About this template
This is a modified version of David Sun's ERN Strangle Strategy from The Trade Busters. The original strategy uses naked calls/puts. This can be used in SPX/ES/SPY.
Entry Mechanics:
1/3 DTE (1 DTE Mon-Thu, 3 DTE Fri)
15 Delta Put / 5 Delta Call
Exit Mechanics:
4x Stop (option price hits 5x the total credit received)
Entry time is EOD (depending on your broker, SPX options can be traded up to 4:15 PM ET)
To make it compatible with OA bots, I added a $10 wide long option that converts the strangle into an iron condor.
Here's the OO backtest for the portfolio with 5% per strategy:
Links to OO backtest:
Components:
Market Close Event: Strangle Opener - Opens 1DTE iron condor with above parameters on Mon-Thu & 3DTE iron condor with above parameters on Fri.
Market Close Event: Market Close Automation - Closes all 0DTE positions that have more than 10% chance of ITM.
Monitor: Tradier Close Monitor - Special monitor to close potentially ITM positions starting at 3:00 PM for those using Tradier Accounts.