Kirk Du Plessis, No-Code Trading Bots expert, discusses the need for trading automation, growth of the trading bot platform, upcoming partnerships with brokerages, and limitations of the trading bot tool. They also explore the automation editor in creating trading bots and the importance of finding the right balance in automation settings.
Option Alpha's platform offers a no-code automation builder that enables traders to create trading bots visually without the need for coding.
Option Alpha integrates with popular brokers like TD Ameritrade, TradeStation, and TradeYear, allowing users to send trades directly through the platform and potentially save on commissions.
Option Alpha's automated trading platform provides features like smart stops, smart pricing, and exit options, ensuring flexibility in managing positions and optimizing pricing and exit criteria.
Deep dives
Option Alpha Platform: Empowering Traders with Automation
Option Alpha is a platform that aims to empower traders by providing them with automation tools. The platform was launched a couple of years ago with the mission to give retail traders better tools for trading. The idea behind the platform was to fill the gap in the market for automation technology, as many traders were looking for a way to automate their trading strategies. Option Alpha allows traders to automate any part of their trading strategy and offers broker integrations with popular brokers like TD Ameritrade, TradeStation, and TradeYear. With over 8,000 active traders and $350 million of transaction volume, Option Alpha's automation platform has gained popularity and is helping traders save on commissions.
No-code Automation Builder for Trading Bots
Option Alpha's platform features a no-code automation builder that allows traders to create trading bots without the need for coding. The automation builder uses natural language decision recipes and a flow chart-like interface to build bots visually. Traders can create a decision tree by adding actions, decisions, and notifications based on specific criteria. This approach allows traders to plan both their entry and exit strategies, ensuring that their bots follow their trading plan accurately. The automation builder supports defined risk trades such as spreads, iron condors, and credit spreads. While there are limitations on tickers and capital, the platform provides safeguards to ensure the accuracy of data and protect traders' interests.
Broker Integrations and Commission-free Trading
Option Alpha's platform currently integrates with brokers like TD Ameritrade, TradeStation, and TradeYear. By connecting their brokerage accounts to Option Alpha, traders can send trades directly through the platform. Additionally, Option Alpha has agreements with brokers like Interactive Brokers and plans to add more partners in the future. A notable advantage for Option Alpha users is the opportunity for commission-free trading offered by some broker partners. Traders can trade through Option Alpha and potentially save on commissions based on the agreements in place. Option Alpha emphasizes that the commission savings are passed on completely to the users. The platform also provides tools for position grouping, analytics, and risk management, making it a comprehensive solution for traders.
Automated Trading Features
The podcast episode discusses the various features and capabilities of an automated trading platform. The platform allows users to evaluate potential trading opportunities, analyze market data, and make complex or simple algorithms using a visual interface. It offers features like checking market data, evaluating probability of success, analyzing return on capital, and assessing open interest. Traders have the flexibility to customize their strategies and automate decision-making processes.
Advanced Tools and Risk Management
The podcast highlights unique features of the platform, such as smart stops and smart pricing. Smart stops enable traders to manage positions by setting target, hurdle, and threshold levels, providing more flexibility in exiting trades. Smart pricing allows for better pricing by sending timed limit orders at different intervals instead of accepting mid prices. The platform also offers exit options, allowing traders to pre-plan and automate their exit criteria. The pricing structure is based on the number of bots a user runs, with options for monthly and annual subscriptions.
The Trade Busters provides actionable ideas to take your option trading to the next level. Through our educational podcast and YouTube channel, we aim to empower the everyday retail trader. Discover unique ways of thinking through sizing, risk and leverage in your option strategies.
