Decision Recipes

Comparing Opportunity Attributes

Comparing opportunity attributes allows you to reference a position’s attributes to make decisions. Here is how to use it.
Comparing Opportunity Attributes
Steve Henry
May 24, 2021

The decision recipe for comparing opportunity attributes has four inputs:

  • Opportunity
  • Attribute
  • Greater than/less than/equal to
  • Value

This decision recipe allows you to reference a position’s attributes to make decisions.

Screenshot displaying the decision recipe for comparing opportunity attributes

The first field prompts a dropdown menu to choose a position type. The decision recipe will then prompt you to choose a ticker symbol and, if it is an options position, add the details of the options legs.

Screenshot highlighting the recipe's position type inputs

The second field prompts a dropdown menu to select a variable attribute. 

Screenshot highlighting the opportunity variables available for comparison

NOTE: Options Greeks listed in the dropdown menu reference the entire position. To reference specific legs of an option spread, use the “comparing opportunity leg attributes” decision recipe. 

The third field prompts a dropdown menu to choose if the selected attribute is greater than, less than, or equal to the fourth field, where you manually input a value. When you have finished creating the recipe select, “Save.”

Screenshot highlighting the save button following the decision recipe inputs

NOTE: You can also create a custom input, which allows you to input the field later to make the decision recipe dynamic across all automations.

The decision will be added to the list of criteria. The recipe will pull in data from the opportunity’s details to evaluate if the position’s attribute is greater than, less than, or equal to the fourth field’s input value.

You have the option to add more decisions to the recipe or return to the automation editor. When finished, select “Save” again to return to the automation editor.

Screenshot highlighting the save button to return to the automation editor

The automation editor will display your completed decision criteria for comparing opportunity attributes.

Screenshot highlighting the decision recipe within the automation editor

You can always select the decision inside the automation editor and make changes to the criteria.

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Comparing Opportunity Leg Attributes
Comparing opportunity leg attributes allows you to reference specific options leg attributes to make decisions. Here is how to use it.
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FAQs

What are definitions of the various criteria?

The Opportunity section allows you to pre-qualify trades and determine availability before entry. Within the Opportunity section, you can check to see if any opportunity is available if the rate of return is greater that Z, if the bid price or ask price or even bid/ask spread is greater than or less than a number. You can check open interest on a specific leg, as well as determine what the chance of profit is and if its greater than or less than a certain percentage. Opportunities are helpful as a check before trade entry.

Is this criteria only used for position entry or can it also be used for exits?

Opportunity criteria can only be used for entry.

Since we are comparing data, what time point are we comparing it to?

All comparisons are made at the time the automation runs.

Since this is comparing data on the entire position, how is that calculated?

It depends on the position itself and the criteria your comparing.

For the "Change" attribute, can you use +.50 to indicate a $.50 increase and -$.50 to indicate a %.50 decrease?

The percent change is specifically a percent based measurement

Can I combine multiple criteria together in a single automation?

Yes, you can do this by using the "and/or" option to add criteria to a decision.

Can this calculation be done on stock or is it for options only?

Some opportunities are available for stocks as well, others—like open interest on an option leg—cannot be used to stocks.

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