You don’t have to use automation to enter and exit positions. This video explains how to create a hybrid bot by opening a position manually and then managing the position with a monitor automation.
Create a new bot, give it a name, and set allocation and position limits in the global bot settings.
The bot will have no activity, positions, or automations. As a safeguard, the bot is turned off by default, and you must manually turn it on when you are ready.
Open Position (1:03)
You can manually open a position in the Positions tab. Select the “+” icon and choose a position type.
This bot will not use a scanner automation to find new position opportunities. Instead, a button automation can be created.
If you have a specific strategy you like to trade and don’t want to use an automation, buttons are a good way to open new positions. Buttons allow you to have complete control over your entries.
Button clicks are accessible in the Events section of the Automations tab.
Buttons immediately run an automation when clicked.
You can personalize and name the button. You must also assign an automation to the button.
You can create a new automation or choose from your library of automations.
This bot example will use a simple open position action to enter put credit spreads 60 DTE.
To open a position, select the “+” symbol in the automation editor to view the list of bot actions.
Select “Open Position” to view the list of position types.
Choose the short put spread and customize the position’s details. You can also add a custom input to make the bot more efficient and dynamic.
Select “Save” to add the action to the automation.
When you exit the automation editor, the button’s settings are displayed. You can choose when the inputs are set. This is a powerful, flexible feature that enables you to set the custom inputs when the button is created or prompt you when the button is clicked.
If you plan to use the button for multiple ticker symbols, we recommend choosing the input when the button is clicked. This allows you to use a single button for multiple tickers.
Select “Save” to add the button to the bot.
The button is displayed in the Automations tab. Anytime the button is clicked, the bot will prompt you to choose a ticker symbol and will open a short put spread if there is space available based on the bot’s global settings.
You can always edit the button’s settings in the Events section of the Automations tab.
Add a Monitor Automation (5:30)
You can add a monitor automation to manage the positions manually opened with a button.
Select the “+” symbol in the Monitors section to create a new automation or select from a list of available automations in your library.
Because the button opens a specific strategy type, an existing monitor automation that manages put credit spreads can be used.
Remember, if you reuse and edit an automation, the edits will transfer everywhere the automation is used. If you want to reuse an automation and modify its settings for a single bot, you can create a copy.
Select “Save” to add the automation to the bot. The monitor will manage any put spreads manually opened with the button. The monitor will not trigger until a position is active.
The Hybrid Spreads Bot is complete. The bot will manually enter positions when the button is clicked. A monitor automation will automatically manage short put spreads once they are opened.
This is a great example of how you can leverage the bots’ power to automate a trade’s exit without giving up control of the entry execution.
You can add multiple buttons to your bot’s dashboard for different securities and different strategies. And, you can always use this example in reverse: enter positions with an automation and use a button to exit the position.