Link: https://app.optionsautotrader.com/create-auto-trader?strategy=ByeByeButterfly
This guide provides a clear, step-by-step walkthrough of the Bye Bye Butterfly bot, a 15 DTE butterfly options trading strategy. You'll learn how the bot works, key trade metrics, entry rules, risk management guidelines, and how to automate the process. Whether you're testing on a paper account or preparing for live trading, this guide ensures you can confidently use the bot as part of your options trading strategy.
Step 1: Understand the Bot's Purpose
The Buy Buy Butterfly bot is a 15 DTE (days to expiration) butterfly options bot designed to automate a butterfly debit trade.
Step 2: Review Key Features
Trade Type: Butterfly (debit trade).
DTE: 15 days into the future.
Win Rate: 88% based on backtests.
Average Win/Loss:
Win: $400
Loss: $1,200
Step 3: Evaluate Time Commitment
The average time in trade is approximately 11 days, or about 2 weeks.
Step 4: Check Backtest Results
Review backtest data provided by Option Omega. Note that past performance does not guarantee future results.
Step 5: Automate the Bot
Click "Use This Bot" within the platform.
Input the amount of money you wish to allocate for the bot.
Step 6: Understand Trade Rules
Underlying Asset: SPX.
Entry Timing: Once a week on Thursday during the morning session.
Profit/Loss Targets:
Take Profit: 25%
Stop Loss: 80%
Step 7: Start with Paper Trading
Begin testing the bot with a paper account to ensure it aligns with your trading strategy and risk tolerance.
Step 8: Activate Live Trading
Once confident, set up the bot for live trading by defining your budget and starting the automation.
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.