Event automations allow you to create a repeating schedule for your automations. Schedules are a great way to set up mechanical trading systems that consistently enter or exit positions on a specific day.
You can customize the start and end dates, frequency, and days the scheduled automation runs. You can even choose the time of day the automation triggers.
For example, you could use a repeating schedule to run an iron condor scanner automation every two weeks on Wednesday at 10:30 EST.
If you use dollar-cost averaging to buy equity shares, you can set up an event automation to schedule the purchase on the 1st and 15th of every month.
You could also create a repeating schedule to close positions every Friday if they meet specific criteria, such as a pre-determined profit target or stop-loss.
There are so many ways you can use repeating schedules in your bot portfolio. Event automations give you the power and flexibility to run your strategies exactly when you want.
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Creating repeating schedules for your automations is incredibly easy inside of your bot.
Inside this honey badger bot, for example, we already have a scanner that's running and we have multiple monitor automations that are managing any positions that the honey badger bot might get into. But we could also create a repeating schedule to run automations on a particular schedule that we set.
Now, this is different than scanners or monitors which run continuously looking for new positions and managing existing positions. All adhering to the criteria used inside of your global bot settings for position limits. But with event automations, you can set up your own specific repeating schedule. And in this case, we'll set up a repeating schedule to run another automation that looks for iron condor positions.
Now again, in this example, the automation that we're going to be running, we don't necessarily wanna run it all the time. Such as, we can run a scanner or monitor automation. Instead, we want to run this automation only on the repeating schedule that we set.
So in the event tab, we just select repeating schedule and then we have to go and choose our schedule. Now, this is where it can be really fun to choose your own schedule and you can make it really customized for your particular strategy.
First, you can set a starting date. The starting date, of course, is default to today's date or you can set it to start, let's say, next Friday. This means that the automation, even though you save it, and turn on automations inside of your bot wouldn't actually run this automation or start running your schedule until that start date.
Next, we select when we want the automation to repeat the schedule. We can choose from drop-downs like every two months, or every two days, or we can make it very specific like every week and on specific days like Monday, Tuesday, Wednesday, and Friday. And we can toggle off particular days of the week.
In our case, we're going to run this automation every two weeks. And we're going to run this automation every two weeks specifically on Wednesday. Again, this is a very specific use case, but, of course, you could use it wherever you want inside of your automations and your bots on Option Alpha.
Next, we're going to select the time that we want the automation to run. In our case, we'll select 10:30 AM Eastern Market Time and we can choose an end date. If we want to leave this automation on to repeat indefinitely into the future we just simply leave the end date blank.
Finally, we have to select how we want the automation to handle market holidays. We can choose to run the automation the day before, the day after, or completely skip any market holidays. In our example here, we'll just go ahead and skip any holidays that ends up falling on one of these Wednesdays that we wanna run this automation. Once we're good to go, we simply hit save.
Now, one half of our repeating schedule is built out. We've told the bot when we want the bot to run the automation using our schedule that we just set up. And now we have to tell the bot exactly what automation to run on that schedule. In this case, we'll go down to one of our scanner automations and we'll choose from one of the prebuilt scanners that we have inside of our library.
In our case, we'll choose this one here our iron condor scanner with no ticker overlap. It's a very basic, simple iron condor scanner that looks for potential opportunity to enter a monthly iron condor position. And so it fits well with our honey badger strategy for this particular example.
Once we select that new automation, we just have to confirm all of the inputs that that automation might use and once we're good to go, we simply hit save. Once we save, our new schedule is immediately added to our bot in the event section.
Notice down below that the event also matches up with the schedule that we set. So we know when we come in and look at our bot that an iron condor scanner automation will run every two weeks on Wednesday at 10:30AM Eastern Time.
So this is how we can create repeating schedules for automations directly inside of our bots.