This guide walks you through the process of creating an automated trader for a naked put strategy. It covers selecting the trade symbol, setting expiration dates, choosing strike prices, defining entry and exit conditions, and allocating the necessary buying power for your trades. You’ll also learn how to set advanced entry rules and early trade management options to automate your trading efficiently.
Step 1: Access the Dashboard
Go to your dashboard and click on the black "Create an Autotrader" button.
Step 2: Choose the AutoTrader Type
Click on "Create an Autotrader" and select the option for "Naked Puts."
Step 3: Select the Symbol
Choose the symbol (futures, indexes, ETFs, or stocks) you want to trade.
Step 4: Set the Expiration Date
Pick the expiration date for the trade.
Step 5: Choose the Strike Price
Select the strike price using options like delta, amount out of the money, percentage out of the money, or a specific strike price.
Step 6: Set the Quantity
Set the quantity of contracts:
Negative quantity (e.g., -1) for selling a put.
Positive quantity (e.g., +1) for buying a put.
Step 7: Define Entry Conditions
Set how often you want to enter the trade (e.g., weekly, on a specific day, or time).
Optionally, integrate TradingView for more advanced entry settings based on indicators.
Step 8: Set Exit Conditions
Configure the take profit percentage, stop loss percentage, and early management settings.
Step 9: Configure Early Management
Set a trigger for closing the trade early, such as after 21 days or less.
Step 10: Allocate Buying Power
Set the amount of money this bot can use to place trades.
Ensure the buying power is sufficient to cover the number of trades you want open (e.g., $500 per trade for five trades requires $2,500).
Step 11: Review Settings
Review the settings, including entry, exit, and buying power allocation, to ensure everything is configured correctly.
Step 12: Authorize and Save
After reviewing, click "I Authorize" and save the AutoTrader.
This will create your bot for the naked put strategy.
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.