This guide will walk you through the process of creating a Strangles AutoTrader, covering everything from setting up your asset and strategy to configuring entry and exit rules. You’ll learn how to define quantities for selling or buying a Strangle, select strike prices, adjust entry frequency, allocate buying power, and set up exit conditions.
Start by clicking on the Dashboard.
On the dashboard, click on the Create an AutoTrader button.
After clicking the button, choose Strangles from the options.
Select the asset (the underlying stock or option) you want to trade the Strangle on.
Choose your days until expiration.
Decide whether you are going long or short the Strangle.
For selling a Strangle (default), set both the put and call quantities to negative numbers (e.g., -1 for one Strangle).
For buying a Strangle, set both the quantities to positive numbers (e.g., +1 for one Strangle).
Choose the strike prices based on either:
Delta amount,
Out of the money percentage,
Or a target price, depending on your preference.
Define how often you want the bot to enter the trade:
Once a week,
On specific days,
At specific times.
There are also advanced entry settings available, such as using an indicator with the TradingView integration.
After configuring the entry settings, click on Save and Continue.
Configure your exit rules:
Take profit,
Stop loss,
Early management (to close trades early).
There are also advanced exit rules for more customization.
Click on Save and Continue after setting up your exit rules.
Define how much buying power the bot can use across your open trades. For example, if each trade costs $500 and you want 5 trades open at once, allocate $2,500. If only 1 trade is needed, allocate $500.
A summary of your settings will appear, ensuring everything is configured correctly. Review to make sure all details are accurate.
If everything looks good, click Authorize, then click Save Auto Traders to finalize your Strangles AutoTrader setup.
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.
