Decision Recipes
5 min video

Comparing Position Leg Properties

Comparing position leg properties allows you to reference specific options leg properties before moving through the automation. Here is how to use it.
Comparing Position Leg Properties
Steve Henry
May 24, 2021

The decision recipe for comparing position leg properties has six inputs:

  • Position
  • Long / short
  • Call / put
  • Property
  • Greater than / less than / equal to
  • Value

This decision recipe allows you to reference specific options leg properties before moving through the automation.

Screenshot displaying the decision recipe for comparing position leg properties

Because the comparing position leg properties decision recipe uses information from an existing position inside a bot, it is typically used in monitor automations and after a repeater action.

Screenshot highlighting the repeater action in the automation editor

The first field prompts you to choose an existing open position inside the bot. Each existing position in the bot will be linked, and this field will pull in the necessary data from the position.

Screenshot highlighting the position link associated with the repeater action

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 the variable property to be analyzed.

Screenshot of the decision recipe's dropdown menu criteria

The fifth field prompts a dropdown menu to choose if the individual option leg property 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 for the value, 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. 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 position leg properties.

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.

No tags found.
Next article
Evaluating Position Type
Evaluating position type allows you to make decisions based on an underlying position type. Here is how to use it.
Was this helpful?
FAQs

What is the definition of the various criteria?

This criteria compares virtually any component to an individual leg versus that same criteria of another leg. We can compare the greeks, pricing-related data, and volume-related data.

Can these criteria be used to open positions?

No, position leg decisions are for monitors of open positions

Does this criteria have to be used with a repeater?

It is advised to use a repeater for all closing decisions inside a monitor.

Since this is comparing properties, at what point in time is it comparing them to?

It is comparing the underlying property to the actual criteria at the moment the automation is run, which for now is every 15 minutes.

Related articles
Comparing Underlying Symbol Price
Comparing underlying symbol price allows you to choose whether a symbol’s price is above or below a specific value before moving through the automation. Here is how to use it.
May 13, 2021
2 min video
Comparing Underlying Symbol Properties
Comparing underlying symbol properties allows you to choose whether a property of an underlying symbol price is greater than, less than, or equal to a specific value before moving through the automation. Here is how to use it.
May 13, 2021
2 min video
Evaluating Underlying Symbol Performance
Evaluating underlying symbol performance allows you to choose whether a symbol’s price has increased or decreased by a specific percentage over a set period of time before moving through the automation. Here is how to use it.
May 13, 2021
2 min video
Comparing Underlying Symbol Price to an Indicator
Comparing underlying symbol price to an indicator allows you to choose whether a symbol’s price is above or below a moving average indicator with a defined time period. Here is how to use it.
May 14, 2021
2 min video
Comparing Multiple Underlying Symbol Indicators
Comparing multiple underlying symbol indicators allows you to compare the value of a symbol’s moving average indicator to the value of another moving average indicator for the same symbol, with different time periods. Here is how to use it.
May 14, 2021
2 min video
Evaluating Underlying Symbol Implied Volatility Rank
Evaluating underlying symbol implied volatility rank allows you to choose whether a symbol’s IV rank is above or below a specific value before moving through the automation. Here is how to use it.
May 14, 2021
2 min video
Evaluating Underlying Symbol Earnings Reporting
Evaluating underlying symbol earnings reporting allows you to choose the number of days until a security’s next earnings report. Here is how to use it.
May 14, 2021
2 min video
Evaluating Underlying Symbol Price Probability
Evaluating underlying symbol price probability allows you to evaluate the probability of a symbol’s price being above or below a specific value in a certain number of days. Here is how to use it.
May 14, 2021
4 min video
Evaluating Underlying Symbol Probability Within Range
Evaluating underlying symbol probability within range allows you to evaluate the probability of a symbol’s price being within a range in a certain number of days. Here is how to use it.
May 24, 2021
4 min video
Evaluating Opportunity Return Expectations
Evaluating opportunity return expectations allows you to evaluate a position’s rate of return probability. Here is how to use it.
May 24, 2021
3 min video
Comparing Opportunity Attributes
Comparing opportunity attributes allows you to reference a position’s attributes to make decisions. Here is how to use it.
May 24, 2021
4 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.
May 24, 2021
5 min video
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.
May 24, 2021
3 min video
Evaluating Opportunity Probabilities
Evaluating opportunity probabilities allows you to evaluate a position’s probability of profit to filter for opportunities when adding new positions.
May 24, 2021
4 min video
Evaluating Position Performance
Evaluating position performance allows you to evaluate whether a position’s premium has increased or decreased by a certain percentage. Here is how to use it.
May 24, 2021
5 min video
Comparing Position Time to Expiration
Comparing position time to expiration allows you to reference a position’s time to expiration to make decisions. Here is how to use it.
May 24, 2021
3 min video
Comparing Position Duration
Comparing position duration allows you to reference an open position’s duration from entry. Here is how to use it.
May 14, 2021
3 min video
Evaluating Position Underlying Symbol
Evaluating position underlying symbol allows you to make decisions based on the underlying symbol of a position. Here is how to use it.
May 13, 2021
3 min video
Comparing Position Properties
Comparing position properties allows you to reference specific position properties before moving through the automation. Here is how to use it.
May 24, 2021
4 min video
Evaluating Position Type
Evaluating position type allows you to make decisions based on an underlying position type. Here is how to use it.
May 3, 2021
3 min video
Evaluating Position Side
Evaluating position side allows you to make decisions based on whether an underlying position is long or short. Here is how to use it.
May 3, 2021
2 min video
Comparing Underlying Symbol Price to Position Leg
Comparing an underlying symbol's price to a position leg allows you to make decisions based on a position’s underlying price relative to an option leg in the position. Here is how to use it.
May 3, 2021
3 min video
Comparing Bot Position Count to Position Type
Comparing bot position count to position type allows you to make decisions based on the number of a particular position type in a bot. Here is how to use it.
May 3, 2021
2 min video
Comparing Bot Position Count to Underlying Symbol
Comparing bot position count to underlying symbol allows you to make decisions based on the number of a particular symbol in a bot. Here is how to use it.
May 3, 2021
2 min video
Evaluating Underlying Symbol Indicator Properties
Evaluating underlying symbol indicator properties allows you to make decisions based on an indicator’s properties for an underlying symbol. Here is how to use it.
May 3, 2021
3 min video
Comparing Multiple Underlying Symbol Indicator Properties
Comparing multiple underlying symbol indicator properties allows you to make decisions by comparing indicator property values for multiple underlying symbols. Here is how to use it.
May 3, 2021
4 min video
Comparing VIX Properties
Comparing VIX properties allows you to make decisions based on the VIX’s value before moving through the automation. Here is how to use it.
May 24, 2021
2 min video

Trade smarter with automation

Learn More

No-code, fully automated trading for stocks and options.

Platform
University
Resources
Company
© 2021 Option Alpha. All Rights Reserved. Patent Pending USSN 63/118,547