This is an extension of the CORE Call Credit Spread Bot (Intermediate).
CORE sample bots are a great resource for traders to familiarize themselves with one of the core options trading strategies and how they can be automated through Option Alpha.
In addition to the symbol loop contents being set by the Ticker List input, bot level input values are used in the scanner and monitor.
- Symbols Traded: SPY, QQQ (but you can change to your preference)
- Entry Condition: IV > 20
- Expirations traded: 30 DTE or closest
- Short Strike Delta: 30 Delta
- Spread Width: $5
- Position Size: 1 Contract/Spread
- Max positions allowed to open per day: 1
- Max total positions allowed to be open: 1
- Exit Conditions: 50% Profit Target or 5 DTEs with no stops.
Up to ten ticker symbols can be used. They are set in the bot level Ticker List input on the bot's Settings panel.
Other inputs for trend and liquidity filters can be set here as well.
Change the position limits to allow the bot to hold more than 2 positions at a time.
Note that the monitor used here is unchanged from the CORE Call Debit Spread Bot (Beginner).
This is an advanced bot, as you learn more about autotrading, consider making two clones of this bot. You could leave one clone unchanged to learn from and observe while modifying the other clone to customize its settings and decision recipes to fit your trading style.