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Exit Options

Exit Options automatically manage your positions every minute of the day so you don't have to worry about tracking your trades' profit, loss, days to expiration, or earnings.

Traders, we know how overwhelming it can be to manage all your open positions. You know the drill: once you open a new position you have to remember to come back, day after day, and babysit your new position. You have specific criteria to manage your position based on performance, expiration, and earnings announcements. With a portfolio of multiple positions, it's a lot to keep track of and a time-consuming responsibility.

Then, if you're lucky to be there when the time is right to close it, you have to manually enter another order to exit the position. As you probably know, the entire process of managing positions is inefficient and prone to errors.

But when you use Exit Options, you can now pre-set your exit criteria so your bots can manage your positions automatically. Every minute of every day. Plus, orders are only sent to the broker when your criteria is met, so you no longer need to worry about having resting orders exploited while sitting in an order book (say good-bye to stop-hunting market makers).

1-minute auto position management

Exit Options check your position every minute from 9:40am EST - 3:59pm EST and automatically send a closing order if your exit criteria are met. Exit Options always run, even if your automations inside a bot are turned off, so your positions are always managed.

You can customize each position's Exit Options for specific management using four triggers:

  • Profit Taking
  • Stop Loss
  • Before Expiration
  • Before Earnings
Note: It is possible that a position may not be closed when an order is sent to your broker for execution. Markets move fast and bid-ask spreads can be volatile. Orders triggered by an exit option will remain active for two minutes; during that time, no additional orders will be sent to your broker. If the order is not filled, exit options will resume checking the position at the next 1 minute interval.

The Before Expiration and Before Earnings triggers operate based on calendar days in the same way 'days to expiration' is calculated and will execute at 3:29pm ET if true. When using an exit trigger for Before Expiration or Before Earnings, its the responsibility of the trader to be aware of how weekends and market holidays will effect the contracts days to expiration value.

You can also check the PDT box and the bot will wait at least one day to close a position to avoid pattern day trading.

Save your Exit Option criteria as a Preset to be reused for similar position types. You can name your presets for easy identification. All Exit Options will automatically populate when you use a Preset.

Option Alpha Exit Options

Using Exit Options

You can set your Exit Options for any trade when opening positions manually or in an automation's Open Position action. When using Exit Options in an Open Position action, all positions opened in the automation will have the same exit criteria. Once opened, Exit Options are specific to each position. You can always edit each position's Exit Options at any time after it is opened.

Additionally, you can choose to enable and disable Exit Options in the bot's Safeguards in the Settings tab at any time.

Exit Option closing orders

You can use SmartPricing when closing a position, turn off SmartPricing, or use a market order. Profit taking Exit Options set the final price to your profit taking level to ensure your minimum profit target is received if the order fills. Exit Option orders are automatically canceled after two minutes. If an order is not filled, Exit Options will check your position at the next interval and, if necessary, re-start the process of sending orders to your broker if the exit criteria are still met.

Watch this workshop for an in-depth look at Exit Options: Introduction to 1-Minute Automated Exit Options.


Can I change a position's Exit Options after I open the position?

Absolutely. Select the position in the Position's tab and you can edit any of the Exit Options.

If I change a position's Exit Options, does it impact other positions?

No. Exit Options are specific to each position.

Do Exit Options run if the bot's automations are turned off?

Yes. Exit Options run every minute, even if your automations are off when enabled. You can always enable or disable Exit Options.

Can I use Exit Options and Monitor automations?

Yes, you can use Exit Options and Monitor automations simultaneously. To avoid overlapping with other automations, bots employ a collision avoidance system that will actively prevent an action from taking place when an identical action is already in process. The event sequence is set to run Exit Options before other automations in the following order:  Exit Options, Scheduled Events, Monitors, and Scanners.

When do Exit Options start monitoring my position?

Exit Options begin monitoring your position immediately and will check your criteria every minute. You can select the PDT box and the bot won't close a position until the next day to avoid pattern day trading.

What SmartPricing setting is used for Exit Options?

You can select your SmartPricing setting or turn off SmartPricing and use a limit or market order. For profit targets, the final price for SmartPricing is automatically set to the price that locks in your profit target.

Why didn't my position close after an Exit Option triggered?

An order is automatically sent to your broker when an Exit Option triggers. However, markets can move fast and bid-ask spreads can experience volatility, resulting in unfilled orders. If an order is not filled in one minute, the order is canceled. Exit Options will begin monitoring and sending orders, if the exit criteria is still met, at the next one-minute interval. Remember, sending orders to your broker does not guarantee that the market will fill those orders.

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Kirk Du Plessis
Founder & CEO
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