How to Check for a Profit Every Day Before the Close

In this video I want to show you how to set up an automation that automatically checks for profit before the close every day. It’s a really cool way to use not only your automations and monitor actions inside of your bot, but also to couple that with your event type automations that can run this event every day before the close.

The first thing that we’re going to do inside of our demo bot is build out our automation. Now inside of this demo bot we already have a scanner that’s currently running. This is the scanner that we built out called “Trend Momentum with Spreads”. It’s looking for potential trades where we’re entering short call spreads or short put spreads based on some trend and momentum indicators. But now that the scanner is in place and we’re starting to build out the rest of our bot, we need to monitor for some sort of profit taking.

Now in this example I want to show you how to do it by adding an event that runs on monitor automation before the close every day. This means that you’re only going to be checking for potential profit opportunities once per day, but some people might like to do this on a reoccurring schedule. It doesn’t always have to be once per day as you’ll see here in a second, you can do this multiple times per day or certain days of the week or certain weeks of the month if you want to.

Now the first thing that we’re going to do is we’re going to go down to the Event section. This is where we run automations on a schedule or when certain events occur inside of the bot. And since we’re going to be running this monitor automation to check for profit every day before the close, we’re going to set it up right here in Events. We’re going to add the plus icon here to create our event. Now we’re going to choose the event that we want. In this case we want to run the event on a repeating schedule. Well, once we select repeating schedule, we have to set that schedule. We have to tell the bot exactly when it should run this particular automation, and we’re going to start it right away and we’re going to repeat this every single day. That’s all you have to do here; you just have to select how often you want it to repeat.

Notice you can change this and say repeat this every single week on Monday, Wednesday, and Friday. So, this would only run Monday, Wednesday, and Friday at the time that we’re going to set, but in our example here we want to set this to run every single day. What time do we want it to run? Well, we want to run right before the market close at 3:45. This gives us time for the automation not only to run, but orders to start getting executed if we want the bot to start closing our position. Now we leave the end field blank, that means it repeats indefinitely. This continues to check for profits every day before the close until you come in here or stop it, change the schedule or turn off the automations. Once we’re good to go with the schedule we simply hit save.

It gives us a prompt that lets us know that we’re going to start this automation today, and if that the time has already passed it’s going to run the automation immediately. Once we’re good to go we simply say yes. Now we have to select out automation. We’ve told the bot exactly what to schedule. We’re going to schedule something to happen, some event to happen every day at 3:45 eastern time. That’s 15 minutes before the market closes east coast time. Now we have to tell it what automation to run. So inside of our drop-down list, we can choose from list of automations inside the bot or a list of automations that we’ve saved into our folders. For this example, we’re going to create a brand-new automation and we’re going to call this “Close Profit Taker”. Whatever you want to call it, doesn’t matter, but something that lets you know that it’s going to be looking for taking profit at the close or whatever you want to do with your particular event automation.

Now inside of here we’re going to start this with a repeater. This is going to act more like a monitor automation in the sense that it’s going to monitor existing positions, so you typically start it with a repeater. We’re going to tell it to filter through all positions that the bot might have because again we just want to check for a profit every day before the close. So, we’re going to add a repeater for each position. This repeats through every position that the bot has. It doesn’t matter the ticker symbol, it doesn’t matter the strategy, whether it’s a call credit spread, a put credit spread, an iron condor. Whatever it has, it’s going to monitor and loop through those positions.

Once we have the repeater in place, we simply add our decisions that we want the bot to go through. So again, think through how you would want the bot to manage or think about positions or make decisions around positions as it’s nearing the close of the market for that day. So, the first thing that we want here is we want the bot to check and see if the position has gone down or up in values since we opened the position. Since we were originally trading some credit spreads, for us we would judge a profit as the position premium going down by a certain amount since it was opened. Notice that when we select this recipe, we can choose from the list of available inputs already linking to one of the positions that the bot is managing and then we select out different variable fields.

Again, in our case because this bot is set up to sell some credit spreads, put credit spreads and call credit spreads, we want to check and see if the position premium has decreased by 50% since it was opened. So, once we do that and we type in our value field there, we simply hit save. That now adds this decision to our decision action, and we hit save to add this to our automation editor.

Now every time that this runs, again just at 3:45, at the end of every day, it’s going to repeat through every position and then it’s going to check and see if each of those positions has gone down in value by 50% since it was opened. This again would represent a 50% profit if we were selling credit spreads. Now we want to tell the bot what to do, if it encounters something that has reached a profit at the end of the day. We want to add an action to Close the Position. We simply link the position, the same position that it’s repeating through and using for its decision making and then simply hit save. Now we have our entire automation built.

It’s going to repeat through every position, check and see if it’s got a 50% profit, and if it does and the answer to that question is yes then it’s going to go ahead and close the position. So, this is our automation that we’ve now created. Again, you can use an existing automation or create one from scratch like we did here.

Once you’re good to go you simply exit out of the automation editor and now you have your event set up. You have your schedule; it’s going to run every day at 3:45 and what automation is the bot going to run on that schedule? Well, it’s going to run this new automation we just created called “Close Profit Taker”. Once we’re good to go we simply hit save. Now our Close Profit Taker has been added to our list of events.

If we ever want to go in here and make a modification to this event that we’re running, we just simply click on the list right here and make a change to the actual event. Maybe we want this to run a little bit sooner in the day at 3:30, give it a little bit more time to go through this automation and actually place the trade. Again, you can click the dialogue box and confirm and then save, and now your automation has saved.

So that’s how you build out a automation that checks for potential profit every day before the close.