Sensex Options Signals with EMA, RSI, ADX, and Volume Filters

Summary

This TradingView strategy generates directional signals for Sensex options using the index chart. It signals a call-side trade when price is above the 200-period EMA, RSI is above 60, ADX is above 20, volume exceeds its 20-period average, and the market is within one of two specified trading windows. Put-side signals use the opposite EMA and RSI conditions. A daily trade counter limits the number of entries, and the strategy sizes positions using a configurable number of lots and a stated 20 units per lot.

Exits use fixed 80-point targets and stops, while the script rounds the index price to a 100-point strike for its trade comment. The document provides source code but no backtest results or performance evidence. Its comments give conflicting rupee win and loss figures relative to the stated stop, target, and unit settings, so those annotations should not be treated as validated outcomes. The rules are presented for options trading, but the strategy orders operate on chart prices and do not show option-premium execution.

Key ideas

• The strategy takes call-side signals above the 200-period EMA and put-side signals below it, with RSI thresholds confirming direction.
• ADX above 20 and volume above its 20-period average act as activity filters.
• Entries are restricted to two intraday windows and capped by a configurable daily trade limit.
• The script uses fixed 80-point target and stop distances and displays a rounded 100-point strike.
• No performance evidence is supplied, and the stated rupee exit annotations do not align clearly with the configured sizing and distances.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.