This guide provides a step-by-step process for creating an Iron Butterfly Auto Trader. It covers selecting symbols, setting strike prices, choosing expiration days, defining trade entry frequency, and configuring entry/exit strategies. You'll also learn how to manage buying power allocation and customize advanced settings for the trade.
Go to the Dashboard page.
Click on the "Create an Auto Trader" button.
Choose Iron Butterfly from the options.
Click on the symbol you want to trade.
Select the days until expiration for the options.
Choose how you want to pick the strike prices for the trade.
By default, the options are set to be at the money, which means the strike price is closest to the current trading price.
If you want to set a specific distance, such as $20 wide, enter the strike offset as $20 for both the put and the call options. This will make the strike prices $20 apart from each other.
Choose how often you want to enter the trade, such as once a week or multiple times a week.
Pick the session or specific time you want the trade to be entered.
If you want to enter based on specific indicators, enable TradingView integration.
Set your take profit percentage, stop loss, and early trade closure preferences.
Set how much money the bot is allowed to trade with.
For example, if the trade costs $2,000, ensure the bot has at least $2,000 in buying power.
After configuring the trade, click Save and Continue.
A summary of the trade and settings will appear.
Review the settings to ensure everything is configured correctly.
If everything looks good, click Authorize and then Save AutoTrader.
This process automates the creation and management of an Iron Butterfly trade with customizable entry, exit, and trade management settings.
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.
