In this guide, you'll learn how to set up a debit spread auto trader bot. The step-by-step instructions will walk you through choosing your symbol, setting expiration dates, selecting strike prices, and defining trade frequency. You'll also configure exit strategies, set buying power allocation, and review your settings before finalizing the bot setup.
Go to your dashboard and click on the "Create an Auto Trader" button.
Click on "Debit Spreads" to begin setting up your trade.
Pick the symbol you want to trade and select the days until expiration.
Choose how you want to set the strike prices (based on delta, out-of-the-money, dollar amount, or option price).
If needed, use the "Strike Offset" to set the distance between the two strikes for your spread.
By default, the bot will use put options for a put debit spread.
If you want to set up a call debit spread, change both strikes to call options.
Set how often you want to enter the trade (once a week, multiple times, etc.).
Choose a specific day or time for the trade or use advanced settings for indicator-based entry (using TradingView integration).
Define your exit strategy, including when to exit for take profit, stop loss, or early management.
Use the advanced settings for additional exit strategies.
Determine how much money the bot will use for each trade (e.g., $1,000 per trade).
If you plan to place multiple trades, ensure the bot has enough funds to cover them (e.g., $5,000 for five trades).
Click "Save and Continue" to review your settings and make sure everything is correct.
Look at the approximate metrics for your trade.
Once satisfied, check the box confirming your settings and click "Save Auto Trader."
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.
