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
Premise: Sell $5-wide, 50-70 DTE iron condors using only monthly expirations on a core set of tickers.
Features: The strategy here is to take advantage of theta decay as contracts leave the cone of feasibility (see part one of Options Theta Explained regarding when longer-dated options give up the bulk of their value). Trades SPY, DIA, QQQ, IWM, and TLT. Enter positions when VIX is between 10 and 40 (avoids extremes). Checks for a minimum rate of return. No more than two positions per ticker. 5 tickers = maximum of 10 positions. 50% profit target with a 10% trailer. Exit with 10 days to expiration if at a loss. Note - this strategy will not enter new positions in the week or two between monthly expirations (trades 50-70 DTE monthlies).
Comments: I have paper-traded this bot since November 16, 2020 (n=109 closed trades) with a starting capital of $5,000.
Ideas for Improvement: Enter trades with 45 days to expiration? Adjustments? Change profit target or adjust what happens when the full profit target is not met? Add a bid-ask spread filter? Adjust the number of positions that can be opened in one day (currently 5)?
Sharpen your pencils and help me make this one better!
Learn more about the options strategies this template could trade: