TradeOnAir Strategy Bot Guide
What is TradeOnAir?
TradeOnAir is an automated multi-leg trading tool that simplifies the creation and execution of options strategies. It allows traders to add multiple option contracts and set specific entry and exit conditions based on price or time for each strategy.
This tool uses the combined Last Traded Price (LTP) of all the contracts in a strategy, known as Strategy LTP, to trigger trades. Once the predefined conditions are met, the orders are automatically sent to the exchange, reducing the need for manual monitoring and quick decision-making.
How Does Strategy Bot Work?
Let's break it down with examples:
Example 1: Buy Orders
- • 1 lot of Nifty 25000 CE (Call Option) with an LTP of 100
- • 1 lot of Nifty 25000 PE (Put Option) with an LTP of 50
The combined Strategy LTP becomes -150 (100 + 50 = 150). Since it's a combination of buying both calls and puts.
You set the below conditions:
- • Entry condition: When the Strategy LTP hits -100
- • Exit condition: Book profit of 75 points, and Book loss of 50 points
Once the Strategy LTP reaches -100, the orders are sent to the exchange, and the strategy enters the market. After entry, if the Strategy LTP drops by 50 points (Strategy LTP = -50) or rises by 75 points (Strategy LTP = -175), the bot will automatically execute either a stop-loss or a book-profit order.
Example 2: Sell Orders
In a similar way, for sell orders:
- • The user adds 1 lot of Nifty 25000 CE (LTP 100) and 1 lot of Nifty 25000 PE (LTP 50)
- • The combined Strategy LTP becomes 150.
You set the below conditions:
- • Entry condition: Trigger at 200
- • Exit condition: Book profit of 100 points, and Book Loss of 50 points.
Once the Strategy LTP reaches 200, the orders are sent to the exchange, and the strategy enters the market. After entry, if the Strategy LTP drops by 100 points (Strategy LTP = 100) or rises by 50 points (Strategy LTP = 250), the bot will automatically execute either a stop-loss or a book-profit order.
Why Use Strategy Bot?
1. Automated Entry and Exit Execution
Strategy Bot allows traders to automate the process of entering and exiting strategies by setting predefined conditions. This helps traders avoid missing key moments in the market and reduces the need for manual intervention, freeing them up to focus on other opportunities.
2. Risk Management
With Strategy Bot, traders can easily manage risk by setting book profit and stop-loss conditions based on the points from the average entry or the profit and loss levels they can tolerate. This ensures that traders don't miss out on profits or incur unexpected losses. Additionally, traders can set a global exit for all open strategies, allowing them to exit when their overall Strategy Bot profit and loss (PnL) meets the desired thresholds.
3. Strategy LTP-Based Execution
The combined Strategy LTP drives the execution, which simplifies strategy management. Instead of setting entry or exit prices for each individual leg of the options contracts, traders can rely on the Strategy LTP to trigger the execution of orders. This makes it easier to manage multiple-leg strategies.
How to Use Strategy Bot
1. Creating Strategies
- • Login to TradeOnAir
- • Navigate to the Option Wizard
- • Click on Create Own strategy
- • Create positions and click on add to add legs
- • Add all required fields like entry time, days and exit time
Create your custom trading strategy
2. Monitor Existing Positions
- • Navigate to Deployed page
- • Select your Strategy and date
- • You can see your positions there
- • Click on symbol to see particular symbol wise orders that created again
Monitor your active positions
Detailed view of individual orders
3. Status of All Your Strategies
- • Here you can set your strategy status Active and Deactive, and also can Delete your strategy
- • When you Deactive strategy all your active orders of that strategy will be closed immediately
- • You can also Permanently Delete your strategies from here
Manage all your strategies in one place
4. Add Broker
- • You can add your broker credentials here to place order in your trading account and trade in live market
- • Your Broker credentials are fully secured and encrypted in transit
Securely connect your broker account
