You’ve found a great bot template shared in the Community. Now what? Maybe there are a few settings you’d like to modify before adding the strategy to your portfolio.
You can save bot templates to your library and edit the automations and settings, including the custom inputs. Saved templates include the original custom inputs from the shared template, but you can quickly adjust the cloned bot’s inputs to fit your plan.
Custom inputs can always be modified, changed, added, and edited inside any automation you build or shared templates you clone. You can also add decision actions to build out the automation.
The automation editor displays all custom inputs used in the automation so you can review shared templates inputs before turning on the bot. Custom inputs add flexibility to an automation so you can use them dynamically across different ticker symbols and different market variables.
You can easily add additional custom inputs to expand the bot’s functionality. For example, if the original version did not assign an input to the decision recipe referencing a moving average, you could create an input for the value so the automation is more efficient in the future.
Custom inputs are a dynamic addition to any automation. Coupled with the ability to save and clone bot templates, you can now easily replicate and customize any strategy to fit your trading style.
In this video I want to show you how to set up custom inputs from a cloned bot template.
So anytime that you find a bot template inside of the Community, you can always save that bot template to your library. And then once you have it in your library, you can go in and edit the automations and modify anything inside the bot template to fit your personal trading style.
Now I’m not suggesting that you use this bot template or any bot template necessarily. It’s just for showing you how to use and set up custom inputs from a cloned bot template.
So, in this case we have a bot template here that we shared in the Community and we’re going to save this to our library. We can rename the bot template anything that we want by just simply changing the name or the description here.
Once we save the template, we can go over and we can view the template inside of our own template library. Notice that this is now in my template library and I have my own version here which I can use. I can then clone bots from this particular version of the template and we’ll just simply create a clone in our paper trading account and you’ll notice that this thing already has a couple custom inputs that we can use and set up.
That’s okay, and we’re going to go ahead and modify and add additional custom inputs for this particular bot that we’ve cloned. So, once I go over and I view the bot, I can now go in to any of the different automations that this bot is currently using. Notice that inside of this dual action bot template, it has a short call protection scanner, some monitor automations, and some events. I can go in and modify any of these different automations and make them custom to my own particular trading strategy.
Inside the short call protection, I’m going to open up the automation editor. Notice that here, this particular person who shared the template already uses a couple custom inputs. This is great because this allows more flexibility for the bot templates, so I can use the bot template across different tickers or different market environments. But I might want to add more custom inputs to this particular automation just to expand the functionality a little bit more for my own particular liking.
In this case, you can see in this first decision block here, they’ve used fixed values for nearly all of the different criteria that they’re using for this scanner. That’s okay if you know exactly what you want, but in my case I might want to use different values, so I can create some custom inputs. Here they’ve used ticker price is always above the 30-day moving average.
Well, if I don’t want to always use the 30-day moving average, I can now go in and create a custom input for this particular field. I can call this something like “First SMA Level.” And I can set a default value to use 30 days, but it allows me to use this as a custom input for bots moving forward. Once I hit save, now that custom input level is used inside of the automation.
Again, I can use the custom inputs for the other ones as well. I can create a new custom input and call this one something like “Second SMA Level.” Again, I can set a default value to 14 days, the exact same default that they had typed in in the original automation, and once I’m good to go I simply hit save.
So now I’ve created two new custom inputs from a cloned bot template. Again, this is making the bot template more flexible and customizable for my particular usage inside of my account. I can do this with other fields as well, anywhere inside of the decision recipes or decision actions.
In this case, they’ve always set that the ticker price is going to decrease 1%, but I may want to use a more flexible input. So, I could say “Price Decrease Amount” and use something as a default value which could be still 1% or maybe I could even change it to 2% since one day ago.
Again, this is now a custom input that I can use inside of my automations. Remember that custom inputs can always be modified, changed, added, and edited inside of any automations that you build from scratch or inside of any bot templates that you clone from the community.
Inside of your automation editor, you can simply go to the custom input section and see all of the different custom inputs that you use, make any changes or modifications, or delete and add new custom inputs to your automations just like we showed you in this video.
You can essentially replicate a lot of the same actions down other branches inside your monitor automation as well. Only this time, in this example, we’ll make one slight tweak modification. This time if the position doesn’t expire in five days, but if the position at any point starts getting challenged, we might want to close the existing position and open a new position even further out than we did originally.
In this time we can, again, add a close position action here to remove the existing position or submit the orders to the broker. Again, trying to remove the position. And then we can stack another open position action. This time we don’t want to reuse the existing one that we used earlier in this video. We want to create a new short put spread position even further out in time. We’ll still link this to the existing symbol that is being referenced and then we’ll make a modification here to go out at least 60 days from expiration.
So, we’ll go here to 60 days, select any series, and then hit save. This time we’re stacking two different types of close and open position actions. Down this yes path we’re choosing to close the position and open a new position that’s 30 days from expiration. Whereas this position path chooses to close the position and open a new position that’s 60 days from expiration.
Again, you can choose to stack these actions inside of your monitor automation if you want to take actions like this. When you’re challenged or when your position expires in a certain amount of time or under any other decision criteria that you used in your bots.
Again, it’s important to remember that these close and open position actions do nothing more than submit the order to your broker and go through the progression of smart pricing if you’re using it or use the limit order prices that you set. So, as always, be careful when using the stacking of open and close position actions inside of your automations.
And we highly encourage you to test these automations when using stacked positions like this. Not only just inside of the automation itself using the test button up at the top right, but also to run these for multiple expiration periods in paper trading bots to ensure that it’s performing exactly the way that you’d expect in a live environment.