Meet the new bot wizard, our latest, groundbreaking technology to help you create bots. The bot wizard is the quickest and easiest way to build a bot and start your autotrading journey.
The bot wizard builds an entire bot automatically for you, using your entry and exit criteria for a particular strategy.
To build a new bot with the bot wizard, click the button at the top of your Bots homepage.
Like creating any new bot, you’ll name the bot, choose an icon, select a paper trading or live account you’ve connected from our list of integrated brokers, and give the bot an allocation limit.
The bot wizard asks you to input position details such as trade frequency, ticker symbol, strategy type, days until expiration, strike prices, and contract/risk amount.
You can use any of the prefilled recipes we offer inside the platform, and this is a great way to introduce new traders to our easy-to-use, natural language logic. The wizard gives you a lot of flexibility to target specific position types.
Plus, you can always modify any of your bot’s settings after it is created.
Next, you’ll set up the strategy’s entry criteria using our extensive list of decision recipes.
This is fun because you can use as many decision recipes as you want, and once you’re ready, the bot is created automatically for you inside your account.
For example, this bot will only open new positions in SPY if the price is above the 200-day SMA, SPY’s IV rank is above 50, and its price has decreased by at least $1 since yesterday’s close.
You simply tell the bot wizard what you want the bot to filter before it opens new positions. You can make your automations as simple or complex as you like.
You also have complete control of the exit criteria to manage and close positions exactly how you want.
For example, this bot will automatically exit a position if the short put spread has a 50% profit or the position expires in less than two market days.
Once you’ve completed filling out the wizard and your new strategy is ready, simply click the button to create your bot. Your bot is automatically created on the back end using all the criteria and settings you put into the simple bot wizard. Yep, it’s that easy!
You can view your bot immediately and you see your automations. The entry scanner automation automates all criteria that would open a new position.
Remember, you can always modify and edit any of the automation’s fields inside the automation editor. Let’s say you want to change the IV rank to be above 75. Well, you simply make that change and then hit save, and you’re good to go with your new entry criteria. You can save all your changes, and the new entry criteria are reflected in the automation editor.
The exit monitor automation automatically adds a position loop for you. The position loop repeats through every position the bot has and checks all the exit criteria for each position. If you have multiple positions, the monitor automation independently checks all of the exit criteria that would lead to closing a position, one position at a time.
We created the bot wizard to streamline the process of creating your first bot and automating your favorite strategies.
Remember, you create the bot with your ideas and criteria; the bot wizard makes it simple with easy-to-use natural language recipes. You can always add, remove, or modify any settings before and after turning on the bot. You are in control!
Start a FREE 30-day trial to get full access and experience the bot wizard’s magic. Already an Option Alpha member? Click here to launch the platform and use the bot wizard.
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