About this template
This is a very simple stock trading bot. You must actually do some research on OA and find some momentum stocks or build a scan on ThinkOrSwim to find momentum stocks.
FinScreener has a list of Best Momentum stocks on S&P500. Here is the link: https://www.finscreener.org/screener/momentum-stocks
Caution: All stocks listed on this site may not be on OA
I always wanted to build a stock trading bot on TSLA. So this is what I found on OA Scanner:
I checked Avg.Daily Move and divided that by the stock price and it works out to be 2-3% in above case. TSLA obviously has momentum. I am not checking for any Technical indicators. I allocated $1,000 to this bot and used up 100% allocation to buy shares. Next added Exit options to exit position as soon as I have 5% profit and a stop loss of 5% as well. Unfortunately, allowed minimum profit is 5%. This forced me to add Monitor that would check for profit taking from 4.5% to 1% in increments of 0.5%. As we all know, stocks dont always go up. As with other stock trading bots like Nickel Hawk and variations, my bot has same problem. However, I am cutting my losses and get out with a 5% max loss. As always, I am looking for constructive criticism and ways to improve it. I have deployed 3 bots in different accounts using TSLA, INTC and URBN tickers. I am well aware TSLA is bullish currently and I have not seen losses so far.
Here is the Paper bot performance since June 2nd,2023 with $1,000 allocation
Here is Live Account bot started on June 8th, 2023 with $600 allocation
Amount earned is not much but I want it to be truly "set it and forget it".
I did not worry about adding PDT switch but OA has made it easy to turn it on. You can easily change it to a Multi ticker bot. For me, it was a personal choice to keep it a single ticker bot. Again, do your due dilligence and allocate small amount to start. Select momentum stocks with upto +/- 5% average daily move. Again, constructive criticism, suggestions and improvements are always welcome.