Galal BWB No Upside Risk 3-14 DTE

Broken Wing Butterfly W/no Upside Risk is a modified version of previous bots after backtesting several entry, exit, and DTE conditions for maximum the results.

Basic Strategy Premise:

1. Open Broken wing 50 delta with long put leg $6 below the short strike and long call leg $4 above the short strike for a minimum credit of $4.01 with 14 DTE
2. Take profit between 7.5% and 10%

Modifications: Using SPY and QQQ find the optimum equity performance by testing the following as variables

1. No Entry before 10am
2. Filter for Maximum gap up < 0.5%
3. Profit Target of 10% and no stop-loss, or Profit Target of 10%, and a 25% stop-loss, or Profit Target 10% and no stop-loss and exit when underlying moves $8 in either directions
4. Set the target DTE per scanner from 3 DTE to 9-DTE. Note that the combination above are necessary along with DTE, and Underlying to produce the best results of the combination set.

Background: I have been trading this bot in two variations published the community for over a year and I love the results, but I always felt I could improve it. I have tested multiple combinations of profits, gaps, stops until I narrowed it down the that targets, stops, and $ price movement. Any change to these parameters will produce worse results overall and should only focus on which combination of Underlying, DTE, Gap Filter, Profit Only, or Profit and Loss or Profit and Price Movement produce the best combination. The bot should enter positions with various DTEs and settings vs the original with specific settings for every position.

For certain DTEs, QQQ works on even DTEs and SPY on off DTEs and in other cases, only SPY or QQQ works on set DTE. The idea here is to have the best trade possible that expires 3 DTE + 4 DTE + 5 DTE, etc.

The bot design allows you to change these settings with one automation, but you must add one for each set of switches, symbols, and profit/exit conditions.

The defaults presented are the best combination for each DTE and Underlying. See Backtests below. I have tested each combination and DTE, and I believe the ones below are the best. You can adjust the bot but adding the scanner automation and configure the symbol(s) and exit. Each scanner automation instance can be configured for one set of parameters. You can't mix and match DTEs, Switches, Gaps, Profit and exit.

3 DTE, SPY and QQQ performs best when Gap Up Check is ON, Profit Only.

4 DTE, SPY and QQQ performs best when Gap Up Check is ON, Profit Only. The Automation is only set to "SPY" because QQQ on other DTEs are better.

5 DTE, SPY performs best when Gap Up Check is OFF, Profit Only, but second best is SPY with Gap Up Check ON, Profit only

6 DTE, QQQ performs best when Gap Up Check is ON, Profit 10%/Stop-loss 25%. Second best is QQQ Gap Up check is OFF, Profit 10%/Stop-loss 25%

7 DTE, QQQ performs best when Gap Up Check is OFF, Profit 10%/Exit $8 Move. Second best is QQQ  Gap Up check is OFF, Profit 10% only

8 DTE, SPY performs best when Gap Up Check is OFF, Profit 10%/Exit $8 Move. Second best is SPY Gap Up check is OFF, Profit 10%/Stop-loss 25%

9 DTE, SPY performs best when Gap Up Check is ON, Profit Only, and QQQ performs best when Gap Up Check is OFF, Profit 10%/Exit $8 Move.

10 DTE, SPY performs best when Gap Up Check is OFF, Profit 10%, and SPY performs best when Gap Up Check is ON, Profit 10%/Exit $8 Move (Less CAGR, but least Draw Down)

14 DTE, SPY performs best when  Gap Up Check is OFF, Profit 10%/Exit $8 Move, and and SPY performs best when Gap Up Check is ON, Profit 10%/Exit $8 Move (Less CAGR, but least Draw Down)

Lastly, here are the performances of the existing templates set for 14 DTE and 7.5%-10% exit, no stop.