Decision Recipes

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.
Evaluating Position Underlying Symbol
Steve Henry
May 13, 2021

The decision recipe for evaluating a position’s underlying symbol has three inputs:

  • Position
  • Is / isn’t
  • Symbol

This decision recipe allows you to make decisions based on the underlying symbol of a position.

Screenshot displaying the decision recipe for evaluating position underlying symbol

Because the evaluating position underlying symbol 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

In the second and third fields, you will define if the bot does or does not have a position in the chosen ticker symbol. 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 symbol, 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 a position’s underlying symbol.

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 Properties
Comparing position properties allows you to reference specific position properties before moving through the automation. Here is how to use it.
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FAQs

When and why would I use this decision recipe?

You would use this when trading multiple symbols inside of the same bot to ensure that you're targeting a position open in one particular symbol and not another.

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

It can be done for either Stock positions or Options positions.

Why is it important to use the "Repeater" function in a monitor?

The Repeater function cycles through each open position to ensure all open positions are checked for any decision criteria that could lead to closing the position or opening a subsequent position in response.

Can this Decision Recipe be used to open a position?

You could proceed opening a position with this recipe decision although typically it would be used in a monitor to evaluate a preexisting position.

Can I stack multiple Decision Criteria into one automation?

Yes, you can always stack multiple decision criteria together inside of one monitor or together using AND or OR functions to create groups.

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