Automations are the set of instructions a bot goes through when an automation triggers. Automations use detailed decision repipes to tell the bot what to look for and what to do.
Automation types are listed in the Automations tab.
Three automation types are available to enter, exit, and manage positions:
Scanners look for opportunities to enter new positions, monitors manage open positions, and events can be scheduled based on specific bot actions or for a date or time.
Scanner automations (:54)
Scanner automations run on defined time intervals to find new positions for the bot to enter. Scanners filter through live market data to determine if your decision criteria is met. Scanners typically end with an open position action to enter a trade.
In this example, the automation editor works through the decision tree and checks if the ticker’s price is above the 100-day SMA. If the answer is yes, a long equity position is opened in the same ticker. If the answer is no, the automation ends.
Scanner automations run continuously at their time interval until the bot has reached its maximum capital allocation or position limits.
Up to five scanner automations can run simultaneously in a single bot using different ticker symbols and strategies.
Monitor automations (5:37)
Monitor automations manage open positions. Automations are not triggered until the bot has open positions to monitor. A bot can have up to five monitor automations..
Monitors typically end with a close position action to exit a position.
For example, this monitor automation manages positions opened with the above scanner. Once a position is opened in the bot, the monitor automatically activates. If the underlying symbol’s price drops below the 200-day SMA, the bot will close the position. As long as the underlying asset is above its 200-day SMA, the position will remain open.
Event automations (7:57)
Unlike scanners and monitors, which run continuously on their defined intervals, event automations run an automation on a schedule.
Event automations run only when you tell them to and can be triggered multiple ways:
On a specific date
You can run an event on a specific date or time in the future. For example, you can schedule an automation to run next Thursday at 2:00. The automation will run one time only.
On a repeating schedule
You can run an automation on a repeating schedule. For example, you can schedule an automation to run weekly on Monday, Wednesday, and Friday at 12:30.
A bot can have five repeating schedule event automations of each type (daily, weekly, monthly, etc.).
Open new position and close position
An automation is triggered to run once if a new position is opened or an existing position is closed.
Buttons are events that run an automation at the click of a button. Any time the button is clicked, it will immediately run the automation. Customized buttons can be created for any scanner or monitor automation and added to your bot dashboard.
Bot example (10:07)
Looking at our “Honey Badger” example bot, you can see the multiple automations in place, each performing their own actions as part of the bot’s overall strategy. Each scanner looks to enter new positions based on different criteria, and each monitor automation is responsible for managing the different position types once they are opened.
Automations dynamically turn on and off to adjust to the bot’s changing status. Note that the scanner automations stopped searching for opportunities because the bot’s position limits were met. The monitor automations automatically turned on to manage the open positions. The scanners will turn on again when a trade is closed and there is room in the bot for additional positions.
The bot log displays all automations, their activity, and their run time, as well as any errors the bot may have encountered.