In this post, we’ll show you an intraday option buying strategy using a no-code tool, focusing on Bank Nifty options. Follow these steps to create, code, and backtest the strategy using Zerodha Streak with three essential indicators.
What You Need:
A Clear Strategy
Zerodha Streak Account
Three Key Indicators
Indicators:
Intraday Momentum Index (IMI): This indicator measures the momentum of price movements within a single day. It uses price and volume data to show market strengths and weaknesses.
Super Trend: A well-known tool for tracking market trends. It uses the Average True Range (ATR) and a multiplier to calculate its value, indicating trend direction.
Bollinger Bands: These bands are drawn above and below a simple moving average of the price, set at a certain standard deviation level. They adjust to price volatility, providing insights into market conditions.
How to Create the Strategy:
Log in to Streak
Add Instrument: Choose Bank Nifty option contracts for this strategy.
Set Entry Conditions: Enter the entry conditions as shown in the screenshot below.
Set Exit Conditions: Define the stop loss (SL), trailing stop loss (TSL), and target. For this momentum strategy, leave the target open.
Backtesting
After setting up the strategy, backtest it to evaluate its performance using historical data.
Interested in Algo Trading?
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Strategy Link - https://www.streak.tech/explore/strategy/dub20072024
Telegram Link - https://telegram.me/+F0GuIsD2CJNjOTU1
Download Data - will update soon
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