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Guide

Auto-trade iron condor alerts

An iron condor is four legs on one expiration, set once on the strategy instead of typed in every alert. A short entry from Telegram, Discord or TradingView opens all four legs as one order at the broker, sized by the Budget per entry, and an exit closes every leg the same way. This guide goes from the broker connection to a live bot, and lists every reason the bot places nothing.

What you need

  • A Nyria account with a connected broker: Charles Schwab, Tradier, tastytrade or Alpaca. All four trade options up to 4 legs, so an iron condor needs no setup beyond the account's own options approval.
  • An alert source that posts the call: a Telegram group or channel you run, a Discord server you run, or a TradingView alert with a webhook.
  • A budget per entry that covers the structure's margin. A broker reserves the width between the short and long strikes as buying power; the credit received covers only part of it.

Step by step

  1. 1

    Connect a broker

    Open Integrations and sign in at Charles Schwab, Tradier or tastytrade, or paste an Alpaca API key. Nyria Paper is already there, so the strategy can run before any broker is connected.

  2. 2

    Create the strategy and set the four legs

    Create a strategy that trades options and set the structure once, in the What it trades step: sell the near put, buy the far put, sell the near call, buy the far call, all on one expiration and all the same quantity. Pick each strike by a target delta, a dollar offset from the current price, or an offset from another leg.

  3. 3

    Pick the alert source

    Discord, Telegram or TradingView. For Discord, invite the Nyria bot to a server you run and choose the channel; for Telegram, add the bot to the group or channel; for TradingView, copy the webhook URL the strategy shows.

  4. 4

    Tell it what an alert means

    The legs do not go in the alert. A short entry opens the credit structure configured on the strategy. Leave the expiration out and the strategy's own rules pick one, 0 to 31 trading days out.

  5. 5

    Check the format

    Paste a real call from the channel, select Check format, then Check and save. Nyria shows the direction it read. The strategy turns Active when every alert type it uses passes.

  6. 6

    Test on paper, then go live

    Deploy on Nyria Paper first and let a few calls fire. All four legs land in one order on the bot's Logs tab, priced as a net credit at a limit. When the paper fills match what you expect, deploy a second bot on the broker account with the same sizing.

What an iron condor alert looks like

The alert carries the ticker and the direction. The strikes, the expiration and the quantity on each leg come from the strategy's own rules, so the legs below are what the strategy chose on the day, not what the alert typed.

Telegram or Discord, as a sentence

SPY short entry

TradingView, as JSON

{ "ticker": "SPY", "action": "STO" }

The order the bot places, from its Logs tab

Sell SPY 750p 11/20
Buy SPY 745p 11/20
Sell SPY 795c 11/20
Buy SPY 800c 11/20

The exit, closes all four legs

Close short SPY

What the bot does with it

  • Reads the direction. Short opens the credit structure configured on the strategy; nothing else in the alert sets the strikes.
  • Sizes the order from the Budget per entry, after the broker reserves the width between the near and far strikes as buying power.
  • Places the four legs as one order, priced as a net credit at a limit, or at market if the strategy is set to market.
  • Closes every leg on the exit alert. Close short SPY buys back the short legs and sells the long legs in the same order; nothing waits at the broker between alerts.
  • Stops at expiration. A leg still open at the close settles at the broker. Nyria does not close it for you, so the exit alert has to arrive before the bell on a same-day structure.

When the bot places nothing

Each refusal is written to the Logs tab in these words, next to the alert that caused it. Nothing is ordered on any of them.

  • The option chain has no delta for one of the four legs' target, so the strategy's rules cannot pick a strike.

    Nyria skipped this entry. The options data has no delta for one of the legs in your range, so it can't pick the strike your strategy asks for. Nothing was ordered.

  • The near and far strikes on one side resolve to the same contract, which happens when the configured width is narrower than the chain's strike spacing.

    Nyria skipped this entry. The short and long strikes on one side resolved to the same contract, so the spread has no width. Nothing was ordered.

  • The structure's margin requirement is more than the Budget per entry.

    Nyria skipped this entry. This structure needs more buying power than this bot's budget per entry. Raise it or narrow the width.

  • The call arrives before 9:30 am ET, after 4 pm ET, or on a market holiday.

    Options market is closed

  • The contract on one of the four legs has no live bid and ask.

    Nyria skipped this entry. No live quote was available for one of the legs your strategy picked. Nothing was ordered.

Questions

Does the alert have to name the strikes?
No. Set the structure once on the strategy, in the What it trades step, and every alert opens or closes it. A short entry alert needs only the ticker and the direction.
Can one alert close only part of the condor?
No. An exit closes every leg of what the entry opened, leg for leg, in one order.
Which brokers trade iron condors?
Charles Schwab, Tradier, tastytrade and Alpaca each place the 4-leg order as one trade. SPX runs on Charles Schwab, Tradier and tastytrade only; Alpaca trades SPY, QQQ and IWM options but not SPX.
What if the alert names no expiration?
The strategy's own rules pick one, 0 to 31 trading days out. A Discord or Telegram alert with no date takes the nearest listed one, which can be today's (0DTE), even late in the day.
What does it cost?
Paper is free. Live trading from $15 a month.

Related pages

The same four-leg setup trades an iron butterfly or a double vertical; only the strike offsets change. The full options setup, with single legs and other spreads, is in the automate options alerts guide.

Test an iron condor on paper first

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