It’s a great idea to automate your profit targets. But sometimes your positions don’t hit their profit target before expiration. As time runs out, you might be willing to take a smaller profit to exit the position.
Before automation, you had to manually adjust your position’s profit targets based on time until expiration. Now, you can easily add this management process to any of your bots’ monitor automations.
For example, you can use a simple decision recipe to check if the position expires in less than five market days. If the position has more than a week until expiration, you can try for a higher profit target, such as 50%. However, as the position nears expiration, you could use another decision recipe to target a lower profit and close the position for a 25% profit.
This is a great example of how bots can dynamically make decisions using different variables. Monitor automations can evaluate multiple criteria and respond accordingly, so you don’t have to constantly watch your portfolio, adjust targets, and re-send orders.