Strategy description

Iron Butterfly

Strategy Overview

• Logic: You expect SPX to stay within a tight range (e.g., 6230 to 6300) by the close of trading today Use Case: Neutral, low volatility.

• Type: Intraday.
  
  

Strategy Parameters

All variables in the "Initialize Variable" section must be defined, or the strategy will fail.

1. overall target USD
   Purpose: Sets the profit target.

   • Set: Enter a number (e.g., 50 for 50$ ).

   • Example: target = 50.
     
     

2. Overall stoloss USD
   Purpose: Sets the loss limit.

   • Set: Enter a number (e.g., 25 for 25$ ).

   • 
     

3. Strike Offset

   • Purpose: Sets the points to offset the strike from the At-The-Money (ATM) level. to go above in strike enter the number in positive and to go below in strike enter number in negative. 

   • Configuration: Set to ATM based on spot price (no offset).

   • Set: Enter 5 for 1 strike above ATM or -5 for 1 strike below ATM.

   • Example: buy_strike_offset= -15 , sell_strike_offset = 15.
     
     

4. Entry Time(in EST)

   • Purpose: Sets the trade entry time in 24-hour format (Tradetron).

   • Configuration: Not specified, default to 4:01 PM (market opening).

   • Set: Use HHMM format (e.g., 1601 for 4:01 PM).

   • Example: entry_time = 1601.
     
     

5. Exit Time(in EST)

   • Purpose: Sets the trade exit time in 24-hour format (Tradetron).

   • Configuration: Exit at 3:30 PM.

   • Set: Use HHMM format (e.g., 1530 for 3:30 PM).

   • Example: exit_time = 1530.

Important Notes

• :- Update the initilize variables when strategy is in exited mode or after market hours, it will not take iffect if updated in running strategy.
  :- Ensure all variables (target, stoploss, strike_offset, entry_time, exit_time) are defined in the "Initialize Variable" section.

• :- Incorrect or missing values will cause the strategy to fail.

• :- Verify configurations align with the market outlook and  trading requirements.