First up, your account overview

As pictured below, the account overview displays the most important information for you to see the state of the AI for each of your accounts. We'll discuss each of these items in detail below.

Buying Power

This is configured as a percentage of the total account's Liquidation Value as reported by your broker. The value here changes as the securities in your account change in value or whenever you add or remove cash. The value displayed is updated each time you refresh the page. You can adjust this value by clicking the Configure button.

Set as a decimal between 0 and 1, this controls the percentage of total account liquidation value that the AI is allowed to invest.

Send orders

Toggle Send orders on to have the AI not only compute the orders but send them to your brokerage account for execution and then subsequently manage the orders. Toggle it off to prevent the system from sending orders to your brokerage account.

Pause all activity

Toggle Pause all activity on to stop the AI from sending orders or logging any activity on your account. This is effectively a power button or kill switch. If this is toggled on, the bot won't do anything.

Equities

Use this section to configure the equities and the allocation of those equities that will be managed by the bot for this account. The allocation percentage for each equity is a percentage of the AI's configured buying power.

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Additional Settings

Target Days To Expiration (Target call dte and Target put dte)

This is the target days to expiration to sell put options. A typical range is 30-50 days. Research shows that the price of the options begins to fall more rapidly starting at about 45 days to expiration.

Target Delta (Target put delta and Target call delta)

This can be used to skew the AI to trade more bullish or more bearish or neutral to the market or underlying equity. For example, if you want your AI to trade more bullish because the market is up-trending then you can set put delta greater than .5 and call delta less than .5. If you want the AI to trade more bearish then you would do the opposite. Set the put delta to less than .5 and the call delta closer to .5 or maybe even greater than .5 if you feel like the equity is going lower.

Target profit

This setting is used to determine if the AI should close an option position early to take profit. Doing so will free up buying power and allow the AI to subsequently open a new option position. A typical value is between 0.7 and 0.9.

Sell options over earnings (calls and puts)

Turn this off to prevent the bot from selling options that have an earnings release date scheduled to fall in between the time that the bot wants to open the position and the expiration date of the option. This setting only controls opening new positions.

Sell options over dividends (calls and puts)

Turn this off to prevent the bot from selling options that have an dividend date scheduled to fall in between the time that the bot wants to open the position and the expiration date of the option. This setting only controls opening new positions.

Common covered call strategies do involve selling call options over dividends to take advantage of an expected rise in the stock price and subsequent fall that can happen after the dividend is paid out.

Order Management Controls for Getting Filled

A common problem with AI trading is that the bot orders don't get filled. Our bot comes with dials that you can use to tell it how aggressive you want it to be when getting filled. Keep in mind that the AI will always start the order at or near the mid market price as calculated is the mid-point between the bid and the ask.

Use the Sell order offset setting to control how aggressive to be when selling options. This is typically a value between 0 and 0.5. A value of 0 would allow the bot to start an order at the mid market price and if after awhile, the order is not filled, the bot can lower the price a little bit and repeat this until it gets all the way to bid, which will result in a fill. Keep this setting at 0.5 to constrain the bot to selling at or very near the mid-market price.

Use the Buy order offset setting to control how aggressive to be when buying options. This is typically a buy to close order and is typically a value between 0.5 and 1. A value of 1 would allow the bot to ultimately buy on the ask after trying various prices between the mid-market price and the ask.

Controls for Scaling Up to Max Position Size

Your bot comes with three settings that you can use to control how much of the position to scale into for each order, maximum per day and maximum per week.

Use the Target order size setting to constrain the maximum number of contracts that can be sold in a particular order. This is a value between 0 and 1 and is used as a percentage of the maximum position size for the equity. This setting can be over-ridden per equity.

Use the Target day size setting to constrain the maximum of number of contracts that can be sold in a particular day.

Use the Target week size setting to constrain the maximum number of contracts that can be sold in a particular week.