About this template
SUMMARY
This Template is about 90% based on Viraj's "High Prob Synth Iron Condor 2-9DTE Version 18". So, because of that, I'm not going to reiterate the great write-up and work he did and instead, you can link here: https://app.optionalpha.com/community/bookmarks/post/high-prob-synth-iron-condor-2-7dte or search for it.
CHANGES FROM ORIGINAL
The difference in this bot is that it is now, what I call 'Fully Synthetic' whereas the Scanners will open a Short Put Spread (SPS) and/or Short Call Spread (SCS), based not on the merits of an Iron Condor (IC), but based on each parts individual merits [merits = Probability of Profit (PoP), Rate of Return (RoR), availability, etc... filters]. With that said, details on differences follow:
1.) There are now 2 scanners: one to potentially open a SCS and one for a SPS. These are not dependent on each other so with each scan, there could be 0, 1, or 2 positions opened in each Ticker.
2.) Since there is now the opportunity to open a SCS and SPS, there is no need for the 'Complete Broken Wing' or 'Complete Original Iron Condor' monitors.
3.) From the High Prob IC post, it seemed that Tog saw some promise with using a Std Dev filter of 1.0 rather than 1.5 in filtering. That fit into my lower-ish risk bias so both Scanners are now using the 1.0 Std Dev filter ...but... I made this a bot level input in case that doesn't Pan out and want to revert back to 1.5 or some other number. This Std Dev is still under test and doesn't have the tried and true stats as the original amount, but the only harm I see in deploying right away is not opening as many poisitons.
REMAINS THE SAME
All the monitors remain the same as the original version. Again, the Broken Wing and Complete Original IC monitors have been deleted since these are no longer needed. All the Bot safeguards remain the same as well, but I'm considering adjusting these along with the allocation bot level input because this bot does not open as many positions as the original. However, this may get sticky as it goes against the "trade often, trade small, trade sector" strategy.
ADVANTAGE EXPLAINED
So the picture comparison below is why I created this bot (original bot on the top and this new one on the bottom). Essentially, the original would open a synthetic leg of the IC whose RoR was garbage in order to complete the IC. Had this been an organic IC bot, one would not realize this but since it's a synthetic, I saw that as an opportunity to adjust to this bot. Note: I am still realizing descent profits from the original IC bot but over the past 2 weeks, this one has been outperforming the original.
TO-DO
There's been a lot of nice work on adjusting the indicators when entering a position within the original post. I'm going to continue to monitor and when there's something proving to be advantageous, I'll apply to this bot. Also, I've been running this in my money account using Tickers QQQ, SPY, and IWM along with still running the original on these tickers, so I'm a little heavy in these ETFs. Therefore, I'm testing this version with other tickers in paper but nothing yet stands out as a winner. Any help the community could provide on good tickers to use with this bot would be wonderful!!
