Bot monitors are automations that 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.
Creating a monitor automation (:34)
Because monitors manage open positions inside a bot, the automations should be specific to those positions.
To add a new monitor automation, select the “+” symbol in the Monitors section.
You can create a new monitor or choose an automation from your library. For example, you can use the Stock Trend Manager monitor automation created for another bot to manage similar position types in this bot.
The monitor automation is specifically designed to manage any long stock position in the portfolio, regardless of the ticker symbol. The monitor repeats through all long equity positions open inside the bot and will exit the position if the underlying symbol falls below the 200-day SMA.
Note that monitor automations typically begin with a repeater action. The action repeats through all compatible position types as it works through the automation.
As a reminder, all bots are off until you turn them on manually.
Bot log (6:57)
Once a scanner automation opens a position, the monitor automation automatically becomes active.
The bot log displays the monitor automation and its last run time. Clicking on the automation provides the details of the automation’s actions.
Using multiple monitors (8:23)
One of the advantages of automation is that you can use multiple monitors simultaneously inside one bot. Each monitor automation can be designed to manage different strategy types or use different exit criteria.
For example, the scanners in this automation can open a call spread or put spread depending on market conditions.
Automating exit trades with monitors allows the bot to manage multiple position types so you don’t have to. One monitor automation manages call spreads, while the other manages put spreads.
The monitor automation can be designed to have multiple exit criteria based on profit targets, days until expiration, or many other parameters.
Monitor automations scan the market to manage open positions continuously. Automations run at defined intervals until the exit criteria is met.
Monitor automations are flexible, dynamic tools that enable you to strategically exit trades with detailed precision. Automations can always be saved to your library and reused across multiple bots.