This guide will walk you through the steps to set up a TastyTrade account, connect it to Options Auto Trader, and create your first trading bot. If you’re interested in trading options on futures, you’ll also need to enable that feature after your account is created. Let’s get started!
Step 1: Create a TastyTrade Account
To start using Options Auto Trader with TastyTrade, you'll need to create a TastyTrade account. Make sure to set up a margin account called "The Works," as margin is required for full functionality.
How to Create a TastyTrade Account:
Visit the TastyTrade website.
Click on Open An Account in the top-right corner of the page.
Follow the prompts to complete the registration process. Provide your personal information, financial details, and complete the required verification steps.
During account setup, make sure to choose "The Works" margin account for access to the full range of trading features.
Complete the account setup process and submit your application for approval.
Enabling Futures Options Trading:
If you plan to trade options on futures, you’ll need to enable this feature separately after your account is created. Once your account is set up and approved, you can go into your Account Settings on the TastyTrade platform to request Futures Options trading permissions.
Step 2: Connect Your TastyTrade Account to Options Auto Trader
Once your TastyTrade account is active, it’s time to connect it to the Options Auto Trader platform. This connection will allow the auto trader to place trades on your behalf.
How to Connect Your TastyTrade Account:
Log into your Options Auto Trader account.
Click on your profile image in the top-right corner of the page.
From the dropdown menu, select Connect My Broker.
Find TastyTrade in the list of supported brokers and click the Create Connection button next to it.
You will be redirected to the TastyTrade login page. Log in using your TastyTrade credentials to authorize the connection.
Once authorized, you’ll be redirected back to the Options Auto Trader platform, and your TastyTrade account will be connected.
Troubleshooting Connection Issues:
If the connection fails, ensure your TastyTrade account is fully approved and that you’ve selected the correct account type ("The Works" margin account).
If you plan to trade futures options, make sure that feature is enabled in your TastyTrade account.
Step 3: Create Your First Trading Bot
After connecting your TastyTrade account, you're ready to set up your first auto trading bot in Options Auto Trader.
How to Create Your First Bot:
Navigate to the Auto Trader page in your account.
Click Create New Auto Trader to begin setting up your bot.
Select the strategy you want to automate. Options Auto Trader supports a variety of strategies, such as covered calls, iron condors, and credit spreads.
Customize the settings for your bot, including:
Strike Selection: Choose how your bot will select option strikes (e.g., delta, $ OTM, % OTM).
Entry Times: Set when you want the bot to enter trades (morning, lunch, afternoon, or at a specific time).
Buying Power Allocation: Set how much buying power you want your bot to use for trading.
Take Profit and Stop Loss: Configure your exit rules to manage risk and lock in profits.
Once you’ve configured your settings, click Save to activate your bot.
Monitor and Adjust:
Once your bot is running, you can monitor its performance on the Dashboard and make adjustments as needed. You can also tweak the bot’s settings anytime if you need to refine your strategy.
Conclusion
Creating a TastyTrade account, connecting it to Options Auto Trader, and setting up your first trading bot is a straightforward process. By following these steps, you can start automating your options trades and take full advantage of what TastyTrade and Options Auto Trader offer. Remember, if you’re interested in trading futures options, you’ll need to enable that feature in your TastyTrade account.
If you encounter any issues or need further assistance, don’t hesitate to contact our support team for help.
TERMS OF SERVICE: Please be aware that continued use of the Options Auto Trader is subject to our Terms Of Service. If you have any questions or wish to review these terms, feel free to visit the website.