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How to Stack Open and Close Position Actions Inside Monitor Automations

Want to automatically open a new position when another position closes? Learn how to stack open and close position actions inside a monitor automation.
Kirk Du Plessis
Oct 19, 2021

Typically, monitor automations end with a close position action. But maybe you don’t want to stop there. Maybe you want to open a new position as soon as the other position closes.

You can stack open and close position actions inside a monitor automation to automatically open a new position when another position closes.

This feature is somewhat advanced and should be used appropriately, but it is a great way to automate a strategy that continually opens new positions.

For example, you can add an open position action directly after a close position action. The bot will move to the next decision in the automation and instantly open a new position.

With this technique, the bot does not check if the position has closed before sending an order to your broker, so there is a chance the original position has not yet closed. You can adjust the SmartPricing settings to ensure the order is filled as quickly as possible. You can also use a close position event automation to trigger an automation as soon as a position closes and achieve a similar result.

Typically, monitor automations end with a close position action. But maybe you don’t want to stop there. Maybe you want to open a new position as soon as the other position closes.

You can stack open and close position actions inside a monitor automation to automatically open a new position when another position closes.

This feature is somewhat advanced and should be used appropriately, but it is a great way to automate a strategy that continually opens new positions.

For example, you can add an open position action directly after a close position action. The bot will move to the next decision in the automation and instantly open a new position.

With this technique, the bot does not check if the position has closed before sending an order to your broker, so there is a chance the original position has not yet closed. You can adjust the SmartPricing settings to ensure the order is filled as quickly as possible. You can also use a close position event automation to trigger an automation as soon as a position closes and achieve a similar result.

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