Jerry J8 30-123 Spy Dashboard Pro

Please watch the J8 Scalping Tutorial Video below for a walkthrough on how these indicators work.
https://www.tradingview.com/chart/SPY/sdigUZIW-HOW-TO-Video-Overview-Jerry-J8-Scalping-Indicators/

This script is used in conjunction with Jerry J8 30-123 SPY Scalping PRO” Indicator(which creates the buy and sell orders as a strategy). The Dashboard shows the 4 main criteria statuses from the strategy. I find the dashboard makes scalping the SPY much easier.

This study project is designed for scalping options that expire daily with bull put and bear call credit spreads on a 3 minute chart. The name 30_123 is a reference to 4 main criteria being met to give a green light for a potential trade. The criteria:

• * 30 = 30 minute trend
  
• * 1 = 3 minute trend
  
• * 2 = Moving average criteria
  
• * 3 = RSI criteria
  
• 4 = Secondary trend. Bonus if in sync but not a requirement.
  * The strategy also utilizes momentum as a criteria but this is not shown on the dashboard.
  

This indicator is designed to trade options that expire daily including the SPY, IWM, QQQ, and NDX. However, it can be used with multiple symbols on a 3 minute chart.

When the 30_123 conditions are all green with all criteria are met a bull signal is created.
When the 30_123 conditions are all red with all criteria are met a bear signal is created.

This study is the dashboard that is designed to show how the main J8 strategy indicator is working and it shows which criteria have been met. Additionally there are multiple user INPUTS that you can adjust for the 4 main criteria plus inputs to help you with your credit spread criteria.

For example, if the SPY is at 400 we could have an order to sell a BULL PUT CREDIT SPREAD and I would likely sell the 398p and buy the 397p; The 398p delta would be approximately -.2. The spread position profits with any close over 398 and/or can be closed early with a bullish price move. IMPORTANT: If the SPY closed the day at $399 on the chart it would look like a loss based on the buy and sell orders but the spread would be a full profit since the close was above 398.

---- IRON CONDOR
For the SPY ticker only an iron condor label is generated when the SPY is trading sideways and meets specified criteria. When the criteria is met the Iron Condor label appears and it provides a recommendation for what option to buy and sell. The iron condor recommendations can be adjusted with user inputs.

This Indicator dashboard shows the criteria labels and colors the criteria as green if bullish and red if bearish. When the criteria are not met the dashboard shows “NO CLEAR SIGNAL”. There is also a label that shows whether you are looking for bullish or bearish positions based on the 30 minute trend.

The chart shown on the indicator is the RSI and for this indicator an RSI over 50 is bullish and under 50 is bearish. The line color shows the RSI trend. RSI OB (overbought) and OS (oversold) areas are shaded. The RSI can remain in an OB or OS state for a prolonged period and while some people use OB and OS as a reversal signal I use it as a strong trend indication and recognize it will not last forever. You can SET the OB and OS levels with inputs.

---- USER INPUTS

• Paint Bars: Turns on/off the candle coloring. Default is OFF.
  
• Iron Condor Settings: Defaults are what I use and can be used as a guide.
  
• Criteria: Trend, moving averages, and RSI settings can all be adjusted.
  

---- SETUP & HINTS

• Add "Jerry J8 30-123 SPY Scalping PRO” indicator to show bull and bear signals
  
• Add "Jerry J8 MACD Optimal Entry Zone” indicator to show best MACD range for entry
  
• I also like to add "Jerry Momentum Dream" indicator to see the momentum
  

With this indicator we’re looking for the 30, 1, 2, and 3 criteria to be met which increases our likelihood of success. IMPORTANT. Never automatically enter a position without reviewing the other indicators and drawing your own conclusions. You want to choose the entries that are the most appealing to you that take into account volume, time of day, and risk/reward. Positions should be closed based on your risk/reward goals.

Indicators are not a magic pill and should be used to support trading decisions, not to make them for you. Past performance is not a guarantee of future returns. The results of individual stocks/indexes with any strategy do not constitute proof they will repeat in the future.

DISCLAIMER: The information contained in our scripts/indicators/ideas does not constitute financial advice or a solicitation to buy or sell any securities of any type. Trading and investing in the stock market and cryptocurrencies involves substantial risk of loss and is not suitable for every investor. I’m NOT a financial adviser. All trading strategies are used at your own risk.

Please Use the AUTHOR’s INSTRUCTIONS link below for more information.

NOTE: The PERFORMANCE SUMMARY below does not accurately reflect the trading strategy because the entry orders generated in the strategy are based on the stock price and our actual order is a credit spread that is profitable even if the price moves against us a little bit. What could show as a loss in the strategy could be a profit in the credit spread.