This bot example shows how to use an event automation to sell a weekly put credit spread and manage the position with a monitor automation.
New Bot (:12)
Create a new bot, give it a name, and set allocation and position limits in the global bot settings.
This bot will have a total allocation limit of 4 positions so new positions can be opened every week.
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.
Add an Event Automation (1:02)
Event automations are triggered on a schedule or when certain events happen in the bot. Events are a great tool if you want to enter trades on a recurring schedule or on a one-time basis. Event automations may be used with scanners and monitors.
Select the “+” symbol in the Events section of the Automations tab.
You can choose when you want the automation to run in the future. This bot example will run an event on a repeating schedule.
You can define the schedule and choose which automation will run when the event is triggered. The schedule tells the automation when to start, how often to repeat, and when to stop.
For this example, the event will begin on 4/14/2021 and run every Wednesday at 12:30 p.m.
You can assign an automation to the event.
When adding an automation, you have the option to reuse an automation, make a copy and modify an existing automation, or create a new automation.
A new scanner automation will be created for this example.
Selecting “New Automation” accesses the automation editor. You can name the automation and add it to your automations library, where it can be edited, copied, and reused in the future.
Open Position Action (4:17)
Select the “+” symbol to view the list of bot actions to add an open position action.
You can choose from multiple position types. This example uses a single open position action to enter a short put spread.
You can customize the credit spread’s specifications, including the expiration date, option leg details, and contract size. You can also use custom inputs for the variable fields.
Select “Save,” and the automation editor displays the completed action. The bot will open a short put spread in SPY when the automation runs on its defined schedule.
When you exit the automation editor, the scanner’s details are displayed, including the event’s schedule and any custom inputs.
You can always edit the schedule and custom inputs’ values at the automation level without going into the automation.
Reusing a Monitor Automation (6:17)
You can add a monitor automation to manage any open positions in the bot. Remember, monitor automations only become active once a position is entered.
You can also use event automations to manage positions, but we suggest monitors because they check the market regularly.
Select the “+” symbol in the Monitors section to create a new automation or select from a list of available automations in your library.
Because this bot opens put credit spreads, this example will use an existing monitor automation for managing put credit spreads.
Choose an automation from the library. If it does not require any modifications, select “Save” and the automation is added to the bot.
The bot will enter a new put credit spread position every week on Wednesday and use an existing monitor automation to manage open positions.
