About this template
CHERRY PICKER / BOTTOM FISHER
UP or DOWN Trend bot, no neutral positions.
COMBO Bot:
I combined the OA cherry picker and bottom fisher bots (both by Kirk) with some tweaks and extra monitors. This is a conservative strategy bot (high win rate) with low IVR longs openings added (you could change it to Long CS or Long PS or delete that part). OA normally recommends simpler bots but I combined both bots for a few reasons. They are mirrors of each other so it is easy to combine scanners and monitors. When ticker hunting some times all I am finding is bears or only bulls when looking for high or low RSI so having a bot that can go both ways is easier to feed tickers too. Or at a time where both bull and bears are available I pick the tickers on each side that seem to do well in this bot and past experience. Ultimately it uses less bots this way since there are not a ton of tickers each week that this bot will work with.
Position types:
Majority should be SCS/SPS but I put in the low IVR check that switches to longs. If you pick high IVR tickers (as part of your criteria for ticker fishing) this would rarely open longs or you can delete the open long boxes (there are only two).
Position Size / Risk:
For SCS/SPS with the current setting you will see 150-450$ risk per position. For the longs it depend upon the ticker and since the dte setting I have is far out to avoid theta premium draw it makes these bigger 400-1500$ risk. You could change this or add a limit to the risk and just open less positions or try long CS/PS to see what it gives you.
DTE:
SCS/SPS - 45 day monthlies
Long - 60 day monthlies to avoid theta
Ticker Entry indicators:
Uses RSI(min/max), CCI(min/max), STOCH all together or you can turn some off. I run it with all turned on. See settings below.
SCS/SPS IVR > 35 (this could be higher if you wanted to)
LONG IVR = 0-20
Yes no entry 20-35 this is on purpose to cherry pick the best longs only.
LONG DELTA = 0.50/-0.50 I go with 50 delta because of better movement just looking for 10% exit. You can try 30 or 40 or so but I would not go to far OTM the prices just does not move as much.
Opportunity vetting:
Normal capital check, bid/ask spread check, Open interest check, ROR check etc... no need to enter when the opportunity is illiquid or other statistical problems. Since this bot runs better on non-ETF tickers we need to be conservatives with this part of the entry logic since the ticker types will vary greatly. Many tickers you cannot use just on Bid/Ask spread unless you like 2$+ B/A.
SCS/SPS Exit:
Multiple exit monitors for various reasons, trend change, profit checks etc... See settings below. I also set SCS(25%) 1min exit lower than the SPS(40%) just based on when a ticker goes down it usually goes down much faster than up. So there is less time to hang around so to speak.
LONG Exit:
1min 10%, look to exit within 5 days win or lose. Long position monitor is separate. If you decide to use LONG CS/PS instead you will have to modify the monitors.
Monitors:
I use many monitors it may look like they are stepping on each other but that does not really matter on monitors too much. I favor getting out early. Also on any bots that are greater than 7 DTE types I am finding that certain monitors are best and work for all so to a degree I am still experimenting with the better monitors from various bots. I find this strategy effective in getting emotion out of the mix...
How to use this bot (My version-strategy):
This bot when used with all indicators turned on (the way I run it) will rarely open any positions unless you ticker hunt for the more likely candidates. However it will have a high win rate with a bit of extra ticker hunting work. I have been running it on paper for the last 3 months and started to rotate tickers every week or so in the last few weeks. I use barchart (free acct) to search for RSI above the max and below the min set in the bot. Then I pick tickers from that list that are above 40$ price and that have decent open interest etc...I don't find ETFs move enough to use this bot so I generally use non-ETF tickers. The reason I do not use the OA screener is it does not let me look at all the tickers available after 2 screens it stops (bug), also I cannot sort/filter multi-columns. I tried TOS and has similar problems with ticker count limits etc...barchart is free and I can download the whole OA ticker with RSI data for free. I had to manually add the ticker list in my account as a watch list.
I am putting this template out there for others to try. I am planning to go live with it at some point but I find it is best to have others try things out and get some feedback before I go live. It is hard to test a bot that does not open a lot of positions by design. Just note I ran both the cherry picker and the bottom fisher original bots for quite awhile as well before doing the combo they had 90%+ win rate. I deleted them a while back in favor of this combo in hind sight I should have kept the data, ce la vie. The only thing new is adding the low IVR entries on longs which I did in a conservative way from experience in live trading on other bots. 3 out of the 11 positions below were long below rest were SCS/SPS.
PAPER PERFORMANCE so far:
The flat runs in the curve are when I was not rotating new tickers in. You can see at beginning of march when I started to rotate new ones in regularly.
SETTINGS:
POSITION DATA so far:
