Combined CALL & PUT Candles / Pair Trading

This script plots Combined candles for two instruments (e.g., a Nifty Call and a Nifty Put option) and calculates their combined Candle / HA candle in a separate pane. It also includes an Exponential Moving Average (EMA) of 11 periods that changes color based on the trend.

This indicator can be used for Pair Trading as well

The user can:

Choose between normal candles or Heikin Ashi candles.
Select which instruments (Call or Put) to display.
See a combined HA candle, which takes an average of the selected instruments.
View a trend-based EMA (11-period) that turns green for uptrends and red for downtrends.
Pros (Advantages)
✅ Clear Trend Visualization – Heikin Ashi candles smooth price action and help filter out noise.
✅ Dual Instrument Analysis – Users can compare Call and Put options together.
✅ Customizability – Options to enable/disable individual instruments and choose candle types.
✅ Trend Indication – The EMA provides a quick visual cue on the trend direction.
✅ Better Decision-Making – Helps traders analyze combined movement instead of just one instrument.

Cons (Limitations)
❌ Lagging Indicator – HA candles and EMA introduce lag since they are calculated using past data.
❌ No Wick Visibility – Only the candle bodies are plotted, which may hide key price action details.
❌ Limited Use in Fast Markets – The smoothing effect may cause delays in reflecting sudden price movements.
❌ No Volume Consideration – The script does not factor in trading volume, which can be crucial in options trading.

Who Can Use This?
🔹 Options Traders – Those analyzing Call and Put movement together.
🔹 Trend Followers – Traders looking for smooth price action and clear trend signals.
🔹 Algorithmic Traders – Those who want a simplified trend view for strategy development.