The decision action inside the automation editor gives bots the ability to make decisions dynamically inside an automation.
Select the “+” symbol in the automation editor to add an action from the list.
Select the “Decision” action to add criteria to the decision block. Decision actions can have multiple criteria, or recipes. Decision recipes are the criteria the bot evaluates as it moves through an automation. Select the “+” symbol to add criteria from the list of recipes.
Decision recipes are added to an automation and grouped together based on type. There are four sections of decision recipes:
NOTE: The list of available recipes will continue to grow as the Option Alpha autotrading platform evolves and members offer improvement suggestions.
Stock recipes are based on stock-specific data, such as the underlying symbol’s price or volume.
Opportunity recipes reference potential opportunities before sending an order to your broker, such as rate of return or the open interest of a specific leg in an options strategy.
Position recipes reference existing positions inside of the bot that are currently running. For example, you can base decisions on whether the premium has increased or decreased by a certain percentage. You can also use calendar data such as days until expiration with position recipes.
Indicator recipes list stock indicator data such as moving averages, RSI, and VIX values. Indicators can reference multiple symbols at once.
Decisions inside the automation editor use a structured approach, often with if-then statements following a yes/no path. Decision recipes use natural language to help you structure your decision criteria.
NOTE: The decision framework that you use must result in a yes or no answer.
To edit criteria, select the decision block inside the automation editor to add multiple recipes. Select “Save” to add the new decision criteria to the block.
When a decision action has two or more criteria, an “And/Or” block is introduced. The block can easily be toggled between “And/Or” to make the action contingent on both criteria happening or only one of the criteria happening.
You can also group, or nest, decision recipes to make multiple decisions within the same block. Simply hover over a criterion to access the gear icon and select “New Group.”
This will create a new group of decisions separated from the existing decision(s) inside the action and allow you to reference multiple recipes simultaneously.
NOTE: You can create multiple groups of nests and easily delete them to simplify the framework from the gear icon.