Strike price selection is a critical part of any options trading strategy. We’ve released enhancements to the strike price selection process so you can easily choose the right contracts for your strategy.

There are now multiple choices for strike price selection when you use the open position action. We added new decision recipes to reference the “same strike” as other legs or existing positions.

This enhancement makes it easier to create iron butterflies and other strategies that have matching short strikes.

For example, you could use the “Same strike as short call leg” recipe when selecting the short put leg of an iron butterfly. The decision recipe simplifies the selection process and ensures the strike prices will match.

Selecting a strike based on a leg in a position allows you to reference an existing position when creating a new position.

For example, if you have a short put spread and want to add a short call spread to create an iron butterfly, you could reference the put spread’s short leg when adding the short call spread position. The recipe ensures the short strikes of the spreads will be the same.

This update also addressed decision recipe issues with strike selection above or below the underlying’s price. Bots can now select strike prices above or below the underlying price using specific dollar amounts or percentage amounts.

For the latest platform updates, check out the Changelog.