Simple 90 DTE Long CALL bot created using bot wizard on the backtester page. Default profit % is 75 and stop loss 100%.
I added some logic to control position count and sizing to limit the count to 2 per ticker total. I limited entry per ticker to once a week. You can easily add more tickers by copying the scanner and upping the bot position counts. To control risk size just change position size or $ amount.
Long CALL strategy:
This bot should work well in any ETF that is in a flat or in a up trend. Your max loss is limited and to me it is very similar to a CS since in a CS your broker holds the max loss cash hostage anyway it effectively is similar on capital tied up. The other way to spread the risk out is to have dissimilar tickers running at the same time. QQQ and SPY often move together but since they are heavily traded I am using them that way.
I am running several variants to see what I can make better but they are too new to share. Here are some of the variants:
-- 20 DTE with 50% Profit 75 Stop loss
-- 90 and 20 DTE with 5 tickers in a up trend
-- 90 and 20 DTE with 5 tickers in a up trend but limit the entries using RSI triggers
-- 90 and 20 DTE with 5 tickers in an up trend using Honey Badger entry logic (See Kirk's Honey Badger bot)
-- 90 and 20 DTE Long PUT bot with 5 tickers in a down trend, etc....
Current Goals for this bot:
- To create a high win rate by avoiding bad entries - (need more data in down trend to prove out some of the variants) current bot does not limit the new positions you have to manually do that part by turning the open new position switch on or off.
- Create control risk per ticker (complete)
- Add dead man switch (TBD)
- Add other control switches (TBD)
- Try to find a lower position hold time with same win rate as the 90 DTE or reasonably close. Not sure if this matters yet I may just stick with the 90 DTE instead of the 20 DTE and not worry about it. I need more data to see how long the average position is being held. I was thinking it would be good to reduce the hold time that is why I was trying out the 50% Profit trigger instead of the 75%. The bot has been running ~ 35 trading days with 7 positions closed so that averages out to around 5-15 days for 2 positions to open and close per ticker (estimate) with the last QQQ 2 month trend. The strength/slope of the uptrend greatly affects this of course.
Please post any thing you tried with this template that is an improvement.