Manually entering all the components of an options contract can be burdensome, especially for multiple multi-leg positions. That’s why we created custom option expiration inputs.
In previous videos, we’ve discussed custom inputs and how they are an incredible tool for automated trading. In this example, we show you how to extend the functionality to create option expiration inputs.
When opening an options position in the autotrading platform, you must fill out the details for every leg in the position. You can create a custom input for the days until expiration, leg attributes, and contract size. The custom input gives you an added level of flexibility and efficiency when adding automations to a bot. You can always make changes to the inputs without entering the automation editor.
Using custom option expiration inputs at trade entry enables you to have consistency across multiple positions when selecting contract specifications. You can ensure that all positions of a certain type target a specific expiration date, such as trading only monthly contracts at least 45 days from expiration. This offloads a substantial management task onto the bot and gives you more time to focus on other aspects of strategy development. And because custom inputs are so easy to edit, making small changes takes no time at all.