About this template
This bot is retired from paper trading and is no longer being kept up to date.
This bot requires a $5,000 allocation to fully fund all 10 positions, but has been built to automatically scale based on lower funding amounts. A $3,000 allocation will enable 6 positions, and won't throw errors on the other 4 that it can't fund.
The premise is to open 45 DTE Iron Condors on 10 different ETFs, with an attempt at each ticker being somewhat uncorrelated from the rest (the tricky part is finding liquid ETFs). The wings are at the .15 Delta, and the long strikes are $5 dollars in each direction.
For management, the bot aims for a 75% profit target, but will close at 1 DTE to avoid any issues with closing. On the protection side, this bot will close positions if the short strikes are breached. Based on how far until expiration this is will determine how aggressively or patiently the manager will exit the position. This strategy seems to reduce drawdown compared to a stop-loss, as swings in options pricing can unintentionally trigger a stop-loss, even though the underlying price is within the short strikes.
Pattern day-trading protections have been built in by default.
