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Automated Trades

Unlock the power of bots to automate trade entry and position management. Learn how to automatically open and close positions exactly when and how you want.


Do I have the opportunity to approve an order before it gets sent to my broker?

No. Once an open position action is triggered, an order is immediately sent to your broker for execution.

What happens if my bot attempts to open a position, but there is not enough capital in my brokerage account?

If your bot attempts to open a position, but your account does not have enough capital, an "error" will generate, and this will reflect in the Position Statment and Bot Log as an "error.” You will then need to cancel the error and take corrective action to ensure the error does not occur again.

Can I create custom inputs for the "Open Position" action?

Yes, you can create specific custom inputs for open position actions, including the strike price, expiration, and more.

Can I customize the strikes, expiration, and legs of a new position I want to open?

Yes, you have complete customizable control of your open position actions for options positions.

Can my bot close a partial position?

No, a bot cannot close part of a position that was entered as a single trade. However, you can child your bot to leg into and out of trades. 

For example, if you open a call credit spread with six contracts, it would need to be closed with six contracts. But you could enter three positions two contracts at a time and scale out of each position.

Can I manually close a position without an automation?

Yes. Select a position in the Position Statement and select the "Close Position" button.

When a position is closed, where do I see the final closing price and trade details?

Position and order details are displayed in the "Closed Positions" section o the bot's Position Statment.

Do I have to use monitor automations to close positions, or can I use event automations too?

Event automations can be used to close positions.

Can a bot close a position that was opened in my brokerage account manually?

No. Bots can only open positions that were opened inside the autotrading platform.

What type of order does the bot send to close a position?

With SmartPricing, orders are customizable. You can submit either a limit order or an order using SmartPricing's settings.

What happens if I open a position with an automation and close it manually in my brokerage account?

If you manually exit a trade in your brokerage account, the bot will not know it was closed. You must use the "Manual Override" button inside the position details page to remove the position from the bot’s management.

If I edit an automation will the change be updated across all the other bots using that automation?

Yes. Any change to an automation is reflected in other bots containing the same automation. You can create a copy of an automation if you want to avoid this.

What if I don’t want an automation change to be made globally across all of my bots?

You can create a copy of any saved automation in your portfolio. Automation copies are useful when you want to reuse an existing automation but want to change one or more parts of the automation's actions. Copying an automation is an efficient way to reuse a saved automation without transferring the changes to other bots. 

Can I go back to previous versions of an automation?

You can save automations to your library and return to them at any time, even if they’re not in a bot. Only the most recent version is available to view. If you create a copy, the original version is saved.

Do I always have to end an automation branch with an action?

You do not need to end an automation with an action.

When automations start what path does it take if there are multiple decision branches?

A bot begins with a single decision and moves step-by-step through an automation from top to bottom. Each decision block will yield a "yes" or "no" result and the bot will continue down the appropriate path based on the outcome.

How do I check and verify the decisions my automation is making?

The bot log shows your bot's automation activity. The bot log provides insight into what automations are running, what decisions and actions the bot is performing, and what criteria the bot is checking.

Can I see a log of the decisions and actions my automation is taking during the day?

Yes. The bot log shows your bot's automation activity. You can select the Log tab to view the bot’s activity.

Do I have to learn how to code to use the automation editor?

No. The Option Alpha autotrading platform requires no coding experience. Bots use easy-to-understand, natural language and detailed decision criteria to help you build automated trading bots. 

When does my bot dashboard start tracking trades?

Once the bot is turned on. The bot dashboard requires at least three data points to generate an equity curve.

How can I see what decisions my bot makes?

The bot log shows your bot's automation activity. The bot log provides insight into what automations are running, what decisions and actions the bot is performing, and what criteria the bot is checking. You can select the Log tab to view the bot’s activity.

Why doesn't my bot show any performance metrics and data yet?

In order to show performance metrics, the bot must have at least three data points.

Does the current P/L include open positions, closed positions, or a combination of both?

A bots current P/L is a combination of open and closed positions. The Position Statement shows your opened and closed positions and what the realized and unrealized P/L is for each position.

Is the return based on the total bot allocation or the actual dollars used in positions?

The performance return is calculated based on the bot’s P/L relative to the bot’s capital allocation.

For example, a bot with a $10,000 allocation and $500 P/L would show a 5% return.

What is the "Profit Factor" and how is it calculated?

The profit factor divides the total amount of money gained by the total amount of money lost. 

For example, if an investor made $6,000 on 120 winning trades and lost $4,000 on 80 losing trades, their profit factor will be 1.5 with a net profit of $2000 ( $6,000 / $4,000).

Where can I see the activity of an active bot?

The Position Statement shows the history and activity of a bot’s positions. The bot log shows the bot's automation activity.

How do I see the total number of scans and decisions my bot is making each day?

The bot log shows your bot's automation activity. The bot log provides insight into what automations are running, what decisions and actions the bot is performing, and what criteria the bot is checking. You can select the Log tab to view the bot’s activity.

You can select each automation to see its specific activity. The bot’s activity is also displayed on the right side of the bot dashboard. 

What does "Activity" display inside the bot dashboard?

The activity window shows you all of the various scans, monitors, automations, and decisions that have occurred within this bot since the open of the market on that given day.

What is "Net Liquid" and how is it calculated?

Net Liquid is the value of your bot based on the starting allocation combined with the net profit or loss in the bot since inception.

What does "Available" mean and how is it calculated?

Available is the amount of capital that is currently unused out of the total money that is allocated to a bot.

What does "Allocation" mean and how is it calculated?

Allocation is the amount of money that the trader has assigned to the bot for trading purposes. A newly built or cloned bot is always set to a $1000 allocation as a minimum requirement and should be reset for each trader’s requirements and risk tolerances.

Is the P/L curve updated throughout the trading day or just at the end of the day?

The P/L curve is updated every time the bot runs at its scheduled interval.

How do I change the name of my bot?

Yes. To change the name of your bot, simply select the name at the top of the bot dashboard.

How do I change the icon and color of my bot?

Yes, you can change the icon and/or the icon color by clicking on the icon.

How do I update my bot settings?

To edit your bot settings click the gear icon in the top right corner of your bot and then select "Settings".

If I turn my bot "Off" what does that mean?

When a bot is off it no longer runs automations at their scheduled interval. The bot is essentially “asleep.” Any open positions inside the bot will remain open but will no longer be managed by the bot. You can turn a bot on or off at any time.

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