This tutorial explains how to add buttons to any bot. Specifically, the video describes how to create a button that will immediately close positions at a defined profit target.
Bot buttons instantly run an automation and give you the flexibility to run certain automations immediately instead of waiting for the next interval.
In this example, multiple buttons are created to check positions inside the bot for different profit-taking levels. The buttons create a hybrid of manual and automated trading, so you have complete control of your positions at all times.
When using bot buttons, you can use existing automations, or you can create a new automation.
Here, an automation is created for a button that looks to exit short put spreads at a 25% profit.
The automation will use a loop position action to quickly check all the bot’s positions and see if the premium has decreased by 25% or more. It immediately sends an order to close the position if it has. If not, the position remains open and will still be managed by any other monitor automations active in the bot.
Multiple buttons can be added to any bot using any criteria you want. For example, another button could be created looking for 50% profits.
The original automation can easily be copied and modified for the new button.
Buttons are a great tool that you can add to your bot dashboard, and there are many different creative ways to utilize them in your portfolio. This video explores a unique way to manually check for predetermined profit targets, run the automation with a single click of a button, and exit one or more positions simultaneously.
Hi everyone. In this video, I want to show you how to add multiple profit taking buttons to any bot that you have. This is a really cool use case for bot buttons which allow you to run specific automations, you guessed it, at the click of a button.
So, in this case we have our "Honey Badger" bot which has a number of positions already open. Some good, some bad. It has a number of these EEM spreads that have been doing well, and then it's got some TLT spreads it's been entering that are down a little bit. And these are a little bit further out in time, so they have a little bit more time.
But these current positions here that we have in EEM, these are all doing generally pretty well. You can see we took in some decent credits and we have a decent P/L for some of these positions.
If we go over to our list of automations, you'll notice that we don't have any bot buttons set up for this bot. You don’t have to use bot buttons, you certainly don’t have to use them at all or even for any of the bots that you're trading.
But if you wanted to, you could set up some bot buttons that would give you the flexibility to run certain sets of automations, you guessed it, at the click of a button.
So, what we're going to do is, we're going to set up some bot buttons that essentially are going to check positions for different profit taking levels. So, we can add a button here, by just simply clicking the button there to add a button. And we'll call this first one "25% Profit Taker."
And so that means that whenever we click that button, we ideally are going to be looking for something that takes a 25% profit.
So, we can set the button style here to just default, and just use it as is. And then we actually select the automation. Now in this case we don’t have an automation that is specifically set up just to look for 25% profits, so we can create a new automation here.
We can call this one "25% Profit Taker Button." That way we know that it's going to usually be used with a button and it's going to look for 25% profit. We're going to start this automation with a repeater which is going to repeat through any and all positions that we have in the bot. And then we're going to add a simple decision here to check and see if any of the positions have a 25% profit.
Now in this case, because I'm generally selling option spreads and selling put spreads and call spreads, I'm going to go down here to the position recipe for position premium and change this to position premium decreased by 25%.
Again, for me as an option seller, this is the way that I would be using this. I would be checking to see if the value of any of the positions went down by 25% since they were opened. And that's the only thing I want to do.
So, I want to repeat through each position. I want to check and see if the value of the position has gone down by 25% since it was opened and if it has gone down by at least 25%, then I simply want to close the position. So, I add my close position action and save it to the automation editor. Now I have my automation complete.
Any time this automation runs, it will simply repeat through all the positions in the bot, check and see if any of the position premiums have gone down by at least 25%, and then close the position.
Now naturally if position premiums have gone down more than 25%, it should just close the position at whatever the profit level is or whatever the pricing I can get at the time. This is just checking to make sure it's at least over the 25% threshold.
So, if I'm good to go here then I simply hit the "X" button to close out of here, and that automation is now saved and joined up with the button that I'm starting to build. Once I hit save, now you can see that those refresh and we have a brand new bot button that's added to our automation tab. This is the 25% profit taker.
So any time that I go in and click this button here, it would cycle through all positions that I have and check and see if any of them have a 25% profit, and if they do it would actually go ahead and close the position.
So, let's see how this would work in the live environment here. So, we know in our position tab that we have a number of positions that have, well, over a 25% profit.
A lot of these EEM positions in particular have a really nice profit in place. So, it should go through and cycle through and close all of these positions here. So, this to be exactly five positions.
So, when I go here to the Automations tab, I would just simply click this button to run the automation. And then I can go right back to the Positions tab and I can see that in fact the "Honey Badger" did go ahead and close out of those five positions that had profits.
And that was all from simply clicking this button. As soon as I click this button, it ran through those automations that we just built and checked to see if any of the positions that we had had a 25% profit. And then effectively close those positions simply at the click of a button. So, we can go in here to our decision log and again just verify all of this information if we wanted to as well.
You can see at 12:45 I clicked that button to run the 25% profit taker, and I can go into the log and see all the positions that it cycled through. And you can see that it closed any position that had a 25% profit.
Now notice that when it got the TLT positions, it didn’t have a 25% profit. In fact, these positions had gone up in value.
So, it didn’t go through the process of closing those because it didn’t meet any of the criteria that we had set in the bot.
So, these are really cool buttons that you can add to your bot dashboard that can effectively create some of these very quick profit taking levels s, you can at any point come in here and just quickly click a button and take 25% profits on anything that you have.
Now naturally you can of course add your regular monitor automations that would do your normal checks for your different profit levels and different expirations that you want it to remove positions on, but these buttons are also effective because it gives you a little bit of that hybrid trading that you could use inside of your bot.
If you just felt comfortable taking a 25% profit on things today, and letting the bots manage the rest of the things moving forward you could do that. And just do that right here with the click of a button.
Let's go ahead and add just a couple more of these buttons to our bot dashboard here, so that we can use some other buttons if we wanted to in the future.
We're going to add one for a 50% profit taker, and then we're going to go ahead and select one of the current automations.
Now we don't have to rebuild this automation completely from scratch. Now that we built that first one out, we can create the copy of this 25% profit taker button and use this new version and just make a couple tweaks to it.
Namely, we can readjust the title here to call it our "50% Profit Taker" button. And then we can tweak the actual decision that we made here to take 50% profits. Go ahead and save.
And now you can see in just a couple clicks we've made a very simple edit to this new version or copy of the automation without having to rebuild out all of the steps. When we simply close out of this, it's now associated to that new button. And when we save again, the screen refreshes and now we have our 50% profit taker.
And let's just add one more. So, we'll go through here and we'll add one more for a 75% profit taker. And then we'll go down here to the automation because we've already added these two automations we can again create a copy of these.
We'll go up here to the top and we'll call this one the "75% Profit Taker" because that's what we're doing here. Go here to the actual decisions and change this to 75% like we did before.
Simply hit save and now we have our new automation in place and just a couple clicks reusing all of the criteria from the previous ones. We go up here to the "X" just to close this automation editor out and then finally hit save.
As you can see, we now have our three buttons that we've created here and you can create as many buttons as you want for your bots to use. And what's really cool about this again is that you can come in here at any point and just click these buttons and take profits off the table.
This is just one of the ways you can use buttons inside of your bots.