Iron Condor & Butterfly Visualizer

It helps you visualize and manage your option spread by:

Plotting strike prices and breakeven lines directly on the chart.

Showing profit/loss zones, adjustment zones, and alerts when price nears critical levels.

Calculating risk/reward, probability of profit, theta decay, IV condition, and trade score.

🎯 2. Inputs & Configuration

You input your trade details as a comma-separated string:

For an Iron Condor
ShortCall, LongCall, ShortPut, LongPut, Credit, Contracts, Target%
Example: 626,628,620,618,1.20,1,30

For a Butterfly Spread
LowerWing, Body, UpperWing, Debit, Contracts, Target%
Example: 600,620,640,2.50,2,50


The indicator automatically parses this and knows which strategy type you selected.

You can also control:

Visuals (profit zones, breakevens, labels)

Risk (stop loss %, adjustment zones)

Account/risk sizing

Market conditions (IV Rank, current IV, DTE)

⚙️ 3. Data Parsing & Strategy Recognition

The code reads your pasted string, splits it by commas, and determines:

Which strikes are short vs long (or wings/body for Butterfly)

Whether the strategy is credit (Iron Condor) or debit (Butterfly)

Calculates net credit/debit, contract size, and profit target

📈 4. Profit/Loss Calculations

It dynamically calculates:

Max Profit

Iron Condor: net credit × 100 × contracts

Butterfly: (wing width − debit) × 100 × contracts

Max Loss

Iron Condor: difference between strikes minus credit

Butterfly: debit × 100 × contracts

Breakeven points

Iron Condor: short strikes ± net credit

Butterfly: body ± debit

Current P&L relative to the live price (close).

⚖️ 5. Risk & Position Sizing

It checks:

Stop-loss trigger (% of max loss)

Adjustment alert if price nears short strikes

Recommended contract size based on account size and % risk per trade

Actual % of account at risk

⏱️ 6. Time Decay & IV Analysis

If you input days to expiration, it shows:

Theta (approx daily time decay)

Decay progress bar (% of 30-day cycle)

IV condition:

Green: favorable (>50 IV Rank)

Yellow: neutral (30–50)

Red: poor (<30)

🧮 7. Trade Scoring

It gives a Trade Score (0–100) based on:

IV Rank (favorable market)

Risk/Reward ratio

Probability of profit

Default 20 baseline points

This helps gauge whether the setup is statistically attractive.

🧠 8. Visualizations

When the indicator runs, it draws on your chart:

Lines

Red = short strikes

Orange dashed = long strikes

Yellow dotted = breakeven levels

Boxes

Green = profit zone

Orange shaded = adjustment zones (approaching danger)

Labels (optional)

Strike labels (call/put prices)

Info box summarizing:

Profit, loss, risk/reward

Breakevens, theta, target, gamma risk flag

🚨 9. Alerts

The script triggers TradingView alerts when:

Price nears call or put adjustment zones

Profit target is hit

Stop loss is hit

These help you manage the trade without constant monitoring.

🧭 10. In Practice

You’d:

Copy the option strikes and trade details from your broker or analyzer.

Paste them into 📋 PASTE YOUR TRADE DATA HERE.

The indicator plots:

Profit/loss region

Adjustment warnings

Key metrics

Alerts if your trade is in danger or near target.