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ThetaGang is an IBKR trading bot for collecting premiums by selling options using "The Wheel" strategy. The Wheel is a strategy that surfaced on Reddit but has been used by many in the past. This bot implements a slightly modified version of The Wheel, with my own personal tweaks. The strategy, as implemented here, does a few things differently from the one described in the post above. For one, it's intended to be used to augment a typical index-fund-based portfolio with specific asset allocations. For example, you might want to use a 60/40 portfolio with SPY (S&P500 fund) and TLT (20-year treasury fund). This strategy reduces risk, but may also limit gains from big market swings. By reducing risk, one can increase leverage. ThetaGang will try to acquire your desired allocation of each stock or ETF according to the weights you specify in the config. To acquire the positions, the script will write puts when conditions are met.
Features
- ThetaGang switches from writing puts to writing calls at a strike at least as high as the average cost of the stock held
- The bot is based on the ib_insync library, and uses IBC for managing the API gateway
- Run ThetaGang with Docker
- Stick with high volume ETFs or stocks
- You could use this tool on individual stocks
- ThetaGang will continue to roll any open option positions indefinitely
Project Samples
