Decision Recipes

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.

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Evaluating position type allows you to make decisions based on an underlying position type. Here is how to use it.
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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.

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