CORE Iron Butterfly (Beginner)

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.

This CORE Iron Butterfly Bot sells a 30 Days to Expiration Iron Butterfly with wings at .30 delta when IV Rank is above 20.

Bot Overview:

     * Symbol Traded: SPY

     * Entry Condition: IV > 20

     * Expirations traded: 30 DTE or closest
     * Short Strike Delta: 50 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 Options: 50% Profit Target or 5 DTEs with no stops

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.