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.
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.
Open Trade Idea w/ criteria filters. The template includes an 'Open Trade Idea' action for each of the possible trade types; short put spread, short call spread, and iron condor. Within each of these, you can set specific criteria and filters, such as probability of profit, rate of return, expected value (EV), etc. All of these are meant to help protect and prevent the bot from opening positions that do not meet your requirements or risk tolerance. I’ve set the defaults to all of these to be fairly strict and hard to pass so feel free to loosen them if you want on your own.
Additional monitor automations. Since the Honey Badger could enter 3 different types of trades, all of which can be managed through Exit Options, I included 2 additional monitor automations, one for updating Exit Options closer to expiration and another for closing positions that are challenged near expiration. Clearly, you can swap or replace these with your own management automations if you wish.
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!