You can easily deploy algos with auto strike selection in options based on any MT4 Expert Advisor. For example, if there is BUY in Index spot price, you may like to automatically buy the ATM Call option. We will demonstrate this with a popular strategy.
Download the MT4 files from here
- Strategy Tag – do not change if you are trading in single strategy. See here for multi-strategy setup.
- Port– do not change if you are trading in single account. See here for multi-account setup.
- Instrument – use OPTIDX or OPTSTK
- Base Symbol – underlying symbol. For Index use NIFTY or BANKNIFTY.
- Expiry– expiry of the derivative (weekly or monthly)
- Period– super trend periods
- Multiplier– super trend multiplier
- Strike Distance: For selecting ITM distance from current price. Example, say LTP = 11000, Strike Sistance = 50; then CE strike =10950; PE strike= 11050
- Quantity– trade qty
- Price– for strike calculation from custom price (not LTP)
When you click Buy button, it will send LE in Call and LX in Put. Sell button sends LE in Put and LX in Call.
When SuperTrend gives Buy, it will send LE in Call and LX in Put. When SuperTrend gives Sell, it will send LE in Put and LX in Call.
You can import all possible option strikes in which you want to trade. See here how to import through Excel. Based on the strike calculation from MT4, it will place trades.