Charles Schwab Broker Guide

In this guide, we’ll walk you through setting up your Charles Schwab account, connecting it to Options Auto Trader, and creating your first trading bot. Keep in mind that Charles Schwab currently only supports stock and index options and you’ll need a margin account to use the auto trader effectively.

Step 1: Create a Charles Schwab Account

If you don’t already have a Charles Schwab account, you’ll need to create one. Follow these steps:

How to Create a Charles Schwab Account:

1. Visit the Charles Schwab website.
2. Click Open an Account in the top right corner.
3. Follow the prompts to complete your account registration. Make sure to provide all required details, including your personal information and financial data.
4. During the account setup process, select Margin Account as your account type, as margin is required to use the auto trader platform.
5. Once your account is set up, complete any verification processes required by Schwab to activate your account.

Important Note:

• Ensure that you’ve selected a margin account during the registration process, as a cash-only account won’t allow full functionality with the Options Auto Trader.

Step 2: Connect Your Charles Schwab Account to Options Auto Trader

Once your Charles Schwab account is set up and active, you can connect it to the Options Auto Trader platform.

How to Connect Your Schwab Account:

1. Log into your Options Auto Trader account.
2. Click on your profile image in the top-right corner of the page.
3. From the dropdown, select Connect My Broker.
4. Find Charles Schwab in the list of supported brokers and click the Create Connection button next to it.
5. You will be redirected to Charles Schwab’s secure login page. Log in using your Schwab credentials to authorize the connection.
6. After authorization, you’ll be redirected back to Options Auto Trader, and your Schwab account will be connected.

Troubleshooting Connection Issues:

• Ensure you’re using the correct Schwab credentials.
• Double-check that your Schwab account is a margin account and is fully verified.
• If you encounter issues, reach out to our support team for assistance.

Step 3: Create Your First Trading Bot

Once your Schwab account is connected, you’re ready to create your first trading bot on Options Auto Trader.

How to Create Your First Bot:

1. Navigate to the Auto Trader page on your account.
2. Click Create New Auto Trader to begin setting up your bot.
3. Choose the strategy you want to automate. Options Auto Trader supports various strategies like covered calls, credit spreads, and iron condors, but remember that Schwab only supports stock and index options.
4. Customize the settings for your bot, including:
   • Strike Selection: Choose how the bot selects option strikes (e.g., delta, $ OTM, or % OTM).
   • Session Times: Set the times of day when the bot should enter trades.
   • Buying Power Allocation: Determine how much buying power the bot is allowed to use.
   • Take Profit and Stop Loss: Set your exit rules for managing risk and locking in profits.
5. After configuring your bot’s settings, click Save and your bot will be ready to start trading.

Monitor Your Bot:

Once your bot is active, you can monitor its performance on the Dashboard. You’ll receive notifications about trades and can adjust your bot’s settings anytime.

Conclusion

Setting up your Charles Schwab account and connecting it to Options Auto Trader is straightforward. Once connected, you can start automating your options trading with customizable bots. Remember, Schwab currently supports only stock and index options, so ensure your strategy aligns with these asset types.

If you encounter any issues while setting up your Schwab account, connecting it to the auto trader, or creating your first bot, feel free to reach out to our support team for assistance.