You should see the LABEL at the top of the SPX chart saying "CrSPRD:" in the color grey.

To the right of that label, you should see the short strike with the letter "c" for calls or the letter "p" for puts. The color would be green if okay or orange if the spread is at risk.

There will be alerts "only" as the price nears the short strike. The labels will turn ORANGE in color when it gets too close (per xDist).

Click the <gear> icon in "Edit Studies" to enter the information (xDist) for your credit spreads.

xDist = 60.00, means the distance from the short strike to trigger an alert.

All_Strikes = Yes means show (display) all the credit spreads with their short strikes. "No" means to "hide" the short strikes on the chart. Alerts remain active.

Show_Labels = No will totally "disable" the alert indicator.

Strike1= the short strike in the credit spread #1.

put1 =No, it means it is a call credit spread and not a put credit spread.

show1= Yes, means to override the All_Strikes setting when the All_Strikes is "No", and show (display) the "specific" short strike (#1) on the stock chart.

It will mark with a vertical line on the stock chart the exact day or time when the price had triggered the warning to watch (or to defend) the spread.  The indicator will draw strike1 on the stock chart.

Remember, you can disable strike1 or strike2 by typing in a zero (0) for that specific strike. 

Install the indicator in the Timeframe(s) where you want to manage and defend the credit spreads.

For myself, I install it in the daily and 30min timeframes for the weekly spreads

Updated: 1-2-2022     -     10 traders     -     ♥ Ask for your free TOS Setup weblinks