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.