CPR Weekly Variable Weekday Seller

2023년 3월 28일

Good afternoon traders,

This is a script I built for option selling, in attempt to have a high success rate. This is pretty much the same as my other one titled "CPR Option Selling Strategy." The difference is this one is strictly for Weeklies, with a variable weekday to expiry. I've had many requests to have a weekly that would end on Thursday, so here it is. Just select the date for expiry of the option, then it will calculate a "weekly" option set, using the the same set up as the traditional M-F weekly CPR information, except for offset for the weekday in question.

So for expiry dates for options on Thursday, you would choose "Thursday" in the parameters and it will calculate using Fri through Thu data for the pivot timeframes.

The rest is like this...

The gist of how it works:
It uses the opening or close of the current chart's timeframe opening bar when referenced against a "weekly" timeframe determined by the week ending weekday chosen for the central pivot range ( CPR ).

Using that comparison, this script calculates an option to sell: put, call, or iron condor. It will calculate a call value using an average of the CPR central pivot and the max value of the prior higher timeframe's high or R1 (whichever is higher.)

It does the same for the put side, but uses the higher timeframe's low or S1 (whichever is lower.)

It will use the option on the other side of the source (open or close) of the CPR as the "option in play."

Settings:
There are many settings, most are simply "viewable" settings, and probably self explanatory, others, not so much:
"Source for Trigger" - this is the value used on the "opening bar," such as the close. This value is the one compared to the Central Pivot Range in determining whether to sell a call (if the source is lower,) sell a put (if the source is higher,) or an iron condor if it's in the CPR .

"Show Historical Win/Loss Percentages" - this shows a table in the bottom right of the W/L percentages for the current ticker and settings. Used for a quick glance at historical success rates.


Example use (OLD EXAMPLE):
An example use (which I completed last week) on the chart referenced in this share: I sold a put-spread for $0.90, selling a 590 and buying a 570 strike in the middle of the week. I was looking at an hourly timeframe chart with a weekly pivot timeframe for the strategy.

Obviously, making only $0.90 on a $20 spread, there is a lot more to lose than to make, but I did some other analysis to go with it, so I felt safe, and I had a stop set for $1.50. So it worked, along with 3 other plays I did, very similar, and if that "Historical Win/Loss Percentage" is accurate, which I am fairly certain it is, I felt good about it.

The key all comes down to what you sell it for, right? That piece only you can determine. :)

Happy trading and enjoy,
Deuce

2024년 9월 19일

릴리즈 노트

Added color selection to table, per request.