Bullish Bearish Engulfing Candles By Tex.pShort Description: Clean engulfing candle pattern detector with real-time alerts.
Full Description:
Detects bullish and bearish engulfing candlestick patterns and marks them with clean arrows directly on your chart.
Detection Rules:
🔴 Bearish Engulfing — Previous candle is bullish (close > open), current candle is bearish (close < open), and current close breaks below previous candle's low. Strong reversal signal.
🔵 Bullish Engulfing — Previous candle is bearish (close < open), current candle is bullish (close > open), and current close breaks above previous candle's high. Strong reversal signal.
Why this version is different:
Most engulfing indicators only check if the current body covers the previous body. This indicator requires the close to break beyond the previous candle's high/low — a stricter definition that filters out weak engulfing patterns and only flags true displacement candles.
Features:
Works on any instrument and any timeframe
Minimal, non-intrusive arrows — no chart clutter
Built-in alerts for both bullish and bearish engulfing
Zero lag — detects on candle close
No repainting
How to use:
Bearish engulfing near resistance / order blocks / FVG zones = high-probability short entry
Bullish engulfing near support / order blocks / FVG zones = high-probability long entry
Combine with ICT methodology: look for engulfing candles at sweep levels for maximum confluence
Tags: engulfing, candlestick, ICT, SMC, price action, reversal, displacement Indicator
Strategy
Volatility Cone [ThetaLoop]You are looking at a stock with 28% realized volatility on a 20-day window. Is that high? Is that low? Should you sell premium aggressively or wait for a better setup?
You cannot answer that question without context. 28% on Tesla might be below average. 28% on Coca-Cola might be a decade high. The number alone tells you nothing. The percentile tells you everything.
This indicator builds the classic Volatility Cone — a tool that has sat on institutional volatility trading desks since Burghardt and Lane described it in 1990 and Euan Sinclair popularized it in Volatility Trading. The best open-source version on PulseWire was paywalled. This one is free.
What the table shows
Eight rows. Eight time windows. One complete picture.
Each row represents a different tenor — from 5-day (ultra short-term) to 252-day (one full year). For each tenor you see:
Current — The realized volatility right now for that window, annualized using the Parkinson (High-Low) estimator.
Rank — Where the current reading sits in the full history. "82nd" means current vol is higher than 82% of all historical readings for this tenor. This is the most important column.
Avg — The historical average for this tenor. Your baseline.
Min/Max — The full historical range. Tells you what the extremes looked like.
Status — Color-coded verdict. CHEAP (green, bottom 15%), LOW (teal, 15-35%), FAIR (white, 35-65%), ELEVATED (orange, 65-85%), EXPENSIVE (red, top 15%).
The bottom row shows the average percentile across all tenors — your one-number summary of whether vol is cheap or expensive for this stock right now.
How to use this for options selling
Find your DTE in the table. If you typically sell 14-day options, look at the 10d and 20d rows. If you sell monthlies, look at the 30d row. If you sell 45-DTE, look between 30d and 60d.
If your target tenor shows EXPENSIVE or ELEVATED — premiums are rich. The market is paying you above-average for the risk. This is when selling premium has the biggest statistical edge.
If it shows CHEAP or LOW — premiums are thin. You are being underpaid for the risk. Either skip this stock, wait, or tighten your position size.
If it shows FAIR — average conditions. No particular edge either way. Trade your standard size.
The term structure angle
Compare the status across tenors. When short-term vol (5d, 10d) ranks much higher than long-term vol (120d, 252d), short-term volatility is elevated relative to the longer trend — the vol term structure is inverted. This is similar to VIX backwardation at the single-stock level and often signals a stress event that may be temporary.
When long-term vol ranks higher than short-term, the stock has been volatile for months. Short-term conditions have calmed down but the annual number has not caught up yet. This is a normalizing pattern.
The time series plot
Below the chart, the 20-day realized vol percentile rank is plotted as a time series so you can see how the rank has evolved. Red zone (above 85) means vol has been consistently expensive. Green zone (below 15) means consistently cheap. This gives you the trend that the table snapshot cannot show.
Why Parkinson and not Close-to-Close?
The Parkinson estimator uses the full High-Low range of each bar rather than just the closing price. It extracts roughly five times more information per bar. This matters especially for shorter windows (5d, 10d) where you have very few data points — getting more information from each one dramatically improves the estimate.
Settings
History for Percentiles (default 252) — How far back to look when ranking current vol. One year (252) captures a full cycle. Two years (504) gives more stable rankings but may include regimes that are no longer relevant.
Main Plot — Show either the Percentile Rank (0-100 scale, recommended) or the raw Annualized Volatility for the 20-day tenor as a time series below the chart.
Alerts
20d Vol Expensive — Current 20-day realized volatility is in the top 15th percentile. Premiums are rich.
20d Vol Cheap — Current 20-day realized volatility is in the bottom 15th percentile. Premiums are thin.
Indicator
Indicator
Sweep Reclaim Retest [Clean v1]Sweep Reclaim Retest is a price-action indicator built for traders who want structured entries around liquidity sweeps and failed breakouts. It tracks higher-time-frame bias, plots key reference levels, detects sweep-and-reclaim behavior, and waits for retest confirmation before printing a CALL or PUT signal on the underlying chart.
Full Description
Sweep Reclaim Retest is an overlay indicator designed to help traders identify high-quality reversal and continuation entries after liquidity grabs at important levels.
The script follows a simple logic chain:
Bias → Level → Sweep → Reclaim → Retest → Signal
Instead of signaling on the first touch of a level, the indicator waits for price to:
sweep beyond a key level,
reclaim that level,
retest it,
and confirm direction before producing a signal.
What it tracks
The script automatically monitors:
Previous Day High
Previous Day Low
Premarket High
Premarket Low
Confirmed swing highs and swing lows
Higher-time-frame directional bias using HTF close vs HTF EMA
Signal logic
Bullish setup
price sweeps below support/liquidity
closes back above it
retests and holds
then prints a CALL signal
Bearish setup
price sweeps above resistance/liquidity
closes back below it
retests and fails
then prints a PUT signal
Filters included
To reduce low-quality signals, the script includes:
higher-time-frame bias filter
trading session filter
pending setup expiry
invalidation logic
optional candle-body confirmation
optional break of prior bar high/low
optional mid-range exclusion filter to avoid dead-zone setups
Visual features
key level plotting
session bias shading
sweep markers
CALL and PUT labels
info table with current status
Best use
This script works best on the underlying chart such as SPY or XSP, especially on lower intraday timeframes. It is intended as a setup detector, not an options-chain tool. It does not select contracts, calculate Greeks, or place trades automatically.
Notes
Swing levels are based on pivot confirmation, so they appear with natural delay.
This script is designed for structure-based traders who want more discipline around entry timing.
Best results usually come from combining the signal with your own risk management, option selection rules, and market context.
Disclaimer
This indicator is for educational and informational purposes only. It does not provide financial advice or guarantee performance. Always test any script thoroughly before using it in live trading.
Here’s a cleaner PulseWire-style version if you want something a little more polished and public-facing:
Sweep Reclaim Retest is an intraday price-action indicator built around liquidity sweeps, failed breaks, and retest confirmation.
The script is designed to help traders avoid chasing first touches and instead focus on a more structured sequence:
Bias → Level → Sweep → Reclaim → Retest → Signal
It tracks important reference levels such as previous day high/low, premarket high/low, and confirmed swing highs/lows. Once price sweeps beyond one of these levels and reclaims it, the script arms a pending setup. A signal is only printed if price comes back to retest the level and confirms direction.
Included features
HTF bias filter using higher-time-frame close vs EMA
session-based signal windows
previous day and premarket levels
confirmed swing levels
pending setup expiry and invalidation
optional candle confirmation
optional prior bar break confirmation
optional mid-range exclusion filter
chart shading, level lines, markers, and info table
Signal types
CALL after bullish sweep → reclaim → retest hold
PUT after bearish sweep → reclaim → retest failure
This script is intended for use on the underlying chart, not the option chart. It is especially suited for traders using SPY/XSP or similar liquid instruments as their signal source, while handling contract selection separately. Indicator
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Volatility of Volatility [ThetaLoop]Here is a thought experiment.
Two stocks both have 25% annualized volatility right now. Stock A has been sitting between 23% and 27% for six months. Stock B was at 12% three weeks ago, spiked to 40%, and just happened to pass through 25% on its way back down.
Would you sell the same put on both? Probably not. But every standard volatility indicator shows the exact same number for both.
This indicator solves that problem. It measures how stable volatility itself is — the second derivative of risk. The CBOE publishes this concept as the VVIX index, but only for the S&P 500. This version works on any stock, ETF, commodity, or crypto pair because it derives everything from price data alone.
The math is straightforward: take rolling realized volatility, then measure the standard deviation of that volatility over a longer window. Normalize as a Z-Score and you get a clean oscillator that answers one question — can I trust my current volatility estimate?
Reading the indicator
CALM regime — Volatility has been stable and predictable. Your realized vol estimate is reliable. This is the ideal environment for selling premium because theta decay behaves as expected and position sizing math works as intended.
NORMAL regime — Some fluctuation in vol, nothing unusual. Standard conditions.
ELEVATED regime — Volatility is jumping around. Your vol estimate might be stale by tomorrow. Consider reducing position size because your risk calculations are built on an unstable foundation.
UNSTABLE regime — Vol is all over the place. Whatever number your broker shows you for IV or HV is probably wrong by the time you submit your order. The premium looks juicy but you cannot reliably estimate what you are actually risking.
Estimator choice
Close-to-Close uses standard log return standard deviation. Simple, widely understood, matches what most platforms report as "historical volatility."
Parkinson uses the daily High-Low range instead. It extracts roughly 5x more information from each bar because it captures intraday movement, not just where the price happened to land at the close. Generally recommended unless you are analyzing something with unreliable intraday data.
Settings overview
RV Window (default 20) — How many days of returns to use for the inner realized volatility calculation. Shorter = more reactive but noisier.
VoV Window (default 60) — How many days of vol readings to analyze for stability. Longer = more reliable regime classification but slower to react.
Display Mode — Z-Score (default, deviation from normal), Percentile (0-100 rank), or Raw (unnormalized coefficient of variation).
Alerts
VoV Unstable — Volatility stability has deteriorated to extreme levels.
VoV Calm — Volatility has become unusually stable. Favorable conditions for systematic premium selling. Indicator
Return Distribution [ThetaLoop]What it does
Calculates rolling Skewness and Excess Kurtosis of price returns over a configurable window. Pure statistics from price data — no indicators, no curve-fitting, no external data needed. Works on any symbol.
Skewness measures whether returns are tilted left (more downside outliers) or right (more upside outliers).
Kurtosis measures whether the return distribution has fat tails (extreme moves happen more often than a bell curve predicts) or thin tails.
Why this matters for options sellers
If you sell puts, your risk is in the left tail. Two numbers tell you how dangerous that tail currently is:
Negative Skewness means the left tail is fatter than the right. Downside outliers are occurring more frequently than upside ones. Your short puts have a higher probability of being tested.
High Kurtosis (excess above zero) means extreme moves in BOTH directions are more frequent than normal. The return distribution has fat tails. Your expected max loss is larger than a normal distribution suggests.
When both combine — negative skew AND high kurtosis — you are in a regime where selling options carries elevated tail risk. The info table shows a combined risk label (LOW RISK / CAUTION / HIGH RISK) based on both metrics together.
How to read it
Excess Kurtosis (main line):
Below 1.5 — Normal tails. Return distribution behaves roughly like a bell curve. Standard risk.
1.5 to 3.0 — Elevated. Tails are getting fatter. Extreme moves more likely than usual.
Above 3.0 — Fat tails. The distribution is far from normal. Tail risk is significantly elevated.
Skewness (secondary line):
Above -0.5 — Roughly symmetric or right-skewed. No unusual downside bias.
-0.5 to -1.0 — Mild left skew. Downside outliers are slightly overrepresented.
Below -1.0 — Heavy left skew. The return distribution is stretched to the downside.
Combined risk table (top right):
LOW RISK — Normal kurtosis, symmetric distribution. Standard environment for selling premium.
CAUTION — Either elevated kurtosis or mild negative skew. Worth monitoring position size.
HIGH RISK — Fat tails combined with negative skew. Worst regime for short options.
Recommended use
Apply to individual stocks before selling puts. A stock with Kurtosis above 3 and Skewness below -1 has a return profile that punishes option sellers disproportionately — the premium you collect does not adequately compensate for the tail risk.
Apply to SPY or QQQ as a market-wide regime monitor. When broad market kurtosis rises, it affects all correlated positions simultaneously.
Compare the same stock across different time windows (20d vs 60d vs 120d) to see whether tail risk is building or fading.
Settings
Lookback Period — Default 60 trading days (about 3 months). Shorter windows (20-30) react faster but are noisier. Longer windows (120-252) give a more stable structural reading.
Return Type — Log returns (default, standard in quantitative finance) or Simple percentage returns.
Kurtosis and Skewness thresholds — Adjustable alert and warning levels. Defaults calibrated for equity markets.
Display mode — Show both metrics, or isolate Kurtosis or Skewness individually.
Technical notes
Skewness uses the sample-corrected formula: * sum((x-mu)/s)^3
Excess Kurtosis uses the sample-corrected formula with the Fisher correction term, so that a normal distribution reads zero (not 3).
Both formulas match standard statistical packages (scipy, R, Excel SKEW/KURT).
Alerts included
High Risk Regime — Fat tails combined with negative skew (worst case for short options)
Fat Tails Detected — Kurtosis above alert threshold
Heavy Left Skew — Skewness deeply negative
Limitations
This indicator measures the recent statistical shape of returns. It does NOT predict future returns or future volatility. A stock can have normal kurtosis today and fat tails tomorrow after an earnings surprise. Use as a regime filter, not a crystal ball.
The rolling window creates lag — a single extreme day takes the full lookback period to wash out of the calculation. This is by design (stability over reactivity), but be aware of it. Indicator
Indicator
SPY Wheel StrategySPY Wheel Strategy — Methodology
Version: 1.0
Instrument: SPY (SPDR S&P 500 ETF)
Timeframe: Daily chart
Backtested: April 2023 – March 2026
Overview
This strategy implements a modified covered call wheel on SPY. The core idea is simple: hold 100 shares, sell a daily covered call slightly above market, collect premium continuously, and re-enter immediately when shares are called away. The strategy is designed as a premium income machine first, with share appreciation as a secondary benefit.
Options premium income is not modeled in the PulseWire backtest — the P&L shown reflects share transactions only. Estimated real-world premium income adds approximately $1,500–2,500 over the backtest period on top of reported figures, depending on prevailing IV.
Entry
Buy 100 shares of SPY at market open on the strategy start date. This is the only discretionary entry — all subsequent re-entries are rule-based.
Covered Call Leg (CC)
No gate required. The CC fires every trading day while shares are held.
Normal conditions (VIX < 25): Sell a 1DTE call at the strike price calculated as ceil(close × 1.0125), rounded up to the nearest $1 strike.
Elevated volatility (VIX ≥ 25): Switch to a 0DTE call at ceil(close × 1.03) to eliminate overnight gap risk while maintaining wider strike protection.
Cost basis rule: The CC strike is never set below the current cost basis. On days where the calculated strike would fall below cost basis, no CC is sold and the position is held unchanged. This prevents locking in a loss on assignment.
Assignment trigger: Shares are called away only if the daily close exceeds the strike. Intraday touches do not constitute assignment. This matches real 1DTE options expiration behavior.
Re-entry
After CC assignment, shares are repurchased at the open of the next trading day. No waiting, no conditions. Instant re-entry was chosen over a CSP-based re-entry after backtesting showed that gate-filtered CSP waiting caused the strategy to sit idle during extended bull runs, significantly underperforming buy and hold.
CSP Gate — Six Conditions (Reference Only)
The six-gate framework was developed for an optional CSP re-entry mode and for live trading order discipline. All six must pass before a CSP order is placed. In the default instant re-entry configuration these gates are not active, but they remain visible in the status table as a live market environment dashboard.
GateConditionPurpose① 200 SMAClose > 200-day SMAMacro regime filter② 20 EMAClose > 20-day EMAShort-term trend filter③ RSIRSI(14) not in 75–85Not topping out④ VIXVIX < 25Volatility environment⑤ VWAPDisabled on daily chartIntraday execution timing⑥ MacroNot FOMC / CPI / NFP dayScheduled event filter
Emergency Exit
If SPY closes below the 200-day SMA for 3 consecutive days while shares are held, the position is closed at the next open and the strategy moves to cash. Re-entry occurs automatically when SPY closes back above the 200 SMA. This rule protects against prolonged bear market drawdowns where the cost basis trap would prevent meaningful CC income.
A secondary alert (yellow background) fires when SPY closes below the 20 EMA for 2 consecutive days, signaling the trader to consider purchasing a protective put to define downside risk.
Visual Reference
Chart ElementMeaningOrange line200-day SMABlue line20-day EMARed dashed lineCurrent cost basisGreen dashed lineActive CC strikeRed background tintVIX ≥ 25 — high volatility regimeYellow background tint20 EMA breach — hedge alert
Backtest Results (Share P&L Only)
MetricValuePeriodApr 2023 – Mar 2026Starting capital$70,000Total trades11 complete cyclesRealized share P&L$23,393Unrealized (open trade)$5,296Combined$28,689Buy & hold same period$25,595Estimated premium income$1,200 – $2,500
Premium income is estimated based on 637 CC contracts sold at an average of $1.50–2.50 per contract, reflecting 1DTE 1.25% OTM pricing at prevailing IV conditions. Actual results will vary with market volatility.
Known Limitations
Cost basis trap: During extended drawdowns the CC strike constraint (never below cost basis) prevents selling calls near the money. Premium income drops significantly during these periods.
Tail risk: A multi-year bear market will eventually breach the 200 SMA exit rule, realizing a loss. The strategy does not fully hedge equity risk — it reduces it through active cost basis management and daily premium income.
Premium not modeled: The backtest P&L reflects shares only. A complete picture requires adding real options premium data.
Daily bar assignment: PulseWire backtests on daily bars. Assignment logic uses close-of-bar price checks to replicate real expiration behavior. Intraday simulation is not possible in this framework.
Settings (Adjustable via ⚙ Settings Cog)
ParameterDefaultDescriptionCC Strike % — Normal VIX1.25%OTM distance for 1DTE CCCC Strike % — High VIX3.00%OTM distance for 0DTE CCVIX Gate Threshold25VIX level triggering high-VIX CC modeRSI Block Zone75–85RSI range blocking CSP (set Lo > Hi to disable)200 SMA Length200Long-term trend MA20 EMA Length20Short-term trend MA200 SMA Breach Days3Consecutive days below 200 SMA to trigger exit20 EMA Breach Days2Consecutive days below 20 EMA to trigger hedge alertRe-entry ModeInstantInstant open re-entry vs CSP waitStart Date2023-04-03Backtest start
Disclaimer
This script is published for educational and research purposes. It does not constitute financial advice. Past backtest performance does not guarantee future results. Options trading involves substantial risk. Always conduct your own due diligence before trading. Strategy
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20-Day Range % - TigerTraders Title: 20-Day Range % — Volatility Regime Filter
Short Description:
Measures the percentage range (highest high minus lowest low) over the last 20 trading days relative to current price. Designed to identify volatility regimes for options sellers.
Full Description:
This indicator calculates a simple but powerful metric: how much has price moved over the last N days, expressed as a percentage of the current price?
Formula:
Range % = (Highest High - Lowest Low) / Close × 100 over a configurable lookback period (default: 20 days).
Why it matters for options sellers:
Through backtesting 2.5 years of TSLA options data (Aug 2023 – Mar 2026), I found that this single indicator splits the market into three distinct volatility regimes — each requiring a completely different options strategy:
- Above 30% (Red zone): The stock is making extreme moves. Premium is massive (7-13% of stock price). Selling single-leg options against the mean reversion signal produced a 100% win rate across 7 trades in backtesting. Volatility crush
does the heavy lifting.
- Below 18% (Quiet zone): The stock is range-bound and chopping. Ideal conditions for selling strangles (OTM call + OTM put). Short-dated (14-28 DTE), 10% OTM strangles with a 50% profit target hit an 82% win rate with a 2.40 profit
factor across 65 trades.
- 18-30% (No man's land): Too volatile for strangles, not extreme enough for directional premium selling. Backtesting showed this is the zone where most losing trades occurred. The indicator helps you stay out.
How to use it:
The indicator plots the range % as a line in a separate pane with two configurable threshold levels:
- Orange dashed line (default 25%): Alert threshold — volatility is elevated, start watching for setups
- Red dashed line (default 30%): High threshold — extreme volatility regime, single-leg premium selling setups are active
- Background shading highlights when price enters the orange or red zones
When the line is low and flat (below 18%), conditions favor short strangles. When it spikes into the red zone, conditions favor selling single-leg options in the direction of mean reversion.
Settings:
- Lookback Period (default: 20 days)
- Alert Threshold (default: 25%)
- High Threshold (default: 30%)
Notes:
- Backtested on TSLA only — the thresholds may need adjustment for lower-volatility tickers
- This is a regime filter, not a standalone signal — pair it with your own entry trigger (mean reversion, RSI, etc.)
- Works on daily timeframe; not designed for intraday use
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Want me to tweak the tone, add/remove anything, or adjust it for a specific audience? Indicator
Trader ChecklistTrader Checklist — On-Chart Trade Validation Panel
A fully customizable on-chart checklist that helps traders enforce discipline by validating their conditions before entering a trade. Written in Pine Script v6, this indicator displays a compact panel directly on your chart.
WHAT IT DOES
This indicator renders a table-based checklist overlay with up to 4 tab groups, each containing up to 5 rules. You define your own trading rules (e.g., "HTF trend confirmed", "Liquidity swept", "Risk-reward above 2:1") and manually tick each checkbox in the settings panel. The indicator tracks your progress in real time and shows a clear READY or NOT READY status.
It does not generate signals, plot entries/exits, or automate trading decisions. It is a manual discipline tool — you define the rules, you check them off, and the panel tells you whether all conditions are met.
HOW IT WORKS
Each tab group has a "Rules (1-5)" slider that controls how many rules are visible. Rules beyond the slider value are hidden automatically.
Tick the checkbox for each rule you've confirmed. The panel updates immediately with a progress counter (e.g., "3/5") on each tab header.
The header row shows your strategy name alongside a global progress counter. When all visible rules across all active tabs are checked, the status changes to READY with a green highlight.
An alert fires once per bar close when all conditions transition from incomplete to fully met.
HOW TO USE
Add the indicator to your chart.
Open Settings > Inputs.
Under "1 - Display", set your strategy name and choose the panel position (any corner).
Under "2 - Style", pick a theme preset (Dark, Light, Midnight, Charcoal) or select "Custom" and use the color pickers to set your own background, accent, text, ready, and not-ready colors. Adjust panel size (Small/Medium/Large) and border width.
Under tabs 3-6, enable the tabs you need, name each tab group, set the rule count, and fill in rule names. Optionally add notes to each rule — these appear as tooltips on the panel.
As you analyze a chart, go back to Settings and tick the checkboxes for each confirmed condition.
Only enter when the panel reads READY.
FEATURES
4 tab groups with 5 rules each (up to 20 total conditions)
Rules slider per tab — show only the rules you need
Per-tab and global progress counters (e.g., "3/5", "12 of 15 conditions met")
5 built-in color themes + fully custom color picker mode
Adjustable panel size (Small / Medium / Large) and border width
Tooltips on each rule for additional notes
Alternating row colors for readability
Visual separators between tab groups
Alert on all-conditions-met transition (once per bar close)
No-flicker table rendering — panel only rebuilds when the row count changes
Optional credit row toggle
Works on any instrument and any timeframe
SETTINGS OVERVIEW
Display — Strategy name, panel visibility, status row toggle, credit row toggle, panel position.
Style — Theme preset, panel size, border width, and 5 individual color pickers (active when theme is set to "Custom").
Tab 1-4 — Show/hide toggle, group name, rules slider (1-5), checkboxes, rule names, and rule notes.
ORIGINALITY
This script is an original rewrite inspired by a checklist concept originally developed by Angelo. The codebase has been rebuilt from scratch in Pine Script v6 with a completely redesigned architecture including: a multi-tab settings structure, theme system with custom color pickers, per-tab and global progress tracking, alert integration, tooltip support, no-flicker rendering logic, and a compact input layout. None of the original code was reused — this shares only the conceptual premise of a manual trade checklist. Indicator
