About this template
This is an extension of the CORE Put Credit Spread (Beginner) and (Intermediate).
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 Put Credit Spread advanced bot sells a 30 Days to Expiration (DTE) Short Put Spread at -.30 Delta when IV Rank is above 20. This is similar to the beginner and intermediate bots, but a key difference here is that most of the bot's variables/inputs have been pushed to the Bot Level Settings so that most of this bot can be easily adjusted. In addition, a "Probability of Profit" criteria has been added to this bot as well.
The symbols are set by the 'Ticker List' input. This is elevated to the bot level (settings), where it can be changed.
- Symbols Traded: SPY, QQQ
- Entry Condition: IV Rank >20
- Expirations traded: 30 DTE or closest
- Short Strike Delta: 30 delta
- Spread Width: $5
- Position Size: 1 Contract/Spread
- Max positions allowed to open per day: 2
- Max total positions allowed to be open: 2
- Exit Conditions: 50% Profit Target or 5 DTEs with 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.
You can change the position limits to allow the bot to hold more than 2 positions at a time.
Note that the monitor used here is unchanged from the CORE Put Credit Spread (Beginner) and (Intermediate) bots.
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.