call and put gamma

[Earthian]

plot data = if IsPut() then ceil(gamma() * -100 * open_interest ()) else ceil(gamma() * 100 * open_interest());
assignbackgroundcolor (if absvalue(data) > 200000 then CreateColor(136, 8, 8) else if AbsValue(data) > 100000 then  CreateColor(170, 74, 68) else if absvalue(data) > 2000 then createcolor(250, 160, 160) else color.gray);
data.assignvaluecolor(if AbsValue(data) > 100000 then color.yellow else if AbsValue(data) > 100 then color.black else color.current);

Any idea if it's possible to sum the call side calculation and put side calculation in an option chain column? For instance, in the above, I would like to have something like below accomplished, but I am not think through it correct.

call_gamma_exposure = call_gamma * call_open_interest * 1;
put_gamma_exposure = put_gamma * put_open_interest * -1;

plot data = call_gamma_exposure + put_gamma_exposure;

Any help is much appreciated!

 

[halcyonguy]

plot data = if IsPut() then ceil(gamma() * -100 * open_interest ()) else ceil(gamma() * 100 * open_interest());
assignbackgroundcolor (if absvalue(data) > 200000 then CreateColor(136, 8, 8) else if AbsValue(data) > 100000 then  CreateColor(170, 74, 68) else if absvalue(data) > 2000 then createcolor(250, 160, 160) else color.gray);
data.assignvaluecolor(if AbsValue(data) > 100000 then color.yellow else if AbsValue(data) > 100 then color.black else color.current);

Any idea if it's possible to sum the call side calculation and put side calculation in an option chain column? For instance, in the above, I would like to have something like below accomplished, but I am not think through it correct.

call_gamma_exposure = call_gamma * call_open_interest * 1;
put_gamma_exposure = put_gamma * put_open_interest * -1;

plot data = call_gamma_exposure + put_gamma_exposure;

Any help is much appreciated!

maybe? , it would be very long and convoluted.

this will give you an idea of what's involved when reading data from several option strikes.
it plots lines for open interest, for several strikes.

post #1 has latest ver
https://usethinkscript.com/threads/option-heatmap-and-oi-strikes.10664/
post2 has a pic

and sorry, no, i don't have time to tackle this

 

[Earthian]

Thank You. I would like to implement this in the options column and it seems like either it should be fairly straightforward or not possible at all.

 

[quantumomegallc]

maybe? , it would be very long and convoluted.

this will give you an idea of what's involved when reading data from several option strikes.
it plots lines for open interest, for several strikes.

post #1 has latest ver
https://usethinkscript.com/threads/option-heatmap-and-oi-strikes.10664/
post2 has a pic

and sorry, no, i don't have time to tackle this

That's is a shame. This concept is the most important one in all of day trading. Itm vs otm calls and puts are how the MMs hedge. Finding the volume levels and also the time/price which they occur is how MMs determine movement. If it would at all be possible for you to delve a little deeper I would go into it with you.