Finally ready to share this bear bot...
- Bot checks if 5 day EMA is bellow 20, and price is bellow 200 EMA
- Bot checks if VIX is above 20, and IVR is higher than 20, other levels are available in between 20-30 VIX for you to customize strikes
- Bot opens a Short Call Spread if minimum capital is available, and bot has no Short Call Spread positions open
- If bot it sells SCS it will open 1 LP $100 bellow SPY price if market EMA currently still matches the above settings... current profit settings for Short Call Spread are about the value of 1 SPY LP based on market conditions on 1/27/22.. may have to adjust this to equal 1 LP contract...
- Bot checks if LP meets certain profit taking criteria... the idea is to let the LP stack up so I set high profit targets...
- Bot will open Short Call Spread again if all criteria is met, cycle repeats on each Short Call Spread sell and LP is purchased if market is still bearish according to EMA crossovers mentioned above.
Thanks to Lee for helping me understand this strategy!