Use Time Stops with Bot Monitors

In this video, I want to show you how to use time stops with your bot monitors. Som if you like to close your positions whenever they get to a certain time until expiration, like you enter your iron condor positions 40 days or 45 days to expiration, but you always close them when they reach 20 days to expiration, this is the video that shows you how to do this.

Now time stops are super easy to set up inside of your bots and automations. And inside of this demo monitor automation, I'm going to show you how you can do it.

First, you can see this demo monitor automation has a simple position loop that it starts with that repeats through each iron condor position. Then it's going to check and see if the position return is greater than 25%. If it is, then the answer to that question is yes. It continues down the yes path and closes the position.

There's a very simple automation, and again, we can expand from this like we'll do here in this video. Let's say, for example, that the position that we're looking at doesn't have a return that's greater than 25%. We haven't reached our profit target that we set up for our iron condor positions.

So, we might want to add another decision down the "No" path. This allows the bot to make multiple decisions as it's monitoring the positions for you automatically.

We simply just scroll down to our position recipes here, and we check and see if the position expires in a certain amount of time.

Now, this is, again, one way that you can use time stops inside of your bots and automations. You can either use this as the position expires at a certain amount of time, or the position has been opened for certain amount of days. Whatever works best for you, you can go ahead and set that up right inside of your bot.

In this case, we'll just check and see if the position expires in a certain period of time. We'll link this to the position that's currently looping through in our position loop and check and see if the position expires in, let's say, less than 20 market days.

Again, maybe you're trading iron condor positions, and you always enter your iron condors around 40 or 45 days to expiration. But whenever they get to 20 days or 21 days to expiration, then you like to close your iron condor positions, regardless of whether they have a profit or not.

Again, some people use this as time stops for their automated trading.

In this case, we'll just check and see if the position expires in less than 20 days, and we'll go ahead and save this decision to our automation editor.

So again, as the automation is running, it's going to first loop through each iron condor position. Then it's going to check and first see if we have a potential profit and our position return is greater than 25%. If it is greater than 25% it would close that iron condor position.

If we don't have a 25% profit, then it's going to go down the no path and check and see if the position expires in less than 20 market days.

And here's where you would just, again, add your close position action down the "Yes" path. This would then tell the bot that if the position does expire in less than 20 days, go ahead and close the position.

If the position doesn't expire in less than 20 days, go ahead and just leave the other branch or the other no path empty, and the automation simply ends and the bots recheck everything again at the next scan interval.

This, again, is a really simple and easy way to use time stops that would allow the bot to exit positions when a certain amount of time has passed or when you reach a certain point in the expiration cycle of every position.