Weekly Option Strangle Selling with ATR-Based Strike Selection and Filters

Summary

This script describes a weekly short strangle approach, using average true range (ATR) to place call and put strikes around a central reference. The center is either VWAP or a 20-period EMA; the call strike is rounded upward and the put strike downward after offsetting the center by a configurable ATR multiple. Traders can choose entry days and an intraday entry window, with an expiry-day exit time also configurable.

The script includes optional SuperTrend and RSI filters, plus a minimum strike-width condition intended to skip narrow setups. Risk settings include a stop-loss multiplier labeled as a 200% rule. Its parameters suggest tailoring ATR distance and strike rounding to the chosen index, but the supplied excerpt ends during weekday detection and does not show the complete entry, exit, or stop execution logic. No backtest results, option pricing assumptions, or evidence of profitability are included, so the code excerpt alone cannot establish how the strategy performs or how its risk controls work in practice.

Key ideas

• Call and put strikes are positioned around VWAP or EMA using an ATR offset, then rounded to selected strike increments.
• Entry days and intraday windows can be configured for weekly trading.
• Optional SuperTrend, RSI, and minimum-width filters are included in the setup.
• A configurable stop multiplier and expiry exit time are exposed as risk controls.
• The excerpt is incomplete and provides no performance evidence or option pricing details.

Tags

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