No. Once an open position action is triggered, an order is immediately sent to your broker for execution.
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.
Yes, you can create specific custom inputs for open position actions, including the strike price, expiration, and more.
Yes, you have complete customizable control of your open position actions for options positions.
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.
Yes. Select a position in the Position Statement and select the "Close Position" button.
Position and order details are displayed in the "Closed Positions" section o the bot's Position Statment.
Event automations can be used to close positions.
No. Bots can only open positions that were opened inside the autotrading platform.
With SmartPricing, orders are customizable. You can submit either a limit order or an order using SmartPricing's settings.
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.
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.
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.
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.
You do not need to end an automation with an action.
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.
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.
Yes. The bot log shows your bot's automation activity. You can select the Log tab to view the bot’s activity.
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.
Once the bot is turned on. The bot dashboard requires at least three data points to generate an equity curve.
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.
In order to show performance metrics, the bot must have at least three data points.
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.
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.
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).
The Position Statement shows the history and activity of a bot’s positions. The bot log shows the bot's automation activity.
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.
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.
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.
Available is the amount of capital that is currently unused out of the total money that is allocated to a bot.
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.
The P/L curve is updated every time the bot runs at its scheduled interval.
Yes. To change the name of your bot, simply select the name at the top of the bot dashboard.
Yes, you can change the icon and/or the icon color by clicking on the icon.
To edit your bot settings click the gear icon in the top right corner of your bot and then select "Settings".
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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