About this template
CORE Sample Bots are great for newer options traders or options traders needing a refresher on certain strategies as you can clone them and watch how they trade a given strategy in Paper Mode - BUT the real magic is that they can act as a great starter bot that you can add entry and exit decision points to as you see fit.
This very basic (CORE) bot (along with the educational content link below) is a great place to learn more about Iron Butterflies - but of course, this is just a very basic start to where you can go. As you learn more, you should consider making two clones of this bot and leave one precisely as it is to learn from and then work to modify a version of it by changing some of the settings, and/or different decision blocks for entries and exits.
This bot trades a simple Iron Butterfly as follows:
* Symbol Traded: SPY
* Entry Condition: IV > 20
* Expirations traded: 30 DTE or closest
* Short Strike Deltas: 50 Delta
* Spread Width: $5
* Position Size: 1 Contract/Spread
* Positions allowed to open per day: 1
* Total positions allowed to be open: 1
* Exit Conditions: 50% Profit Target or 5 DTE's - NO STOPS
This is a CORE Iron Butterfly Sample Bot that is designed to replicate our basic educational content surrounding the trading of an Iron Butterfly which can be found here in our educational content: https://optionalpha.com/strategies/iron-butterfly
If you have any questions - feel free to ask as always!
