The Honey Badger
Some notes in no particular order:
Main strategy setup. The main strategy setup is neatly wrapped up in a single scanner. The scanner is looking for BOTH of the technical indicators (in this case RSI and CCI) to be either jointly overbought or oversold and then looks to sell a contrarian credit spread opposite the direction of the signal. If neither indicator (or just one of them) is not currently overbought or oversold then it looks to enter a wide neutral iron condor strategy.
Multiple opportunity filters. You’ll notice I included multiple opportunity filters for each of the possible trade types; short put spread, short call spread, and iron condor. I reused similar custom inputs where appropriate so that you could have some global controls over things like liquidity and bid/ask spread thresholds. Additionally, I added the minimum rate of return hurdles so you could also play with those as yet another opportunity filter before the order is sent and a trade is attempted. All of these are meant to help protect and prevent the bot from opening positions with poor or no liquidity. I’ve set the defaults to all of these custom inputs to be fairly strict and hard to pass so feel free to loosen them if you want on your own.
Separate monitor automations. Since the Honey Badger could enter 3 different types of trades I included 3 monitor automations, one for each type. These include 2 simple and standard 50% management monitor automations for the credit spread strategies and a more complex iron condor monitor that includes additional custom inputs for SmartStops and Absolute Profit Targets. Clearly, you can swap or replace these with your own management automations if you wish but for me I believe that more often than not this Honey Badger would trade mostly iron condors so I wanted my iron condor monitor automation to be a bit more specific.
Few little profit-taking buttons. I could have removed these but had them in there from a video tutorial I recorded recently so figured I would keep them here so you can use or remove them as you wish. Inside are 3 different quick profit-taking buttons. If you click any of them it would just simply cycle through any positions in the bot and check for that level of profit-taking, then close a position if it meets the threshold. It’s just a fun little way to add some additional power and flexibility if you wanted to come in one day and just take 25% profits on anything you have for example.
Setup for one ticker per bot. The setup for the Honey Badger the way I see it, like many bot templates I’ve shared, is to use it on one ticker per bot. This keeps the Honey Badger clean and organized and allows you to control position sizing and capital while not adding multiple positions that overlap. And since cloning is so easy to do here (wink wink) you should just set up the template with your own personal criteria and then one-click clone and change the ticker input. Then you’re done and on your way.
Variations and ideas collaboration. As I mentioned before, this is just one way to do this and I’d love to see what other variations you come up with. Please come back here and add any other edits, different versions, modified templates, etc. as a comment so that we can all learn and grow together.
Hope this helps and happy trading!
*v1: Now, to be fair, I look at the Honey Badger as a conceptual template that can and should be altered or adjusted to fit your risk tolerance, choice of indicators, management style, etc. To me, the idea around the Honey Badger was always that "it doesn't care" and "has no emotions" unlike we do when we trade manually. The Honey Badger doesn't care about anything except the inputs and data coming from the market and just makes objective decisions.
**v2: Updated VIX value to under 30.