Breakout Budget Buyer
I'm not much of an option buyer and the buying bots I have seen and built thus far have not performed nearly as well as those selling options. However, in the spirit of the exploration of all things, I thought this was an interesting way to buy options (long call debit spread) if you're anticipating a stock might break out the following week.
I have set up two scanners that take your bid and "walk the chain" starting at a 20 delta to see if they can get filled given the bid amount. If nothing fills on the first walk, it will scan again for a higher amount and do the same. This gives you the opportunity to set your initial budget for buying a call debit spread and then a final bid amount at a higher price.
The initial input and values are built around AMZN, although Bot Level Settings will allow you to tailor it to a different instrument assuming a 10-point wide debt spread is still a feasible approach. My curiosity with this is to target your high beta stocks like AMZN. Some tailoring will be needed to fit this to other instruments.
The first scan is for a Price Exploration at 3 pm on Friday to send you a notification based on if you are within your maximum Full Budget. This gives you a half-hour before the 3:30 Initial bid and then 3:45 "last chance" scans to alter your budget if you choose.
The monitor does not close your position automatically. You can simply add in a close decision if you want but I built it to simply notify you if your position is gaining value or now ATM/ITM.
You have two buttons, one will simply close your position when clicked. The other is a price exploration on-demand if you want to see where the Mark price is at. (check the log for the value)
This bot will likely not perform consistently over time as short-term option buying is a fool's errand over the long run. BUT, I thought the logic of setting a price and then walking out was sort of cool and worth sharing.