Futures Paycheck sells short puts on /ES, the S&P 500 E-mini futures contract, guided by a trend indicator. Here's what each setting controls.

Default: on. When off, no new entries are made. Existing positions stay open at your brokerage and are not managed — including their take profit and stop loss. If you disable while positions are open, plan to manage them yourself.

Range $1,000 to $50,000,000. Minimum to deploy is $8,000.

This is the buying power budget the strategy may use. Margin per contract is confirmed with your brokerage before each entry, and your allocation determines how many contracts the system will work toward.

Note that the trend indicator can reduce your effective allocation to 50% in certain market conditions. See The trend indicator and market zones.

Default: 60. Range 0 to 120 days.

Applies to bullish short-put entries only. Hedge positions use a fixed 7 days regardless of this setting.

Shorter expirations decay faster and cycle more often but collect less. Longer expirations collect more premium and hold exposure longer.

Default: 5. Range 5 to 30, corresponding to 0.05 through 0.30 delta.

Applies to bullish short puts only. Hedges use fixed 30 and 20 deltas.

The default of 5 is deliberately far out of the money — roughly a 5% chance of finishing in the money. This is a more conservative range than Wheel Paycheck's because /ES is a leveraged product.

Default: 25%. Options: 25, 50, 75, or 90%.

Closes a winning short put once it reaches this percentage of maximum profit. At the default 25%, positions are closed early and often, freeing margin to redeploy and cutting the time spent at risk.

Take profit is only evaluated during the regular US session, 9:30 AM to 4:00 PM Eastern. A target reached overnight is acted on when the session opens.

Default: 200%. Range 100% to 300%.

Closes a losing position once the loss reaches this percentage of the premium collected. At 200%, a $500 credit is closed at a $1,000 loss.

Unlike take profit, the stop loss is monitored around the clock while futures are trading, including overnight.

This is the most consequential setting on this system. A tighter stop caps individual losses but exits positions that might have recovered; a wider one allows larger single losses.

Default: on.

Allows the system to buy put debit spreads when the trend turns bearish. With it off, the system simply stops entering during bearish conditions rather than hedging. See The hedging bot.

Click Save. Changes apply to new entries. Take profit and stop loss changes apply to open positions from the next price check.

Selling puts on futures carries substantial risk, including losses larger than the premium collected. Understand the strategy and your brokerage's margin requirements before deploying.