What Does it Mean to "Clone" a Strategy?
With our Clone Strategy feature you can make copies of an already established Options Ranker Strategies. Cloning a strategy allows you to make modifications without deleting the original strategy. Now let's go into some of the more interesting detail. At this point you may be wondering...
Why Would I Want to Clone a Strategy?
Strategy cloning is a powerful feature in The Brutus Options Ranker. You can clone your options trading strategies in stead of directly editing it. This will then ensure that you make the preferred modifications to your strategy without losing your original strategy settings.
It's also a great way to test your modifications against the original settings. To do this, simply clone your original strategy and keep your original strategy enabled. Lastly, enable the cloned strategy after modifying it to test your hypothesis.
This is a very powerful tactic to test strategies against each other or to switch your market view. However, take note that you must be a premium member to enable more than one strategy at a time.
Here's an example of a strategy you may want to test
Say you have an existing strategy using a bull call spread setup for a rising market. You may clone this strategy to utilize a bear call or put spread for a down market. Similarly, an at-the-money put calendar spread for a neutral market outlook.
How do I Clone a Strategy?
Head over to your ‘My Strategies’ list. Simply select the strategy you created in Brutus (or a template strategy) that you would like to clone.
Next, click the ‘Clone’ button located in the action column on the far right of the page. Don't worry, your original strategy will stay in tact. Then once you click the clone button, you can give it a new name and a meaningful description.
Here's a screenshot of the dialogue box when you clone a strategy. Make sure you give the cloned strategy a meaningful and descriptive name. It just makes it easier for you to stay fully in control and aware of all your of your strategies once you are ready to make the necessary modifications.
Finally you should notice your new strategy at the top of your strategy list.
Now you can click on the cloned strategy and make modifications to the market setup, criteria, weight, or any alternatives in your tree. Don't forget to test your strategy for a preview of how it would perform against "sandbox" data. Sandbox data is a limited set of market data from 2 weeks ago.
Last step is to enable your strategy. Brutus will then pick up the strategy in next nightly run and return result before the next trading day.
Note on Cloning Your Strategy
Note that when you clone a strategy, it will default to ‘Live’ status. You can disable the strategy by clicking the ‘Enable’ button at the right top of the page.