This guide walks you through the process of creating an Autotrader for credit spreads, including both put and call credit spreads. You'll learn how to set up the trade, select strike prices, configure entry and exit rules, and manage your buying power. Additionally, the guide covers advanced settings and provides steps to activate your Autotrader, ensuring a fully automated and optimized credit spread trading setup.
Step 1: Access the Dashboard
Go to the dashboard page of the platform.
Step 2: Create an Autotrader
Click the black "Create an Autotrader" button.
Step 3: Select Credit Spreads
In the Autotrader setup page, choose the "Credit Spreads" option.
Step 4: Choose the Type of Credit Spread
By default, the system will set up a Put Credit Spread.
To switch to a Call Credit Spread, select "Call" for both sides.
Step 5: Select Your Symbol and Expiration Date
Pick the symbol (the asset you're trading).
Choose the expiration date for the options.
Step 6: Choose Strike Prices
Select your strike prices. This can be done in different ways:
By Delta.
By Amount out of the money.
By Percentage out of the money.
By Target price.
Step 7: Set the Strike Offset
After setting the first strike, you can set the strike offset. This adjusts the distance between the two strikes.
For example, if the system picks a strike at $5,010, you can set the offset to $10, which would set the second strike at $5,000.
Step 8: Set Trade Frequency
Choose how often the trade should be entered (e.g., once a week).
You can also select the specific session or time for the trade.
Step 9: Advanced Entry Rules
If needed, set up advanced entry rules based on indicators using the TradingView integration.
Step 10: Set Exit Rules
Choose your exit method, such as:
Take Profit: When to take profit.
Stop Loss: When to cut losses.
Early Management: Option for early exit if needed.
Step 11: Set Advanced Settings (Optional)
Click on "Show Advanced Settings" for additional configurations, if desired.
Step 12: Set Buying Power Limit
Set the amount of money the bot can trade with.
If each trade requires $750 and you want at least one trade running, set the buying power limit to $1,000.
For multiple trades, calculate the required buying power (e.g., for two trades, set the limit to $1,500).
Step 13: Review the Settings
After entering all settings, click "Save and Continue" to review the trade details and approximate metrics.
Step 14: Authorize the Autotrader
Once you're satisfied with the settings, check the box to authorize the setup.
Step 15: Save and Activate the Autotrader
Click "Save Autotrader" to complete the process and activate your credit spread bot.
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.