About this template
V. 15 UPDATE
- Added 10 or 12 DTE for entry scanner
- Added Tighten Stop Loss automation which runs at market open
- Added switch for Shrinking Trailing (default is off)
- Added switch for Profit Reaper (default is off)
V. 14 UPDATE
- Added "Reduce Overnight Risk" automation switch (default is off)
- This closes a position after 3:30 pm if profit is >45% to reduce overnight gap risk
V. 13 UPDATE
- Changed entry scanner from "Monitor" to "Scanner"
V. 12 UPDATE
- Added a recipe to check the time is after 11:45 am EST for 12:00 pm EST open since some open orders were being canceled. This will allow the bot to run again in 15 minutes to open a position
- Made the "Entry Scanner" from an Event trigger to a Monitor to allow the 15 minute checks
- Removed "Exit all positions" button as it wasn't working properly
V. 11 UPDATE
- Removed recipe that added an "open" tag to new positions
- All other automations are the same as V.10
V. 10 UPDATE
- The "Flybrid" bot
- 10 DTE Iron Fly on SPY
- -25% Stop Loss
- 50% Profit Target
- No trailing stop
- Exit 2 hours before expiration if neither target is reached
- Development of this bot is based on results from testing as outlined here: https://app.optionalpha.com/community/all/post/daily-iron-fly-strategy-trading-5-tale-202304039250
V. 1-9 BOT (OBSOLETE)
Every day, this bot opens a 10-strike wide ATM iron fly (iron butterfly) on SPY with a 7 day expiration.
Trailing stop starts at 15%, then trails the position's high by 2.5%.
There is also a hard stop loss at -30% and a take profit target of 50%.
I've been running the non-trailing version of this in my paper account since mid-December 2022 and it's been doing well. But after comparing the original to a trailing stop version, I think the tailing stop would work better. The above parameters may change as I develop this strategy further.
Here are the test results on which I based this trailing stop iron fly bot:
