This guide walks you through the process of creating an Iron Condor auto trader, including selecting the symbol, strike prices, and expiration, as well as setting entry frequency, time, profit/loss parameters, and buying power allocation. By following these steps, you’ll set up an auto trader tailored to your preferences, whether for long-term or zero DTE trades.
Step 1: Go to the Dashboard
Open the dashboard page of your platform.
Step 2: Create an Auto Trader
Click on the Create an Auto Trader button.
Step 3: Select Iron Condors
Choose Iron Condors from the available options.
Step 4: Choose the Symbol and Expiration
Pick the symbol (the stock or asset) you want to trade.
Select the days until expiration for the options.
Step 5: Choose Strike Price Method
Decide how to structure the strikes:
By default, strikes are set based on delta.
For zero DTE (Days to Expiration) trades, it's recommended to avoid using delta due to rapid theta decay. Instead, choose out-of-the-money strikes, such as $5, $10, or $15 away from the current price.
Step 6: Define the Entry Frequency
Set how often you want to enter trades:
For zero DTE trades, select multiple times a week.
You can choose all days or select specific days depending on your preference.
Step 7: Set the Entry Time
Choose the time of day to enter trades:
Morning session (first thing in the morning) or a specific time.
You can also set advanced entry settings if needed.
Step 8: Set Profit and Loss Parameters
Define your take profit percentage, stop loss, and whether you want to close the trade early using early management.
You can also configure advanced management rules if desired.
Step 9: Set Buying Power Allocation
Determine the amount of money allocated for the auto trader to use across all open trades.
For example, if you want to have 5 open trades at $500 each, you need at least $2,500 in buying power to cover these trades.
Step 10: Save and Continue
Review the summary of the settings to ensure everything is set up as you want. - Click I authorize this and then Save Auto Trader to complete the process.
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.