---
title: "How To Create An Iron Butterfly Bot"
description: "Step-by-Step Guide to Creating an Iron Butterfly"
url: https://help.optionsautotrader.com/en/articles/61-how-to-create-an-iron-butterfly-bot
collection: "Custom Options Bots 101"
updated: 2026-07-01
language: en
---

# How To Create An Iron Butterfly Bot

Step-by-Step Guide to Creating an Iron Butterfly

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.

## **Step 1: Access the Dashboard**

-   Go to the **Dashboard page**.
    

## **Step 2: Create an AutoTrader**

-   Click on the **"Create an Auto Trader"** button.
    

## **Step 3: Select Iron Butterfly**

-   Choose **Iron Butterfly** from the options.
    

## **Step 4: Set Up the Trade**

-   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.
    

## **Step 5: Default Strike Price Settings**

-   By default, the options are set to be **at the money**, which means the strike price is closest to the current trading price.
    

## **Step 6: Adjust Strike Price Offsets (Optional)**

-   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.
    

## **Step 7: Set Entry Frequency**

-   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.
    

## **Step 8: Advanced Entry Rules (Optional)**

-   If you want to enter based on **specific indicators**, enable **TradingView integration**.
    

## **Step 9: Define Exit Strategy**

-   Set your **take profit percentage**, **stop loss**, and **early trade closure** preferences.
    

## **Step 10: Configure Buying Power Allocation**

-   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.
        

## **Step 11: Save and Continue**

-   After configuring the trade, click **Save and Continue**.
    

## **Step 12: Review Summary**

-   A summary of the trade and settings will appear.
    
    -   Review the settings to ensure everything is configured correctly.
        

## **Step 13: Authorize and Save**

-   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](https://www.optionsautotrader.com/terms-of-service). If you have any questions or wish to review these terms, feel free to visit the website.