New Options Day Trading Bot Tutorial
Photo by Jean Vella on Unsplash So I recently discovered the potential of revenue in options trading. My mind works very technically and noticed that trading strategies are nothing more but conditional statements. So I decided to create a simple iron condor trading strategy. According to OptionAlphairon condor options trading strategy is the most profitable and low risk trading strategy to be used with options.
Documentation Options Bot Options can be one of the most difficult financial instruments to learn but makes up for this as they are can be extremely profitable. In order to start working with options, it's important to familiarize yourself with specific concepts.
I will use Python and Jupyter Notebook to place these option orders in Robinhood. Let us first try to understand what an iron condor strategy is.
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For those who are familiar with options they are basically four option contracts. There are iron condors which can require all calls, all puts or the basic iron condor.
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For this example we will be using the base. Requiring to order a long put, short put, short call, and long call all at the same time. The best time to run this play is when we know that the stock we are ordering is expecting minimal movement up and down within a specific time frame.
This is the advantage of the time decay. They also run this play on index options rather than individual stocks because of the fact that indexes are not that volatile.
What we need For those who do not follow me, I have created two articles that will already help us in the first steps. So we need to connect to Robinhood using Python.
Create code that will order options for us. After all of the initial set up the actual iron condor strategy is very straightforward.
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I went ahead and did some research and will be using Fitbit for our code. Fitbit had a jump around November bots for options I believe that it will be moving sideways in the future.
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We just need to type in the stock symbol. We will then use these bots for options to eliminate the existing option orders.
We will now have a list of available options that would be perfect for our iron condor. This next part now, I grab the current stock price and append it to a list I made out of the strike price column. I then sort the values in order to use the index value to pick the strike prices necessary for each order.
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Then out of the expiration dates, I am just going to pick the furthest one out of the 30—45 days from today. For the following, I simply just place 4 different option orders and plug in all the necessary information.
After all of that, we have successfully created Python code that executes an order for an iron condor! Some of my other articles involving Python and Robinhood:.