Automated scanning for entries and position monitoring for exits.
Hybrid, semi-automated strategy
Uses custom buttons and actions alongside bot automations.
Trade paper or real money
Try risk-free paper trading or connect your brokerage account to trade live.
Setup to trade the following strategies
Short Put Spreads, Short Calls Spreads
Manages multiple ticker symbols
Trades a basket of tickers you choose to automate diversification
Focused trading in one ticker
Trades multiple positions in one ticker for targeted customization.
No coding required, 100% customizable
You can easily modify this bot template to fit your exact needs or trading style.
About this template
This sample bot template introduces one potential framework to use for exploring technical swing trading bots. The bot focuses on classic RSI signals for overbought and oversold levels to enter either a short call spread or short put spread based on the intraday RSI reading. Plus, we've sent all inputs to the bot level so the entire bot can be controlled and customized when cloning.
The template only requires one scanner automation. This scanner quickly loops through your tickers and does a quick couple of checks to make sure that you don't have any existing positions in that symbol and that the bot has the ability to open a new position. Next, the scanner checks the RSI readings for each symbol in your list and if there's a potential trading signal it then checks the bot's available capital and the bid/ask spread of the upcoming position before sending the order to your broker. If no overbought or oversold readings are present then the scanner simply ends and rechecks again at the next interval.
We've also used Position Tags to tag opened positions as either 'overbought rsi' or 'oversold rsi' which might help you organize your positions if you're trading multiple spreads across other bots.
With tags you can sort and filter positions by tag so you can see which positions were entered under what conditions.
We decided this time around to consolidate the management into one monitor automation, though you could easily use two monitor automations if you chose. Again this is just one of a million ways to use bots and automations but we always want to give you more ideas to spark creativity. With this one monitor automation, we're sending ALL positions down the position repeater and checking a global set of absolute profit targets and SmartStop levels regardless of the position type. Then near the end of the automation, we introduced a "Switch" for allowing the bot to exit using RSI triggers. This means you can choose to also allow the bot to exit positions early IF RSI swings back the other direction for each strategy type.
Again we used Position tags inside our monitor automation to tag closed positions based on the conditions in which they were closed so you can see how/why the bot closed the position later on when reviewing your trades.
These sample templates are just a starting point for bot building. Post your own modified/edited version(s) of this bot template in the comments below or publicly in the Community to help crowdsource new ideas for your fellow traders.
Maybe you've got a different way to manage and monitor positions? Maybe you modified your template to trade using a different technical indicator? Maybe you use even more opportunity filters?
Whenever you're done creating your new awesome bot from this template, please share it here for everyone. We can all benefit from and learn from one another.
Learn more about the options strategies this template could trade: