CCI Swing with Spreads
Wanted to throw another template idea into the mix this morning. This is a modified version of a previous RSI template I shared that now uses CCI as the primary technical indicator, though of course you could swap or combine different technical indicators if you wanted to.
The goal of the template is to swing trade significant overbought and oversold levels. For CCI I set the defaults to 150 and -150 and as always we encourage you to modify these to fit your personal trading style and risk tolerance. If an overbought or oversold reading is found then the bot would enter either a short call spread or a short put spread, respectively.
You'll notice that I included a series of opportunity filters before a position order is sent to the broker. Please feel free to modify or edit these but I'm checking for a couple of things on each like tight spreads and liquidity in the short strikes. Since it's all done in one single big decision block you can add/remove/change any of these as you wish without having to re-build the entire automation. Hopefully, this makes it super easy for anyone using this template ;)
I also kept the same position check in here that the original template I modified had which prevents the bot from entering overlapping positions on the same side. It could however enter both a call spread and put spread if the stock swings wildly in both directions, but I'd personally be okay with that as it would create a very wide iron condor position.
Finally, I split the management up into two base monitor automations. One for put spreads and one for call spreads. I personally do this because I can reuse the management automations in other bots.