This is a CORE Long Put Bot that is designed to buy 1 long put (simulate 100 shares of short a stock) in a downtrend, but having a short-term price bump. To learn about trading long puts, check out our educational content: https://optionalpha.com/strategies/long-put
CORE Sample Bots are great for newer options traders or options traders needing a refresher on certain strategies as you can clone them and watch how they trade a given strategy in Paper Mode - BUT the real magic is that they can act as a great starter bot that you can add entry and exit decision points to as you see fit.
This very basic (CORE) bot is a great place to learn more about trading long puts - but of course, this is just a very basic start to where you can go. As you learn more, you should consider making two clones of this bot and leave one precisely as it is to learn from and then work to modify a version of it by changing some of the settings and/or different decision blocks for entries and exits.
This bot trades 1 Long Put Contract:
* Symbol Traded: SPY
* This is a Bearish position
* Position Size: 1 Contract
* Positions allowed to open per day: 1
* Total positions allowed to be open: 1
* Exit is at 25% profit or 5 days to expiration
If you have any questions - feel free to ask as always!
