Event automations enable you to schedule any automation based on certain contingencies. You can use an event to trigger an automation automatically, reset bot tags, or send a notification as soon as a bot exits a position.
Many traders mechanically enter positions when a similar position closes. Before automation, you had to track your closed positions and enter orders manually to open a new position. Now, you can offload that process onto an event automation for increased efficiency.
You could schedule an event automation to run after the bot closes a position. The event automation could instantly open a new short put spread when the bot closes a position. The event would run outside of the scheduled automation interval sequence.
You could also add a simple automation that sends you a notification if the bot closes a position.
This powerful feature gives you an added layer of control inside your bots and ensures you never have to wait to open a new position in your portfolio.
In this video, I want to show you how to automatically run any automation when you close a position. This is a really cool use case for using bot events that would trigger an automation to run as soon as a position is closed in the bot.
You can use these events to run an automation to reset your bot tags or to open new positions and send yourself notifications. There's truly no limit to how you can piece this together.
In this demo bot, I've created a very simple position that we have here, our short SPY put spread. I've added this position manually, just so we have a position we can close and then trigger the automations to run. Let's now go over to our automation tab and set up our new event.
We're going to go down to our events section for our automation. We can then click the "+" icon to add a new event. Notice that we have the choice between different bot-level events. This allows us to run certain events when certain activities or during certain times in the bot.
In this case, we're going to choose the bot event for close a position. This allows us to run an automation any time that the bot closes a position. And we can even specify what type of position gets closed here, or we can just choose to leave it as any position.
Now, when the bot closes any position, we're going to tell the bot exactly what automation to run.
In this case, we might wanna build out a new automation that's simply just instantly opens a new position. And we can say instantly open a new put credit spread, for example.
Now, we can add an action here to our new automation and tell the bot to open a new short put spread. And go down here to short put spread, select our ticker symbol, choose all of our different fields and variables for our position, and then simply hit "Save."
Now we can save this automation, and again, any time that the bot closes any position type, it will run this automation just one time. Now this means it will run potentially out of sequence of your regular monitors and scanners because it's going to be running instantly as soon as the position event happens.
So once we're good to go here, we simply hit "Save."
And now add this to our list of events. So, as soon as the bot closes a position, then it will run this automation instantly, which would then open a brand new position. Again, potentially out of the normal 15 minute interval.
Let's go up here and turn on automations so that we know our automations are working, and our bot event is now listening and watching for a position to be closed.
Notice that inside of the log here, we just had our original short put spread that was opened earlier today. We're going to go ahead and go to our position and manually close this position now. We're going to close this position and submit the orders to our broker.
Now, as that's working in the background, the bot is listening and watching for that position to be closed. As soon as that position is closed, then this automation that we've already set up here in the events section would trigger the new automation to run instantly. That new automation is going to try to open a new put credit spread and try to keep the bot active with a position.
So if we go up here and check the log, you can see that our position was closed at 10:34 AM. And less than a minute later, the new position automation was run, and we tried to get into another new position. Again, this happened out of our normal 15 minute interval sequence.
And if we go to our list of positions, you can see that we have a close position which is the position we manually closed as well as the new active position it's trying to open. That's cause that new automation sent an order to our broker to try to get into a new position. And you can see that position now is filled, so that position is now listed inactive. This means that the automation did exactly what we told it to do.
The automation automatically ran whenever we close an existing position. So anytime we close another position in this bot, that automation will run again. Now, you don't always have to use it exactly like we showed here. Because you're using this to trigger an automation, you can have that automation do whatever you want whenever a position closes.
Let's go in here, and let's actually edit this automation. Instead of opening a new position, we want just send ourselves a notification. And we can change this to remove the existing open position action and then add another action to send ourselves a notification. We can save this to our automation editor and then go ahead and save our new send notification.
Now, whenever the bot closes a position, it's going to run this automation instantly. And in this case, because we changed it and modified it, now it's just simply going to send us a notification. We can then choose to turn off turn or turn on those notifications inside of our settings for our account and choose to get emails or not for specific notifications like this.
Now let's go back to our position list and go ahead and close the position. Again, we're manually closing the position just to trigger that automation to run. And so whenever this automation closes the position, then it will immediately trigger the new automation to run to send ourselves a notification.
If we go up here to log, you can see we can watch and monitor as the automations are running inside of our account.
Notice now the log is refreshed, and you can see our close position action was submitted at 10:38, and instantly we sent a new notification through that new automation that we built. No new positions were opened because we changed the automation that was running.
Previously we would tell the bot to open a new position whenever an existing position was closed. Now, we modified that automation just to send ourselves a notification.
Notice up in the top right-hand corner; we got our new notification along with all of our position notifications for that bot. Our new bot sent us a notification that the position was closed. Exactly how we set it up in the automation.
So, this is a really cool use case for how you can use automations and trigger those automations to run instantly whenever you close a position inside of your bot.
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