About this template
**The bot has been updated to use the Watchlist feature, but it does not seem like the default Watchlist is loaded when first cloning. I posted the Mag7 Watchlist in the comments. Be sure to add it (or whatever Watchlist / Custom Tickers you wish) after cloning or the bot will not have any Tickers to scan**
When I first joined OA earlier this year I, just like probably everyone does, started cloning bots that sounded interesting and tested them out on paper. Then, after you start seeing the performance you dig in under the hood to try and understand what it was doing. Around the time I started seeing what these bots could do we had some strong downtrends and @reuben's original Wave Rider was kicking @$$, so it caught my attention.
Then, I started to look under the hood to see what it was doing and learning how to follow the logic... best way to learn, right! I liked the "ride the wave" trading strategy of looking for a directional signal and jumping onboard, but the original only traded to the downside. Also, it was only focused on SPY and I wanted to try building out something that would jump on with the big market movers, the MAG7 stocks... thus I began to tinker... and tinker... and tinker... which is the path I took to learn how to modify/build bots… all the training videos and webinars from OA are great, but I’ve learned the most by just getting into the logic of existing bots that have decent performance and modifying to try to get BETTER performance. I have tinkered to the point where this is not very similar at all to the original, but does perform quite well when you get strong directional moves. During consolidation periods it will sit quietly, which has made it a good companion to some of the other neutral strategies I have across my bot portfolio.
Like the original it opens both a spread and a call/put. However, unlike the original, not with the intent of having the spreads pay for the puts. The spreads are opened at the money and are really just there to make some smaller singles in between the homeruns the call/puts bring in.
Also, unlike the original, it will open positions in both UP and DOWN moves.
Default uses QQQ to track market move signals. Then, the bot looks for confirmation among the MAG7 stocks (META, AAPL, TSLA, MSFT, AMZN, GOOG, NVDA) in the direction of the larger market for placing trades.
Initial Day 1-2 profit target is 50% OR 20% after 2pm with a series of lower profit trails.
Day 2+ profit target drops to 10% in case you missed the wave 🌊.
With the HedgeBot Toggle on there is tagging logic to limit the bot to 6 positions in a day to keep room for any hedges that may trigger if the positions move in the wrong direction. But, with hedging OFF it should open up to 10 daily positions. Default is with hedging ON.
All critical settings are editable in the bot level settings to make it easy to use other ETF/Stock combos/Targets, etc.
Enjoy!
~ Simpli Hang Ten 🤙
