Decision Recipes
5 min video

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.
Comparing Opportunity Leg Attributes
Steve Henry
May 24, 2021

The decision recipe for comparing opportunity leg attributes has six inputs:

  • Opportunity
  • Long/short
  • Call/put
  • Attribute
  • Greater than/less than/equal to
  • Value

This decision recipe allows you to reference specific options leg attributes to make decisions.

Screenshot displaying the decision recipe for comparing opportunity leg 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 add the options legs’ details. 

Screenshot of the decision recipe's dropdown menu criteria

The second and third fields prompt you to define the option leg to be referenced. For example, if using a short put spread, you must tell the recipe to pull data for the short put option leg or long put option leg.

The fourth field prompts a dropdown menu to select a variable attribute associated with the chosen option leg.

Screenshot of the decision recipe's dropdown menu criteria for each option leg

The fifth field prompts a dropdown menu to choose if the individual option leg attribute is greater than, less than, or equal to the sixth 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 option leg attribute is greater than, less than, or equal to the sixth 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 leg 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 Bid-Ask Spread
Comparing opportunity bid-ask spread allows you to reference a position’s bid-ask spread before moving through the automation. Here is how to use it.
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FAQs

What are the definitions of all of the attributes?

Leg attributes are consideration given to the various components of an option leg such as delta, level, and others

How is comparing Leg attributes different from comparing Opportunity attributes?

Comparing leg attributes is more specific than comparing a total opportunity

If I am only wanting to look a specific Leg opportunity, why do I need to select a position type?

Because the position type is deterministic of what legs will be chosen and in what order.

What is the time frame of the data we are comparing to, is it every bot run or the prior days data?

Bots run every 15 minutes so the leg attribute will be checked relative to the 15 minute time frame

Can I group multiple criteria into a single decision?

Yes, you can accomplish this by using the "and/or" option in the automation

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