About this template
This template is another variation that more accurately mimics Tammy Chambless' 0DTE Multiple Entry Iron Condor strategy.
Note:
To properly mimic the strategy, you have to use 2 bots.
Here's how it works:
Credit Targeting Call Spread Scanner:
If First Tranche is on, at 12:00 p.m., 12:30 p.m., & 1:00 p.m., the scanner seeks to open a call spread (1st half of the iron condor).
If First Tranche is off, at 1:30 p.m., 2:00 p.m., & 2:30 p.m., the scanner seeks to open a call spread (1st half of the iron condor).
It checks for strikes that are at least $20.01 OTM in $1 increments all the way down to strikes that are at least $0.01 OTM for the following:
Opportunity filters:
1. Checks to see if the position is available.
2. Checks to see if the rate of return is greater than Minimum Rate of Return (default 6%).
3. Checks to see if bid price > $0.01.
4. Checks to see if the bid/ask spread is less than Maximum Bid/Ask Spread (default $0.20).
5. Checks to see if all legs open interest > 1.
6. Checks to see if chance of profit is greater than Minimum Chance of Profit (default 0%).
7. Checks to see if bot has enough capital to open position.
The Spread Width is defaulted to $2.50 (modifiable).
Global Exit Options - Stop Loss 100% (modifiable).
Credit Targeting Put Spread Condor Completion: (Run as Open Short Call Spread position event & as monitor)
Seeks to open short put spread (completing the synthetic iron condor) for any call spreads with the 'incomplete condor' tag. It checks for strikes that are at least $20.01 OTM in $1 increments all the way down to strikes that are at least $0.01 OTM for the following:
Opportunity filters:
1. Checks to see if the position is available.
2. Checks to see if the rate of return is greater than Minimum Rate of Return (default 6%).
3. Checks to see if bid price > $0.01.
4. Checks to see if the bid/ask spread is less than Maximum Bid/Ask Spread (default $0.20).
5. Checks to see if all legs open interest > 1.
6. Checks to see if chance of profit is greater than Minimum Chance of Profit (default 0%).
7. Checks to see if bot has enough capital to open position.
The Spread Width is defaulted to $2.50 (modifiable).
Global Exit Options - Stop Loss 100% (modifiable).
Position size is set to the same as the call spread.
Original Condor Tag Maintenance - Put Spreads: (Run as Open Short Put Spread position event)
Cycles through the put spreads and tags the bot with which tranche they are in.
Original Condor Tag Maintenance - Call Spreads: (Run as 1st monitor)
Cycles through the call spreads with the 'incomplete condor' tag and removes the 'incomplete condor' tag if the bot is tagged with the same tranche as the spread.
Synthetic Iron Condor Monitor :
Tradier Account Check: (Can be turned off via bot-level switch)
On/after 3:00 p.m. EST, checks all 0DTE positions to see if the short leg's delta's have the potential to be ITM. If it does, then it initiates an expiration close.
Close position trigger if challenged based on chance of ITM:
Seeks to close position based on if the position's short leg's chance of being in the money.
- If position's chance of ITM exceeds Highest Chance of ITM Close % - defaulted to 65%
- After 12pm on 0DTE, if position's chance of ITM exceeds 0DTE 12pm Chance of ITM Close % - defaulted to 60%
- After 1pm on 0DTE, if position's chance of ITM exceeds 0DTE 1pm Chance of ITM Close % - defaulted to 60%
- After 2pm on 0DTE, if position's chance of ITM exceeds 0DTE 2pm Chance of ITM Close % - defaulted to 55%
- After 3pm on 0DTE, if position's chance of ITM exceeds 0DTE 3pm Chance of ITM Close % - defaulted to 50%
Market Close:
Closes all 0DTE positions that have greater than 10% chance of being ITM at market close.
