Decision Recipes

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.
Evaluating Position Performance
Steve Henry
May 24, 2021

The decision recipe for evaluating position performance has three inputs:

  • Position
  • Increased / decreased
  • Percentage

This decision recipe allows you to evaluate whether a position’s premium has increased or decreased by a certain percentage. The recipe pulls data for a position and monitors its performance while it is open.

Screenshot displaying the decision recipe for evaluating position performance

Because the evaluating position performance 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 field has you choose if the position has increased or decreased by the third field, where you manually input a percentage 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 percentage, 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 evaluating position performance.

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 position time to expiration allows you to reference a position’s time to expiration to make decisions. Here is how to use it.
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FAQs

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

Referencing position performance can apply to both stock or options positions.

Can this automation be used to open a position?

Yes, you could use a position recipe to precede opening a position.

When would I use Position Premium Increased, vs. Position Premium Decreased?

When referencing the performance change of your option trade.

Can this be used for both Profit Targets and Stop Loss management?

Yes, you can also evaluate based on position PNL, market value, or return %

Can I combine different position performance criteria into the same automation?

Yes, you could use a performance check for both stock and options positions inside of the same monitor.

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