Bot scanners are automations that look for opportunities to enter new positions based on decision recipes you create. Scanners filter through market criteria and work through a decision tree to open a position.
Scanner automations are located in the Automations tab of the bot dashboard.
Global bot settings (:51)
A bot’s global settings are entered when a new bot is created, and you can modify them at any time in the settings menu.
For this example, the bot will have a daily position limit and a total position limit of one. Therefore, the bot is only allowed to have one position open at a time.
Adding a new scanner automation (1:41)
To add a new scanner automation, select the “+” symbol in the Scanners section.
Choose from your library of automations or create a new scanner.
This stock trend scanner looks to enter positions if the ticker symbol is above the 100-day SMA. The scanner runs continuously throughout the day and will open a new position if the criteria is met. Otherwise, it will end and wait for the next interval to scan the market.
You can always run an automation instantly by selecting the lightning bolt icon.
If all criteria is met, a new position is opened immediately. The new position is displayed in the Positions tab.
The Bot Log displays the automation, its run time, and the actions taken.
Selecting the automation displays the details of the actions inside the automation.
The bot has reached its daily and total position limit. The bot will stay on, but the scanner automation will not actively seek new positions until the current position is closed.
Position limits error (3:46)
If you try to force a new position open by running an automation instantly, the bot is intuitive enough to know that the position limits would be violated. It will not open a new position, and the error is displayed in the Bot Log.
Remember, you can always change position limits, and the bot recognizes the changes immediately. If the limits are increased to two positions, there is enough room for a new position.
At the next scheduled interval, the automation was able to open a new position successfully. The successful automation is displayed in the Bot Log and the new position is added to the Positions tab.
The scanner will revert to dormant mode until a position is closed or the settings are adjusted. The global settings are in place as a safeguard against overtrading and mismanagement.
Allocation error (6:46)
Allocation limits are also in place to prevent overallocation to a single bot. Again, you are always in control of a bot’s settings and limits.
The bot has $1,000 of available capital for position allocation. Bot capital allocation limits are calculated at position entry.
You can also open new positions from the Positions tab.
However, for this example, the bot will try to open 100 shares of SPY, which far exceeds the capital allocation limit of $1,000.
The Bot Log displays an error message saying there is not enough capital available to open even one share of SPY.
The Positions tab also displays an error message.
Selecting the message displays the details of the error and why the bot was unable to open a new position.
You can remove the error message from the Positions tab by selecting “Cancel Position.” This clears the position and gives the bot room to add more positions later.
Error messages in the Positions tab are designed to take up a position slot in the bot so that you must address the issue before the bot attempts to open more positions.