WealthyOption

This template implements the WealthyOption option trading strategy as much as possible given the OA framework guardrails.  Please see the WealthyOption website for an in-depth discussion of this strategy.  However, here are the highlights of this strategy:

• Originally designed for use trading SPX or XSP.
• 1-4DTE, skewed synthetic iron condor where the SPS and SCS wings are managed separately.
• Immediately open a new SPS or SCS position when the previous one closes.
  • A new SCS position should not be opened until the next day if the previous one closes after 3pm.
• The short put of the SPS wing is supposed to be at a -0.065 delta with the long put as far away as possible, with profit taking at 72%.
  • Other options would be at deltas -0.075 or -0.055 with profit taking at 69% or 74%, respectively.
• The short call of the SCS wing is supposed to be at a 0.025 delta with the long call as far away as possible, with profit taking at 80%.
  • Other options would be at deltas 0.02 or 0.03 with profit taking at 78% or 83%, respectively.

Due to OA guardrails, this bot implements the WO strategy by:

• a minimum allocation of $2500 (maybe $2600 for a bit of "wiggle room").
• using SPY instead of SPX/XSP.
• looking for the SPS short put strike with a delta between -0.06 and -0.07 and the long leg strike 4% lower than the short strike, while taking profits at 70%.
• looking for the SCS short call strike with a delta between 0.02 and 0.03 and the long leg strike 2.5% higher than the short strike, while taking profits at 80%.

It also implements a few extras:

• Closing a 0DTE position at OA's "Market Close" (i.e. 3:50pm) if the short leg has:
  • Greater than a 40% chance of going ITM, or
  • A delta of -0.1 or less (SPS), or of 0.1 or greater (SCS).
• A "Tradier Close" setting for closing 0DTE positions at 3pm instead of 3:50pm under the same circumstances as above.
• PDT protection by default, but can be turned off.  Just go to the bot level SPS and SCS Exit Options and uncheck the "Wait at least one day ..." checkbox.

I've had cloned bots running paper trading now for over a week (i.e. through FOMC and bank runs!).  So far:

• 100% win rate.
• PDT-protected version running only a single contract at a time made over $100 for the week.
• PDT version running only a single contract at a time made over $135 for the week.

Please note that this trading strategy is more capital inefficient than most.  With this implementation, a single SPY SPS position uses about $1500 in capital at risk, and a single SPY SCS position uses about $1000 in capital at risk, while only returning about $10-$15 (SPS) or $2-$5 (SCS) per contract.  Unfortunately, bringing in the long legs would really cut into the profits.  However, if you have a small account, this conservative strategy should net you small but consistent gains with few losses.

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Edit 1: added minimum allocation information.

Edit 2: added how to turn off PDT protection.