When we first introduced Trade Ideas this year, it was a new way of discovering (and executing) option trading opportunities. Now with our latest update, you can use a multi-symbol list and let your bots dig through thousands of trade combinations across multiple symbols to find the best setup for you.
The new Trade Ideas action available in automations gives you the choice of finding a trade idea on one specific symbol or the ability to use a multi-symbol list. Simply input all your preferred opportunity criteria, and bots will evaluate all the data to rank and sort all potential trades and open positions instantly for you.
In this video, we demonstrate how to create an automation with a Trade Ideas action focusing on one ticker symbol and strategy type. Now, we’ll show you how to leverage Trade Ideas across multiple symbols to identify all positions that meet your criteria.
The Trade Ideas action can be added to any new or existing automation.
Finding trade ideas for multiple symbols lets you apply specific entry criteria for up to 10 symbols. The bot will automatically find the best trading opportunities based on your inputs after searching through all combinations of legs.
Just pick your symbols, position details, position size, SmartPricing settings, and Exit Options (don’t forget to use the new EV and Alpha filters!). Many variables are optional; if you leave them blank, Trade Ideas will display all the best ranking opportunities.
As always, you can add Entry and Position Criteria. Lastly, choose how you want Trade Ideas to rank potential trades using Alpha and probabilities. Click ‘Save’ to add the action to your automation.
That’s it! That is all you have to do. Trade Ideas will take care of the rest. You can add more decision recipes to the automation to evaluate additional market or position data.
Your next step should be to test the automation to check your settings. The Automation Log will display all the necessary information to see what positions would be opened, what positions were filtered, and why. All of the data is visible to provide you with the insights needed to power your future decisions.
The trades are sorted based on your settings.
You can also see all filtered trades, how many were available, and why they did not pass your criteria.