Mario Kex

I recently looked for a program or website that could illustrate profit/loss on options and option strategies. I've been utilizing Think or Swim with a paper money account in the past. I was surprised to find https://optionstrat.com/ and fell in love with it immediately! The basic functionality is free, and in addition to a strategy editor and optimizer, they also have great texts outlining specific strategies, starting with an explanation of PUTs and CALLs that is quite easy to understand. Additionally, they have tutorial videos explaining every feature. It can be useful for people new to options. Their paid products are just adding non-delayed data, computing return on risk and profit chance of a strategy. They also offer an expensive "unusual flows" which attempts to identify interesting opportunities but I don't think that is that useful (I don't know but I think won't use that personally).

They unpublished the script, apparently because I didn't write a guide on how to use the indicator. 😕 I don't want to waste time explaining how to use this in trading (and this is what Real Traders Club is all about) so I am sharing the code directly here. It can be copy&pasted to TradingView's Pine Editor tab and added to a chart layout easily by clicking Add to chart. I decided to call it "Oscillator-Based Wave Locator" to keep the original OWL abbreviation without using Trader's Coach's proprietary "Optimum Wave Locator" name. It is based on generic "price oscillator" logic, just rendering it as red/green histogram and using 5 and 35 lengths and LOW as the price source by default (as described in McDowell's book Elliot Wave Techniques Simplified). //@version=5 indicator(title="Oscillator-Based Wave Locator", shorttitle="OWL", format=format.price, precision=2, timeframe="", timeframe_gaps=true) shortLen = input.int(5, "Short Length", minval=1) longLen = input.int(35, "Long Length", minval=1) src = input(low, title="Source") avgType = input.string(title="Average", defval="SMA", options=["SMA", "EMA", "WMA", "RMA"]) avgFunc(source, length) => switch avgType "SMA" => ta.sma(source, length) "EMA" => ta.ema(source, length) "WMA" => ta.wma(source, length) "RMA" => ta.rma(source, length) short = avgFunc(src, shortLen) long = avgFunc(src, longLen) diff = (short - long)/long*100 col = diff>0 ? #009688 : #F44336 plot(diff, style=plot.style_columns, color=col, linewidth=5)

If you are using TradingView you may like this indicator mimicking OWL that we can see in the trading room: htps://www.tradingview.com/script/CX3485yY-OWL-Price-Oscillator/ It is based on their "Price oscillator" script, just the default lengths are changed and it draws it as a histogram chart with negative values red. The indicator is open-source, free to use or modify.