Trading View Alternative for options

APIs, Automation, Algos & Code
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Hi, Does anyone know a charting platform like trading view where I can see option charts and code custom indicators ?

I would like to code position calculator for options charts so I don’t have to draw position tool on candle open everytime i take trade to save time.

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Hi @Utkarsh, will attempt to answer this however I know many traders here are pro and they will have a better insight to this… I am answering from our limited experience of integrating with multiple partners.

1. TradingView: Biggest alternative to TV is actually TradingView itself, the product is miles ahead of the competition and has evolved over past 12 years. More to do enhancements TV saw with Community Indicators, PineScript editors and like in the past 3-4 years, the usage has exploded and it truly has raised the bar for anyone building a charting product. On Dhan, we have introduced Webhooks for Trading via TV, first of its kind for any broker globally as much as I would know or alternatively use Connect with Broker via TradePanel. Data for Options is not yet available on TV, so you will have to rely on Webhooks for execution and underlying for tracking.

2. Broker Installed Libraries:
We take hosted version of TradingView library on tv.dhan.co and we have also implemented the same across all our platforms. Some key features like PineScrip, Alerts, Bar Replay and Community Scripts are limited here by TradingView. I see couple of brokers now taking similar approach, while our commitment to this always stays that we will provide latest libraries, and experience miles ahead than the rest. We did face initial hiccups on speed, load times, and all in our initial days, but now it is super seamless and we proactively make lots of updates to this. If i recollect, 60+ in last 18 months.

3. Libraries like GoCharting:
You can explore them, and it is also among partners we have integrated. List of all API partners featured is here: https://dhanhq.co/featured-partners/

4. ChartIQ:
It is popular with some brokers, Dhan also provides the latest libraries of ChartIQ as well. Prior to Dhan, most users had ChartIQ as a default charting option - we see it changing fast now. But yes, it has its own users.

5. Build your own:
Charting libraries like TradingView, ChartIQ, HighCharts, AnyCharts, CanvasJS and couple others are available for geeks who would want to code as per own preferences. However, I have rarely seen this possibly because the libraries come at a cost, atleast TV and ChartIQ does, while rest are relatively less popular.

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For options charting and coding custom indicators here are a few platforms similar to TradingView that offer more flexibility for options trading and scripting:

1. Indie (Takeprofit.com)

  • Technical Analysis Language: Custom indicator language for TakeProfit platform
  • Structured Code: Better code organization and trading instrument request mechanism
  • Familiar Syntax: Syntax is similar to Python so if you are familiar with Python it’s more accessible
  • Community and Marketplace: Community support and open-source sharing through TakeProfit Marketplace where you can share and collaborate on custom indicators and tools.

2. NinjaTrader:

  • Charting Options: Advanced charting for futures, stocks and options
  • Custom Indicators: You can code custom indicators using NinjaScript which is based on C#
  • Automation: You can automate calculations like position sizing and create custom tools to boost your trading

3. ThinkorSwim (TOS):

  • Option Charts: ThinkorSwim has detailed options charts and is one of the best platform for options traders
  • Custom Indicators: You can use ThinkScript to code custom indicators including position calculators and analysis tools
  • Built-In Tools: There’s already a position sizing tool but you can customize it to make it more automated.

4. MultiCharts:

  • Options Charting: MultiCharts has powerful options charting including volatility charts and custom Greeks
  • Custom Indicators: You can use PowerLanguage or C#

5. QuantConnect:

  • Options Support: Has robust charting for options and futures
  • Custom Scripting: You can code in C# or Python to create custom tools like position calculators or automated trading algorithms

Any of these should work depending on the customization and automation you need. Let me know if you want more info on any of them!

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