About this template
This is an extension of the CORE Iron Butterfly bot (Intermediate) 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.
It adds a symbol loop recipe to the scanner for multiple tickers to be used and has put a wide range of settings readily accessible under the Bot settings. The symbols are set by the Ticker List input. This is elevated to the bot level where it can be changed.
The scanner also has a test added to ensure only a single position is open in any ticker.
- Symbols Traded: SPY, QQQ (but you can change to your preference)
- Entry Condition: IV > 20
- Expirations traded: 30 DTE or closest
- Short Strike Delta: 50 Delta
- Spread Width: $5
- Position Size: 1 Contract/Spread
- Positions allowed to open per day: 2
- Total positions allowed to be open: 2
- Exit Conditions: 50% Profit Target or 5 DTE's - 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.
Change the position limits to allow the bot to hold more than 2 positions at a time.
In the settings menu for the bot - you can now adjust a wide range of settings to fit your specific trading parameters:
Note that the monitor used here is unchanged from the CORE Iron Condor bot's.
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.