About this template
Here is a simple but powerful bot to focus on Friday’s Weekly Options each week (which are available for several tickers). The concept is to open Iron Condors as wide as possible to earn/keep a reasonable premium with a high probability of expiration of options at the end of Friday.
The bot opens one position each at 9:45 am EST on Monday, Tuesday & Wednesday of the weekly options expiring on Friday of the same week.
IC width is determined based upon the amount of minimum premium expected. Indirectly, this is taking into account the VIX situation to ensure high probability of success. The success here is the worthless expiration of options so that we keep the premiums received every week.
Tested on SPY and QQQ in December in my paper trading account and still continuing the testing. Results are good so far!
A position monitor is checking whether a position is challenged & if Yes then closing the position based upon minimum credit to keep or max loss of credit received criteria.
Please feel free to tweak the parameters to experiment. Please share your experience.
Thanks and Best Regards, - Mukund
