What’s New in Option Alpha: August 2024

0DTE Oracle

Auto-trade backtested 0DTE opportunities

0DTE Oracle is a new tool to find 0DTE and next day trading opportunities. In this release we added the ability to automatically trade any backtested opportunity daily.

• Create a new bot to auto-trade 0DTE opportunities directly from a backtest
• Generate a scanner for an existing bot directly from a backtest
• Custom backtest criteria, including indicators and market conditions, implemented in your bot's scanner automatically

Bots

Major improvements to bot building

• Copy and paste actions in the automation editor
• Copy bot automations within the same bot or to other bots
• Lookup individual positions without a position loop
• Automated partial closes
• Abandon worthless long legs with 0 bid when closing credit spreads
• Comparison decisions upgraded with "or equal to" options, e.g. "greater than or equal to"

1 minute scanning is now free for all bots!

All bots, including paper trading, now have the option to run scanner and monitor automations every 1 minute at no additional charge.

New recipes for bot decisions

• Opportunity has a conflicting leg with existing positions
• Opportunity reward/risk is favorable for probability of max profit
• Current market time between min - max
• Market closes at 1:00pm or 4:00pm
• Market closes in a specific amount of time
• Bot has an existing position with a tag and status
• Check bot open/closed/total 0DTE P/L
• Check the trading range % for a symbol today

Progressive position sizing options

New progressive position size strategies based on win/loss results of previously closed positions. Note: Since the position size is altered based on the current win/loss streak, it is assumed the bot that is only opening 1 position at a time.

Screener

Presets added to Screener

Use presets to quickly view lists of symbols filtered and sorted by your own criteria. Copy the symbol list to use in bot symbols or within an automation.

Additional updates worth mentioning...

• Added checkbox to "Show Tags" on position screens
• Research Data added in OA Labs with liquidity and SPX 0DTE "Pegging" research updated daily
• Added "Exactly 0 days" shortcut for expiration fields
• Added "Reward/risk ratio favorable for probability of max profit" to Open Position action criteria
• "Retry Position" button remembers the Final Price of the previous trade
• Added "Open Date" to available columns for position tables
• Editing a bot automation that is turned off no longer turns it back on
• Fixed issue when filtering position list by maximum 0 DTE