Time Based Iron Condor in Streak

I am looking for devising a Nifty option strategy and backtesting the same. The details of the strategy are as follows.

Entry- Nifty 50 iron condor at 3 pm on Tuesday for the current weekly expiry

The exit condition is either stop loss is hit or exit at 3:15 pm on the expiry day.

You can use the Candle time function of Streak to select the Day of the week, Hour of the candle, and Minute of the candle to get an entry/exit alert based on a specific time and day of the week. Click on the below link to access the strategy:

In the above strategy, the Stop loss (SL) and Target profit(TP) are randomly selected as high so that the levels are highly unlikely to be met and exit happens solely based on the exit conditions. You can change the SL/TP as desired. The entry will be triggered at the close of the 14:55 5-minute candle i.e. 03:00 PM on Tuesday and the exit will trigger at the close of the 15:10 5-minute candle i.e. 03:15 PM on Thursday(Weekly Expiry). I have used the Dynamic contract feature of Streak to select the 3 Strikes OTM PE and CE contracts for shorting and 4 Strikes OTM PE and CE contracts for Buying to create the Iron condor, you can select the strikes as per your requirement.

Also note that when you back test or deploy a Strategy with multiple legs (FnO contracts or Stocks), each scrip will be considered an individual strategy. The Stoploss(SL), Target profit(TP), Trailing Stoploss(TSL), and Entry-Exit conditions will be checked and triggered on each Scrip(contract) individually. Thus even if the SL or TP is hit in one leg, the other leg will still be active, and the exit will trigger only when the SL, TP, TSL, or the exit conditions are met on the chart for each leg individually.

You can refer to the below link to learn about the functions used to create the strategy-
Candle time- Indicators - Streak Help
Dynamic contract- Dynamic Contract - Streak Help

You can also refer to the below webinar to learn how the Iron Condor strategies are implemented in Streak-

1 Like