Event automations give your bots an added layer of flexibility. You can schedule automations for a future date and time, create a recurring schedule, or react to opening and closing actions.
Opening a new position --with an automation, manually, or using a button-- can trigger an event automation. This tells the bot to take action when a specific event occurs, such as opening a new position in the bot.
You can customize an event to open a specific position type. For example, this functionality is great for covered calls. Once a scanner automation opens a long equity position, an event automation instantly sells a synthetic covered call on the same stock.
It’s challenging to keep track of all your portfolio’s opening and closing actions. Certain strategies depend on multiple opening orders triggering in a defined sequence. Let bot events automatically perform these tasks for you so you don’t miss an opportunity.
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In this video, I want to show you how to automatically run any automation when you open a position. Opening a position can be a trigger for some of your events inside of your bots. And it's a really cool, very specific use case, for how you can run automations and take particular actions inside of your bots only when you open new positions.
This can be triggered for new positions that are open using a button, a manual open, or a regular position that's opened through a scanner or monitor automation. For this video we'll use our Covered Call Synthetic Demo here to show you how to put this together. Inside this Covered Call Synthetic, we have some scanners and some monitors.
The scanner that we currently have is just our stock entry for our covered call synthetic. Notice when we open up the automation editor, the decisions eventually lead to opening a long position in some underlying equity. This is component one of a covered call; the long stock position. But in this case, what we're going to do is that any time we open a new stock position we're going to fire off an automation that immediately adds a covered call synthetic to our bot.
This again is only triggered when we add a new stock position in our account. So inside of the event here, we're going to create a new event when something in the bot occurs. In this case, this new event is going to be a new position that got opened. Notice that we can specify what type of position got opened.
We can run this automation that we'll choose when any position gets opened or when a certain type of position is opened in the spot. Now because we're trading covered calls, we're only specifically looking for the bot to monitor when new long equity positions are opened. And only when a new long equity position is opened will it trigger the automation to run.
Now in this case we'll go down to our library where we have our covered calls and we had previously built out this automation called our Covered Call Synthetic Entry. We can then choose this automation and put in all of the different inputs for this particular automation. Notice that we can link this to the existing ticker inside of the bot, and put in all of our specific criteria that we're using. Minimum credit, the amount of contracts, any minimum IV rank, or any option open interest threshold that we have.
Again, all of these will be used once as soon as a new position is opened of a long equity type inside of the bot. Once we're good to go we simply hit save. Now we have inside of our events down here an event that's going to look for anytime that the bot opens a long equity position. As soon as the bot open a long equity position, it's going to immediately run this automation just once. That automation will add the covered call synthetic to any of our equity positions inside of the bot.
Again, to enable all of this, you have to go up here and turn on all of your automations once you've checked and verified everything and tested your automations inside of a paper trading account. Now that this bot is running, as soon as the bot enters a new equity position it will immediately run the automation to try to enter a covered call synthetic. This is how you can automatically run automations as soon as you enter and open new positions inside of your bot.