The closing action inside the automation editor gives a bot the ability to close positions automatically and allows you to have complete control of how and when a position is closed.
Select the “+” symbol in the automation editor to add an action from the list.
NOTE: There is more than one way to use the closing action.It may be more useful to utilize the repeater function to exit a position. Repeaters can monitor all positions currently open in a bot. Simply create a repeater action for the desired positions, and end the decision recipe with a “Close Position” action.
When the “Close Position” action is selected, it can dynamically reference each position that the bot has open. This allows you to add positions to the portfolio continuously, and one automation can pull in data for each individual position the bot has open. All you need to do is link the position in the menu. The bots are smart enough to reference the position data for each position that is open and close the position.
If you do not want to immediately close all your positions with an automation, you can use the “Close Position” function to exit a position based on one or more decision criteria. Select the gear icon to precede the “Close Position” function with a Decision action.
NOTE: Be sure to add the Decision action after the Repeater action, because it will pull in each position’s specific data. The criteria will be nested between the Repeater and Closing actions.
Close Position actions are typically located at the end of the decision tree and can be as simple or complex as you prefer.
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FAQs
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.
