Managing a portfolio with multiple strategies makes it difficult to remember when you opened different positions. You may have management strategies depending on how long a position has been opened, but manually tracking all your positions has never been easy. Until now.
If you want to exit or adjust a position after a certain period of time, use this decision recipe to evaluate how long a position has been open. You can tell the bot to check if a position has been opened more than, less than, or exactly a specific time period, and execute certain actions based on the trade’s duration.
You can use a loop positions action inside any monitor automation to reference how long a position has been opened. If the position has been open for more or less than the defined days, the automation will follow either the “Yes” or “No” path. You can add bot actions to adjust or close the position.
For example, if you want to automatically close a position if it has been open for more than ten days, this recipe can automate the process for you. The recipe is advantageous if you want to manage total portfolio allocation or avoid certain events you’ve identified on the calendar.
This decision recipe is a great tool to help you organize and track all your position’s timeframes. Now you can manage positions without having to check and react to them manually.
In this video, I want to show you how to quickly use your bots in automations to automatically check how long a position has been opened.
So inside this demo monitor automation, let's assume that we start with a position loop. That's going to be looping through every position that we have. The next thing that we can do is we can add a decision or decision action to our bot that checks to see how long the position has been opened.
So we go down to our position based recipes here, and we can see this recipe here can monitor and automatically check how long the position has been opened. Maybe we want to make certain decisions, whether the position has been opened more than, less than, or equal to a certain number of days. This is really helpful if you manage your positions differently.
Maybe if positions have been opened for more than ten days, you close them earlier, or positions have been opened for more than five days, you're willing to take a bigger profit on them. So whatever you want to do inside of your bots is completely up to you.
Now using this recipe is super easy. All you have to do is simply connect the position field to whatever position the bot is currently looping through. And then go through all the prompts to specify exactly how you want the bot to make a decision.
For example, we can check and see if a position has been opened more than ten market days.
So we just simply go to more than and then select the drop-down for more than ten market days. Maybe if the position has been opened for more than ten market days, we want to go ahead and close the position.
Whether it's a profit or loss, it doesn't really matter. We just want to close a position if it's been opened for more than ten days.
As you can see, this is a really simple recipe that has a lot of flexibility as you start to manage and monitor your positions. You can make different decisions based on how long the position has been opened and how close it is to expiration, or how long the position has been opened and whether the delta or theta value of the position is over under a certain variable that you set.
It's really flexible and very easy to have your bot automatically check and see how long positions have been opened. And then make different decisions or take different actions inside of your automations.