 0- in front of the symbol, you will see the PUT contract target. Strike Price / Expiration Crosshairs.
Fill Mode - Shows a fill between the historical price and the target strike price. It will show green when ITM and red when OTM. Target information panel - Shows the company name, days till expiration, month and day of expiration, strike price, dollars OTM or ITM, and the contract type.
Emotion Indicator - Shows an exact representation of your feelings based on if you were in the trade. It has an accuracy of 99.9 percent.
QUICK ACTION PUT (QAP) MODE:
This style of reticle is not visible until you flip the chart. The advantage of the (QAP) is that it maintains the same appearance as the standard style of reticle, making PUT contract targeting feel the same. When targeting with (QAP) mode, be aware that the chart prices are reversed. Up is down, and down is up; this can be confusing but will feel normal overtime. Activate QAP mode by appending a 0- to the symbol of the chart. If nothing appears, no put option data was found for that symbol.
CALIBRATING YOUR RETICLE:
The overlay is generated using the options-reticle CLI tool found on GitHub. The adjustment script will parse a watchlist exported from TradingView then download options data for each ticker in the watchlist. The max amount of symbols you can add to a single overlay is about 200. Any more than 200 and the overlay will crash. Luckily, If you use a TradingView watchlist with more than 200 ticker symbols to generate overlays, the options-reticle command-line tool will automatically create multiple overlays with 200 tickers each. You can add multiple overlays to your chart to get all the tickers in the watchlist.
RETICLE GENERATION AND MOUNTING:
Add all the tickers you want to track into a watchlist on Tradingview.
Export the watchlist into a txt file using TradingView's watchlist export list button.
Open the terminal and change to the directory with the downloaded watchlist txt file.
Install options-reticle command tool with pipx. pipx install tradingview-options-reticle.
Run the command options-reticle download --watchlist {name of watchlist.txt file}. This will download the options data to an options_data.toml in the same directory as the watchlist txt file.
Run the command options-reticle build --options-data-input-path options_data.toml. This will generate the overlay scripts. If the watch list has more than 200 ticker symbols, it will generate a separate overlay script for every 200 ticker symbol chunk.
Copy and paste each of the generated overlay scripts one at a time into the Pine Editor on TradingView, then click the Add to Chart button. Make sure you copy the entire code.
FUTURE FEATURES:
Give the choice to generate PUT option contracts without using QAP mode. This option will allow you to use the input settings to change the contract type without flipping the chart.
Max OTM target argument - This will allow the option-reticle CLI to generate overlays with deeper OTM contracts. It currently only searches for the first OTM contract.
Add the ability to change the crosshair line type. [dash, dotted, solid]
Very nice and certainly a breath of fresh air and originality. However I must ask you, what value does an options reticule provide other than being able to monitor ones option position (like you would on your broker)?
dgnsrekt
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@DEAD_HUNTER,
I created this script to show an exciting way to download and import options information directly into a Tradingview overlay without painfully typing in each ticker's options strike and expiration data. It's also to add some fun to the charts as you watch your contract go deep ITM.
First, note that the script currently only pulls the first OTM contract from each ticker. I have a personal strategy that generates long and short signals, which helps me enter trends. I usually want to buy the first OTM or ATM contract when I get one of these signals with a decent amount of time until expiration.
This overlay helps me see the next OTM target. Instead of looking through an options chain on an app, I can see the strike and expiration I would want right on the chart.
Using the options-reticle script on GitHub, I could generate a new set of targets at the beginning of the week or day. If I get a buy signal, as soon as I pull up the chart, I will have a strike and expiration target in my favorite buy range for every ticker in my watchlist.
Right now, the options-reticle CLI tool only has the ability to change the expiration target. But, at some point, I will add a max OTM strike. So you can populate each symbol with, let's say, three strikes OTM, and if it can't find a contract, three strikes out, it will resolve to the next highest strike it can find within that max strike range.
If I wanted to buy some call option contracts, I usually would buy either the ATM or the first OTM contract. These first OTM contracts are already pre-generated and added to the chart with the options-reticle script, which I may have run that morning. It provides the target option contract strike and expiration I'm looking for right on the chart. This will allow me to quickly decide on buying the contract while only looking at the chart.
Now here's a hindsight example. This is my primary strategy, which shows a buy signal here. Let's say I ran the options-reticle script earlier that morning, with an expiration target of at least 120 days. It will have spit out the first OTM target and expiration you see here. As soon as that buy signal comes in, I would not hesitate to buy that contract. I wouldn't second-guess myself while I rummage through an option chain.
DEAD_HUNTER
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@dgnsrekt, interesting, I love what you are doing to bring options to TV. Its been a long-requested feature from my site. However, the response has usually been its too niché or not a priority because of other things. I too released a script around half a year ago aimed at options straddle trading you can see it here: tradingview.com/script/RL2gYiu0-Rate-Of-Change-Earnings-Move-ROCEM/ Would love more options related indicators/features on TV and so your work is a step in the right direction!