Autotrade Trade Ideas - ETFs

Hey OA Community, 

I wanted to share the bot I created to start auto trading Trade Ideas 2.0 systematically using the 'Find Trade Idea' decision (this filters new Trade Ideas to recommend the best trade by Alpha/Reward-Risk etc). I've decided to give it a small capital allocation to see how it performs live.   I know many people paper trade first and that is the right way, but I wanted to give it a small allocation and trade live, monitoring and tweaking as I learn what's working and what isn't. More fun this way for me and keeps me engaged.

I started trading it yesterday so let's see how it goes!

Please see below for more details:

Description:  This Bot systematically auto-trades OA Trade Ideas 2.0 for 10 Sector SPDR ETF's prioritizing trades by Alpha.

Trade Entry:   I've added several filters on the scanner "Find Trade Idea" decision to trade Iron Condors, with only 1 position open per SPDR ETF, 60% POP, 50% PMP,  30% PML, EV>0 and Bid-Ask spread <0.50,  max risk per contract of $300. These can and should be modified as needed to suit trading style and risk tolerance.

Trade Management: The monitor has accelerated close management and expiration management. The monitor will close the position early if targets are hit and will update exit options as the position nears expiration. Accelerated close bot inputs are min DIT and min return %. Expiration management has a switch to turn it on and off, min DIT, DTE, and new exit options as bot inputs. 

**Version 2 Updates**

New Bot Inputs: I've added switches if one only wants bullish/bearish/neutral trades across tickers. The switches tag the bot so that the Trade Ideas scanner will filter only for Iron Condors, Put Credit Spreads, or Call Credit Spreads as per switch settings. I also added a switch to designate if you are a PDT (Pattern Day Trader) so the monitor can open and close on positions with the same symbol on the same day. If you want to avoid the PDT designation, keep this turned switch off.

**Version 3 Updates**

Small Fixes.

**Version 4/5 Updates**

Small Fixes

**Version 6 Updates**

• Fixed Issue with Bot not tagging itself if you have no open positions, as the automation was accidentally a monitor not a scanner. Made it a scanner which is what it should have been in the first place.
• Loop through symbols to find trade ideas for each symbol based on directional bias input switch instead of using the "Find Trade Idea" decision which does it all at once and can't be run more than once in an automation for multiple symbols. This also makes the PDT switch work properly.
• If one has all bias switches off then it uses SMA indicators to determine whether to be bullish/bearish/neutral.

**Version 7 Updates**

• VIX scanner and monitor inputs added to disable scanner if VIX is below/above certain levels or liquidate positions if VIX is above a liquidation threshold.
• Expiration Management updated to have an additional set of Expiration Day Exit Options to allow further expiration management of trades not exited prior to expiration day. This could be a way to add a stop loss for those who are inclined. I don't trade with them.
• Updated short leg delta for Open Symbol Idea in scanner when opening IC's to ensure it is more balanced.

**Version 8 Updates**

• Added Autohedge switch. When switched on, the bot will automatically hedge trades, either by selling an additional call spread (when put leg challenged) or put spread (when call leg challenged).
• Additional inputs include Hedge DTE, Hedge Spread Width (e.g. $3 wide spread), Existing position hedge delta (i.e. delta threshold where you want to hedge), New hedged position delta (i.e. delta level that you want to sell the hedge spread), and Hedge exit options. 
• When a hedge is opened,  the new hedged position is tagged and the original position is tagged afterwards using a trigger on open automation. The reason for this is that we only want to tag the original position after we confirm a new hedge has been opened.
• Note that the bot limit of 10 positions could prevent a hedge from being opened if you are trading a lot of tickers simultaneously. 

**Version 9 Updates**

• Added a trigger automation to clear "position hedged" tag on the original position if the hedge was closed for a Profit. This allows the bot to re-hedge the position if it is still far enough from expiration.
• If you tag a position "manual roll", then it excludes the rolled position from accelerated close or further hedging.
• Tweaked expiration management to use expiration day exit options starting 2pm market time 1 day prior to expiration

**Version 10 Updates**

• Improved expiration management to include warnings and notifications around expiration.
• It will now automatically exit challenged positions close to expiration that have a high likelihood of the short leg being ITM based on a threshold set as a bot input. The bot will also notify you if it has NOT exited a challenged position due to poor liquidity near expiration.

**Version 11 Updates**

• Small Fixes