Automation Types

Automations are the set of instructions you give the bot. Here is what you need to know about the different automation types.

Automations are the set of instructions you give the bot. You tell the bot what to look for, what to filter out, and what decisions to make.

Automations use actions a follow a "Yes/No" framework to open and close positions.

There are three automation types available to maximize flexibility inside a bot:

Scanners, monitors, and events can be used to enter, exit, and manage positions based on specific criteria.

Bots can have five scanner automations, five monitor automations, and five repeating schedule event automations of each type (daily, weekly, monthly, etc).

Bots can access 10 tickers per day.

Automations are located in the automations tab.

Bot dashboard highlighting the automations tab

Scanner Automations

Scanners are active throughout the day looking for new opportunities. You can have up to 5 scanners inside of every bot, with each scanner referencing multiple criteria and ticker symbols as it searches for opportunities to enter a new trade.

Scanners run on defined time intervals during market hours and will not open a new position if it violates an allocation or position limit.

You have complete control of the decision criteria you want the bot to reference when searching for opportunities.

Scanners can be created, reused, or cloned and added to any bot. Decision recipes can be used within a scanner to open a new position. Scanner automations typically end with an open position action.

Scanner automations highlighted in Automations tab
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Monitor Automations

Monitor automations manage positions. Monitors only trigger once a position is opened.

Monitors continuously watch active open positions and look to exit or adjust positions based on the decision criteria you input. Like scanner automations, monitors run on defined time intervals.

Monitor automations typically begin with a loop positions action and end with a close position action to exit the trade. The loop positions action tells the monitor to repeat through all positions of a certain type and repeat the same actions throughout the bot for all applicable positions. 

Monitor automations highlighted in Automations tab
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Event Automations

Event automations run either on a specific date and time, on a repeating schedule, or when something occurs inside the bot.

Unlike scanner and monitor automations, which continuously run at defined intervals, events can be scheduled, run immediately when another position is opened or closed, or trigger with the click of a button.

Event automation and event types highlighted in Automations tab
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There are multiple event types that can be automated:

On a specific date

You can run an event on a specific date or time in the future. For example, if you wanted to enter a position on the first trading day of every month, you could schedule it with an event automation.

On a repeating schedule

You can run an automation on a repeating schedule. For example, you can schedule an automation to run every Monday and Friday at 3:00 p.m.

Open new position and close position

An automation is triggered to run one time if a new position is opened or an existing position is closed.

Buttons

Buttons are events that run an automation at the click of a button. Any time the button is clicked, it will immediately run the automation. Customized buttons can be created for any scanner or monitor automation and added to the bot dashboard.

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FAQs

What is the difference between a "Scanner,” a "Monitor,” and an "Event?"

Scanner automations look for opportunities to enter new positions based on the decision recipes you create. Scanners filter through market criteria and work through a decision tree to open a position.

Monitor automations manage open positions inside a bot. Monitors actively manage different strategy types and only trigger once a position is opened with a scanner or event automation. Bot monitors typically end with a close position action and exit or adjust a trade when your decision criteria is met.

Event automations are triggered on a schedule or when something occurs inside the bot. You can use events in conjunction with scanner and monitor automations. You can add multiple event automations to a bot and target specific strategies using multiple triggers.

How many automations of each type can I have in my bot?

A bot can have five scanner automations, five monitor automations, and five repeating schedule event automations of each type (daily, weekly, monthly, etc.).

Can different automations trade different symbols or position types in the same bot?

Yes, you can have different automations in the same bot that not only trade different symbols but different position types as well.

How should I name my automations?

You can name your automations however you like, but we suggest naming them in a descriptive way that makes them easily identifiable (think files on your computer). 

What can I do with a Button inside a bot?

Button events run an automation instantly when clicked. Customized buttons can be created for any scanner or monitor automation and added to your bot dashboard.

How do bot events work for scheduling automations?

You can run an event on a specific date and time in the future or on a repeating schedule.

Do I have to use custom inputs for my automations?

You do not have to use custom inputs. However, custom inputs are one of the most dynamic and efficient tools available in the autotrading platform. 

Custom inputs can be created, edited, and added to any automation in your portfolio to give you added flexibility when building a bot. 

How is an automation different than a bot?

An automation is a component of a bot. Bots consist of one or multiple scanner and monitor automations. Automations follow specific decision recipes to execute a strategy.

What does the "Add to My Automations" checkbox do?

Checking this box will save your automation to your "Library" of automations so that you can re-use it in other bots.

What is the "Inputs" window that shows up to the left of my automation?

This window shows the inputs being used in your automation and how many times each input is used in the automation. Unused inputs should be removed from your bot.

When should I build a new automation and when should I use a saved automation?

New automations should be used if you are creating a new strategy. If you want to use the same strategy in a different bot, you should use a saved automation. Remember, if you make changes to an automation, the changes will transfer anywhere the automation is used. You can copy an automation and modify its components without affecting the original.

Can I have a bot with only a "Scanner", only a "Monitor" and/or only an "Even?t"

You could have a bot with only a scanner automation, but if a position is opened, you would have to manage the position manually in your brokerage account.

Monitor automations only activate once a position is opened inside the bot, so it would not have anything to manage unless you manually entered a position.

You could have a bot with only an event automation, but since events will be either a scanner or a monitor, the above statements would apply.

If I have a bot with only a "Scanner" to enter a trade and the bot enters a trade, how will that trade be exited?

The trade would have to be managed manually.

Can I re-use automations I've already created in other bots?

Yes. You can re-use any automation at any time. Remember, if you make changes to an automation, the changes will transfer anywhere the automation is used. You can copy an automation and modify its components without affecting the original.

Do edits and changes to an automation impact other bots running with the same automation?

Yes, the changes will transfer anywhere the automation is used

Can I create a copy of an automation?

Yes, you can copy any automation. You can modify the criteria of a copied automation without affecting the original automation.

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