About this template
This bot is pretty much a clone of Larry Rupp’s Continuous Credit Spreads bot.
Except for, you guessed it …
All credit goes to Larry. Any errors in this bot are mine.
Here are the TL;DR highlights …
♦️ This bot opens an Iron Butterfly during the Market Open event.
♦️ 1-minute Exit Options use specified Profit Target & Stop Loss levels to close trades.
♦️ The Close Position event then immediately opens a new trade.
♦️ If the replacement trade doesn’t fill, a Scanner will attempt to open a new position.
♦️ The Market Close event exits any open trades.
♦️ A freshly cloned copy of this bot starts out disabled.
To get started …
♦️ Switch on the bot.
♦️ Customize the bot level inputs.
♦️ Push the ‘Enable Positions’ button.
The ‘No New Positions’ button stops new positions from opening but leaves the bot running for managing current positions.
An ‘Open Immediately’ button is available but use with caution. It will enable the bot for trading AND place an order right away whether live or paper trading.
Other than position type, the only significant change I made to Larry’s OG bot was adding a Market Open event to place the initial trade 5 minutes sooner. (Time is money when you’re scalping).
IMO, the secret sauce to Larry’s bot is the idea of using the new 1-minute Exit Options to trigger an existing Close Position event automation. By leveraging the two together to replace a closed position immediately, we now not only have 1-minute exits, but 1-minute entries.
No more 15-minute waits, either in or out. I know, right?
To avoid any potential confusion between bots, I adopted a new icon and color. The closest thing I could find to a ‘continuous’ icon was the infinity symbol. And I like purple. Voilà!
One last thing …
1-minute Exit Options still have that “new bot smell” so there’s not much data to go on. This bot is strictly proof-of-concept. Do your own due diligence.
I spun up 40 bots to test various combinations of Wings, Profit Targets, and Stop Losses. The objective is to see if there’s anything to the idea of running Iron Butterfly’s consecutively.
Here are the 40 combinations …
I will attempt to report back regularly with performance results, likely on weekends. Let’s see where the data takes us.
Enjoy!
