About this template
***7/12/2023: Please go to this thread for further updates and comments on this bot:
https://app.optionalpha.com/community/templates/post/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.