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.
Go to the dashboard page of the platform.
Click the black "Create an Autotrader" button.
In the Autotrader setup page, choose the "Credit Spreads" option.
By default, the system will set up a Put Credit Spread.
To switch to a Call Credit Spread, select "Call" for both sides.
Pick the symbol (the asset you're trading).
Choose the expiration date for the options.
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.
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.
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.
If needed, set up advanced entry rules based on indicators using the TradingView integration.
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.
Click on "Show Advanced Settings" for additional configurations, if desired.
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).
After entering all settings, click "Save and Continue" to review the trade details and approximate metrics.
Once you're satisfied with the settings, check the box to authorize the setup.
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.
