Automated scanning for entries and position monitoring for exits.
Hybrid, semi-automated strategy
Uses custom buttons and actions alongside bot automations.
Trade paper or real money
Try risk-free paper trading or connect your brokerage account to trade live.
Setup to trade the following strategies
Manages multiple ticker symbols
Trades a basket of tickers you choose to automate diversification
Focused trading in one ticker
Trades multiple positions in one ticker for targeted customization.
No coding required, 100% customizable
You can easily modify this bot template to fit your exact needs or trading style.
About this template
Given the typical DTE of this bot, a change in name might be in order.
This bot opens 1 DTE Iron Condors (or the closest expiration possible) at Market Open and Market Close, with the goal of regularly skimming small profits off Iron Condors by adding new positions frequently to remain close to SPY. The wings are at 2 Standard Deviation* and $5 dollars (or closest farther) in each direction.
For entry management, the bot confirms "VIX below 30" and "RSI between 30 and 70" before entering a position. For position monitoring, this bot will close positions if the short strikes are breached. If the position goes unchallenged, it uses a trailing stop-loss (40% by 10%), with a lower trailing stop-loss after 12pm on the expiration date if needed (10% by 10%). Positions will be closed by 3pm on the expiration date.
This bot requires a $3,000 allocation to fully fund all 6 positions. Pattern day-trading protections have been built in by default.
*Bot was updated to 2 STD short strikes on 08/31/22.
"1 Standard Deviation is an exploration for me and may or may not prove to be too close to the ticker price. Further paper-trading is required. Personal data is less than a week old."
**This bot is in the research phase. Any feedback on further limits to entry criteria or management is highly welcomed.
Learn more about the options strategies this template could trade: