RSI w/ Spreads (Small Account)
This template is a very simple bot that uses a number of different decisions to execute an RSI swing trading strategy using OTM credit spreads. The goal is to sell an OTM spread only when RSI levels are stretched to one end or another. Then it uses simple 50% profit-taking management for each spread type (put spread or call spread) as you can see if you view the automations above.
A couple of other notes you might find helpful:
1. Inside the main Scanner I used custom inputs for the RSI levels so you can easily change them to meet your own thresholds. This means that the enter automation can be reused for many different tickers and you could even have specific thresholds for different tickers if you wanted.
2. Before each position is entered it goes through a set of criteria to check for liquidity, narrow spreads, acceptable returns, option premium, etc. You can naturally swap out, edit, or add your own if you wanted but the concept of allowing the bots to do ALL the checking for you is very important. I've seen a number of bots recently fail to have these "checks" in place (particularly for bid/ask spread) and I think it an underutilization of the tech so I really wanted to focus on it here so that everyone can see some of the use cases for it. Remember, these bots work for you so put them to work and make them check everything you want before it moves to the Open Position action ;)
3. I added a Decision action to check for "exactly 0 positions" right before the Open Position action. The goal here was not to have overlapping positions. So, if the bot already have 1+ positions of a certain type it would answer "NO" and end the automation and prevent the bot from entering more than 1 position on each side. This could have also been accomplished with the bot settings to prevent a total number of positions at one time.
4. Templates like this that limit positions of a certain type or for certain symbols might best be used for a single ticker. This would be an easy way to organize and track positions inside your bot portfolio. For example, you could create a bot called "SPY RSI w/ Spreads" then clone it quickly and create another one called, "TLT RSI w/ Spread" or "EEM RSI w/ Spreads" and so on. Of course, you also could just add multiple scanners and swap out the ticker input as well if you wanted. There are many ways to do it so I'm just trying to share a bunch of ideas to help :)
As always, feel free to adjust and edit to fit your own personal risk tolerance and trading style. Enjoy!