Option Strategy Builder from SpeedBot

Option Strategy Builder tool from SpeedBot allows you to create and analyze option strategies without the need for coding. Once you create your strategy, algo will be doing its job as per the created strategy.

Here is a general outline of how you can use the Option Creator Tool:

• Select the underlying asset: Choose the stock, index, or another underlying asset that you want to trade options on.
• Select the option type: Choose whether you want to trade call options or put options, or a combination of both.
• Enter the strike price: Specify the strike price at which you want to buy or sell the options.
• Enter the expiration date: Choose the expiration date for the options.
• Enter the number of contracts: Specify the number of options contracts you want to trade.
• Enter your position: Select whether you want to be long or short the options.
• Analyze the strategy by backtesting: Use the Speedbot backtesting tool to analyze how the strategy is likely to perform under different market conditions.
• Execute the trade: If you decide to go ahead with the trade, use the tool to place the order with your brokerage.

It's important to note that option trading carries inherent risks, and it is important to thoroughly understand the risks and limitations of any strategy before executing a trade. Apart from creating your own options strategy, SpeedBot already has many tried and tested strategies by experts which can reduce the risk involved. If you are bigger and don't wanted to give time then selecting those available strategies on SpeedBot is recommended to select and letting the algo their job for you.