Automated scanning for entries and position monitoring for exits.
Hybrid, semi-automated strategy
Uses custom buttons and actions alongside bot automations.
Trade paper or real money
Try risk-free paper trading or connect your brokerage account to trade live.
Setup to trade the following strategies
Manages multiple ticker symbols
Trades a basket of tickers you choose to automate diversification
Focused trading in one ticker
Trades multiple positions in one ticker for targeted customization.
No coding required, 100% customizable
You can easily modify this bot template to fit your exact needs or trading style.
About this template
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.
Symbol Traded: SPY
Entry Condition: IV > 20
Expirations traded: 30 DTE or closest
Short Strike Delta: 0.50 Delta
Spread Width: $5
Position Size: 1 Contract/Spread
Max positions opened per day: 1
Max total positions at one time: 1
Exit Conditions: 50% Profit Target or 5 DTE's 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.
Learn more about the options strategies this template could trade: