This guide walks you through the process of creating a calendar spread using the Options AutoTrader. You will learn how to set up a custom strategy, choose symbols, define expiration dates for each leg, select strike prices, and configure trade entry and exit rules. The guide also covers setting your AutoTrader’s budget and reviewing your settings before finalizing the setup. By following these steps, you’ll be able to automate your calendar spread trades efficiently.
Start by going to the dashboard page.
Click on “Create an AutoTrader.”
Then click “Create an AutoTrader” again to begin the process.
Navigate to the “Custom Strategy” section.
Since a calendar spread involves two legs, add an additional trade license.
Select the symbol you want to use for the calendar spread.
For a calendar spread, you’ll need to set different expiration dates for each leg.
Choose your days until expiration, ensuring the first expiration date is set under the first leg and the second under the second leg.
Set the strike prices for your calendar spread. A negative number indicates selling an option, while a positive number indicates buying an option.
For example, you may choose a 10 Delta for the first leg and a 30 Delta for the second leg, but this can vary based on your strategy.
For the first leg, set the expiration to 45 days until expiration (DTE).
For the second leg, set it to 90 DTE.
Select whether you are using puts or calls for the calendar spread.
If you want to use calls, make sure to change each leg’s option type to “Call.”
Set how often you want the AutoTrader to enter the trade (once a week, multiple times a week, etc.).
Specify the days and time you want the trades to occur. You can also choose advanced entry rules, such as using a trading view indicator for entries.
Define your take profit, stop loss, and early exit rules. This will tell the AutoTrader when to close trades for profit, loss, or early exit based on your strategy.
If desired, select other advanced rules for trade entry or management.
Click “Save and Continue” after defining the entry and exit rules.
Specify how much money you want to allow the AutoTrader to use. For example, if each trade requires $500 and you want five trades, the bot should be set to handle at least $2,500.
Review the metrics and settings for your AutoTrader, such as the calendar spread setup and other trade rules.
If everything looks good and you agree with the rules, click “Authorize” and then “Save and Continue.”
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