Bot switches are a powerful tool that give you expanded control and flexibility inside an automation.
This workshop focuses on using a single monitor automation to dynamically manage positions in a bot. We'll dive deep into what switches are and how to use them in multiple bots for different strategy types.
Here's a copy of the monitor automation we built with switches and inputs for controlling the different management styles. Feel free to save, use, edit, and modify as you wish!
If you're not a member, start a free trial today to access the shared automation and join the Community!
All right, what's up, everyone? Welcome again to today's workshop, automation workshop. Hopefully, you guys are having a great day.
So we've got a really good one for you guys today. Something that I personally love to use. We kind of went banana crazy with this one inside of the hexabot template. So if you want to take today's workshop and go a little bit further than what we're gonna do today together, you can take a look at the hexabot. There's also a lot of templates that other people have posted in the community as well that make really cool use of bot switches.
So today, we're gonna be really focusing deep on bot switches and how to use them to control different management styles. And really, I've got a number of goals that I want to get to today. I think you guys are gonna like this today. It's gonna be like a 102-103 type lesson. I wanna go through some things really quickly, but it's gonna be heavily, heavily focused on using switches inside of monitor automations.
So we've done lots of workshops, and there's lots of trainings on scanners and building bots and stuff like that. We're not gonna be building a particular bot strategy. We really want to focus on how you can use monitor automations and bot switches to control management styles. Okay?
So let's get right into it. So workshop goals for today, okay? Number one is I want to really focus our time on using a single monitor automation with enough flexibility to be used in dozens of your other bots strategies. Number two is we're gonna explore what switches are obviously inside of your automations and just briefly talk about how they work. Pretty easy to understand. It's just literally an on/off switch, and then that can help control different parts of your automations, which is pretty cool.
Number three, we're gonna build out multiple management, and I call these like switch blocks. You can call them management blocks. You could call them management styles. It doesn't really matter what you call them, but basically, it's gonna be building out these blocks of decisions that can control different management techniques. So we're gonna do like a bunch of those little switch blocks. So you can control and turn off pretty easily, like what types of management styles you want for different bots that you run.
The last thing here is we're gonna really leverage custom inputs as we go. So this is why I said it's kind of like 102-103 type workshop that we're gonna be going through today because I'm gonna introduce and tell you about custom inputs if you've ever used them. They're amazing. If you don't use them, you need to start using them so that at the end of the workshop, I can show you how you can reuse the same automation that we're gonna build across multiple bots. And you just literally can control things with your switches. So you control all of your little switches, that means the same like management automation can be easily reused across different bots that you run for the same style, okay? Does that make sense?
So I think it's gonna be a fun workshop today. I hope you guys enjoy it. So here's what we're gonna do. I'm just gonna build out a very simple demo bot just so that we can use it today. Again, it has nothing to do with what we're doing other than I just want someplace to hold this, and we can use it for our example. So I'll just quickly build out a demo bot just from scratch, give it some positions. It doesn't really matter right now, right? All we're gonna be doing is just creating a bot shell. Okay?
So now that we have our bot shell in place. Now what we want to do is we want to go over to the automation tab, and then we want to click on our monitors. Now, remember, today's session is purely focused on different management styles and how you can use these with switches, okay? That's all we're doing. Just how we can use these with switches.
So this is all basically surrounded inside of the monitor automations, which monitor automations are what you're gonna use to tell the bot how and when to close positions or how to manage your positions. Does that make sense? So you're not gonna tell the bot, hey, open some positions. Right? You're gonna tell the bot, hey, look, this is how I want you to manage my positions. So anything that gets opened, I want you to send it down this path. Okay?
So we're gonna hit the plus icon down here, and then we're gonna go up, and we're gonna create a brand new automation. Again, remember, we can reuse automations which we will do at the end of today's workshop. I'll show you how to reuse some of these automations inside of other bots if you wanted to, okay? So this is where you can reuse automations, makes it super easy. You build it once, and then you're done. But we're gonna build It from scratch. Does that seem fair?
So we're gonna call this one. What are we gonna call this one? So we'll call it dynamic because I like saying the word dynamic. It's just so dynamic. Dynamic switch management, okay? That work. So we'll call it our dynamic switch management monitor automation, okay? Here's what we're gonna do. We're gonna go in here now, and we're just gonna simply start our monitor automation. Again, I'll give you guys a copy this when we're done, so you can just download it to your library, add it to your bots if you want to, okay?
We're gonna start this one here with just a very simple position loop. Now the reason that we start most of our monitor automation with a position loop is because the position loop is going to tell the bot to loop through positions that it has. So you can think about the position loop as just basically telling the bot and saying, hey, bot, if I have any positions, I want you to check each of those positions and make the similar sets of decisions over and over and over again. Okay?
So that's what we're gonna do with the position loop. So we add the position loop here, and we say right now we're gonna repeat through any position, okay? That means it could be a credit spread, it could be an iron condor, it could be long call. You can make really specific types of automations. So one automation could only address long call spreads or iron butterflies, right? So you could do that, but we're just gonna keep this one very, you know, vanilla and plain right now and just say go ahead and loop through each position. Okay?
So once we have that position loop in place, now what we're gonna do is we're gonna start to add all of the decisions that we would want the bot to make when it's managing our position. So really quickly, inside the chat, what are some of the things that you do now that you want the bot to manage for you? Do you check for profits? Do you check and make sure that you're close to expiration? Do you check for the stop losses, right?
You probably have a number of things that you do. You might not have documented all of these just yet, right? They might be mostly in your head. That's how most traders are, right? It's like, well, I kinda check this every day, and when I fire up my platform, I check this, right? That's usually what you do. But now, inside of the bot, you're gonna have to document this a little bit. Now what we're gonna do is we're gonna create blocks using switches in this example.
Now before I create those blocks, what I want to do first is I want to create just a very simple switch. So you guys can see how it works. So here's what a switch does. A switch literally just sends the bot down one path versus the other based on if the switch is on or off. So it add a switch, we're gonna click the plus icon. We're gonna add a decision step. Okay? That's all it is, just a yes or no path. It's gonna split the automation.
We're gonna click this plus icon here, and then we're gonna go all the way down to the bottom to this custom category that's a general category down here, and it's the very last decision recipe. And it's called a switch. And so the switch can be turned on or turned off. Do you guys see how I got there? It's the very last scroll all the way down to the bottom of your decision recipes, and there's this custom category here, and this one's called a switch.
Now you can decide whether the switch is turned on or turned off. Now, this is only going to dictate if you go down the yes path when it's on, or you go down the yes path when it's off. So it just depends on how you want to do it. Some people like to use switches different ways; like, should I have early profit taking? No. Should I have early profit-taking enabled? Yes. However, you wanna do it. We're just gonna keep it as switch on those down the yes path. Okay? That's all it is.
Now we have to create our switch, right? We have to create the switch. We have to name it and tell the bot like what it is. We have to kinda document it. There's no one switch that is used in all bots, so the beautiful thing is you can create a lot of switches, which is what we're gonna do here.
So I'm gonna add an input for this switch, and I'm gonna call this something very specific, and in this case, I'm gonna say, go down yes path. I don't care what you say here. We'll just, again, I want to show you how it works so you can see and understand it. So the name of the switch is going to be go down yes path. That's it. And I'm gonna default the value of the switch to on, which means unless I change it, it's gonna be defaulted on, and it should go down the yes path. Okay?
So once I save this, I'm gonna save it. Now my switch name is 'go down the yes path' is turned on. I'm gonna save all this stuff, and I'm gonna add it to my automation editor. So now that I have this switch in place, you can see this name of the switch is 'go down the yes path' is turned on. So when the bot runs, it's going to evaluate whether that switch is turned on or turned off. That's all it's doing. Okay? That's all it's doing.
Now can I show you guys where the switch is actually is? Where the control is? So once you have this added here and because you have now a new custom input for a switch, when you save the automation editor, you'll notice that you get a brand new input right here on your automation screen. So now there's a switch for this automation, and this input switch is 'go down yes path'. And notice again, it's defaulted to turn on. Now I can turn it off, or I can turn it on. That's it. That's all the switch is is turned off or turned on.
So does that make sense? Do you guys see where that is? It's now a new input because you created a switch. You added a switch to your automation. Okay? So if I save this now and it just has a very simple switch. Notice I have my new monitor automation here. If I ever want to edit that switch or turn it off or turn it on, I just click on the eye icon for my inputs, and I turn it off. And then I save. If I want to go back here and turn it back on, I go back here and turn it back on. Do you see how I'm just doing this? I can just control the entire automation right here using the switch. Now I'm gonna jump back into the automation editor, and we're gonna continue to edit this one, okay?
Now look, one of the things that you can do, and you can always do inside of your automations, is you can run a test. So this is just a very simple test here, right? But let's run a test inside of this automation. We're gonna run a test. We're gonna have our switch be turned on, and it should go down the yes path. So now you can see, well, I don't have any positions. I should've added positions to it, but if I had positions, it would go down the yes path, and it would continue moving forward.
All right, so now what we're gonna do is we're gonna add some more switches to this bot. So here's what we're gonna do now. We're gonna add a switch for different management styles. Okay? And then what we're gonna do is we're going to control different sections using these switches. So I'm gonna go ahead and delete this switch because it was just a little dummy switch that I deleted. Notice that because it's unused now in the left, I can also delete the input for that switch. I'm gonna clear the deck.
Now what I'm gonna do is I'm gonna click the plus icon again, and I'm gonna go back to my decision. I'm gonna add a different switch. I'm gonna go down to the bottom here to this switch recipe, right? And I'm gonna go ahead and gonna add a new switch. Now, this new switch, I'm gonna call profit taking table. Okay? Now I like to do it this way. You guys can clearly do it however you want, but I like to make my switches something that tells me that I'm turning it off or turning it on by just using words, right? Like profit-taking enabled. And my default is going to be on. And I can even give myself a little description like turn on to enable profit taking automatically. So that's what I wanna do. Profit-taking enabled.
Now I'm gonna go ahead and save this switch, and I'm gonna go to the next step, and I want this decision recipe to go down the yes path whenever profit-taking is enabled and it's turned on. So I'm gonna go ahead and save, and then I'm gonna save this and add it to my automation. So profit taking enabled is turned on. That means that the only thing it's going to do is when it starts repeating through this, it's going to go down the yes path for anything that's profit-taking.
So down this side, what you could do is you could add more decisions that are specific to taking profits, right? You could start adding decisions down here, like, do I have a 50% profit? Yes, okay, take it. But if you did that, you couldn't get back to the no path so easily, right? You couldn't try different management styles. You'd have to check that, and then if that didn't evaluate, then you'd have to go down a different path. So there's a little bit of a better way to build this out structurally, okay?
So what I'm gonna do is I'm gonna go in here, and I'm gonna add a grouped decision. So I'm gonna click this plus icon here, and I'm gonna add another decision in addition to profit-taking enabled being turned on. So what is the other decision that I would potentially want to add here? If I'm gonna tell the bot, hey, only go down the yes path if profit taking is enabled. I can also put in here things like, and I have a profit that I want to take, right?
So I can do that. I can do a grouped decision. I can have the bot tell me if I have a profit target met, and I've allowed the bot the take that profit if I have profit-taking enabled. So what I'm gonna do is I'm gonna add a grouped decision here. I'm gonna go down here to my position recipes, and I'm gonna see if I have a profit. All your profit-taking criteria.
So I'm gonna connect this to each position the bot's looping through, and I'm gonna check and see if the position return is greater than some value. Now, look, here I can put whatever value I want. I can put 50%. You can put whatever you want, but instead of just putting in the number. I told you guys, in the beginning, I'm gonna make heavy use of custom inputs. Instead, what I wanna do is I wanna create a custom input for this field. That way, when I move this automation to different bots, I can reorganize the way that I take profits for different strategies without rebuilding things over and over again.
So now I'm gonna create a custom input for this field, and I'm gonna call this my profit level. We'll call this my profit percentage level. I can set my default. It's something like 25%, and I give myself a description like the level return percentage for profit taking when enabled, right? That's it. That's all it is. I hit save, and then I hit save again. And now I have a grouped decision.
So now the bot will follow the yes path as long as, both, you have profit-taking enabled and the return on the position is greater than your level. This is how you make a grouped decision to check one set of market criteria like profit taking. And when you have that criteria and you've allowed the bot access to go ahead and take that profit, it can then travel down the yes path and start closing positions.
So if I wanted to, I could just go ahead and hit save, and now you can see I've created this grouped decision. This grouped decision here is now going to only continue down that path if I have the switch on and if I have that profit level. Now really quickly, before we add any more automations, okay? I'm gonna go ahead and save this. And then I'm gonna go back to my inputs and notice I've got a new input here, right? Now I have two inputs that I've created. One is this input for profit taking.
So turn on to enable profit-taking. Great, I wanna do that. Right? And then I can say profit level is 25%. Now, if I turn this off, right? What's gonna happen? The bot is simply just gonna keep traveling down the no path for that decision. Because it might have a profit of 25%. That may check out, but I've told the bot specifically that profit-taking has to be enabled, and I have to be at my profit level first. If those two things don't add up, then I can't continue down the yes path. So, again, it's all controlled right here. If I just hit save, I can go right back in here, and I can be like, yes, for this automation, I wanna take profits, and I want to move this up to 50%.
So let's go back into the automation now. Let's go back into the editor. Now, what do I want to do down this path? Oh, let me do this. Now, inside of this group decision, you could also add any other thing that you want to do as well, like what other criteria do you want? So you could say the position has been opened for more than one market day, right? That would also alleviate any pattern day trading rules that you might hit for your account if you're a small trader.
So you could add that decision in here. So again, it would have to be all of these have to be true. You have to have profit-taking enabled, and the return is greater than your level, and the position's been open for more than one day. It doesn't matter what you add in here. Then what you can do is you can just have the bot travel down the yes path if that's true.
Now the one that we'll add in here, and this is a really good one to add, just like globally. We talked about it all the time, is check the position bid/ask spread. This is a really easy one to add. So we can go in here, and we'll use this recipe here, and we'll check the position's bid/ask spread before we send it down the path to closing and just make sure that the position's bid/ask spread is less than, say, 25 cents. And you can be like a hard typed-in value here. You don't have to create a custom input. Could make it really easy. You can just use that across the board, okay?
So I wanna make sure I have a profit. I wanna make sure it's pretty liquid, and I wanna make sure profit-taking is enabled. Good, great, awesome. Good to go. And what do I put down the yes path? You just put your closing order. You just tell the bot look, under these conditions, go ahead and close the position. You set your pricing, connect the position, boom. You're telling the bot, look, if you hit all of the stuff, yes, go ahead and close that one position.
So now what we can do is we can add different management styles. To me, this is one management block, if you will. This is one management style. One switch block, if you will. This is your profit-taking management style. You put all your profit-taking stuff that would tell you when and how and whatever, right? You put that in here, and then whenever it evaluates, you go down here, and you close the position.
Now what we're gonna do now is we're gonna add another profit-taking level. Another profit-taking box here, and then we'll add another one down these paths, and we'll just create this stair step of different management styles, okay? The stair step of different management styles. So down this no path, we're gonna add another switch. We're gonna start everything with a switch for this particular automation.
So I'm gonna add a recipe here, okay? I'm gonna go all the way down to the bottom, and I'm gonna create another switch. Let's do a stop loss, right? So we're gonna add another switch. What are we gonna call this one? We can call this one-stop loss enabled. Again, you can default it to on or off. It's up to you, right? That's just the first time that you use it. It just sets the default.
You can override these defaults like we showed you as much as you want, okay? Or you can say something like turn on to enable stop loss management, okay? That's it. There we go, enable stop loss management. And then we're gonna hit save, and so when the switch is turned on, the bot can evaluate stop loss management. Well, where do we put all of our stop-loss management? We put all of our additional criteria that we want the bot to evaluate in addition to this being turned on, just right here as a grouped decision.
So we're gonna add some more decisions, right? We're gonna add another decision, like the position return. Same thing here, right? The position return is less than some value. Again, you can put in like -100%, right? That's what, you know, some people have that position return, right? They have that negative value that's put in there. And again, instead of just putting in a number, which you can do if you want to, we can make this a lot more flexible by creating a custom input for this field.
So what I can do here is instead of having a regular value here, I can create a custom input just like we did for our profit level, and I can say something like, and I can label this stop loss level, percentage level. I can set the default value a -100% at this level for a stop loss the bot would close when enabled, okay? That's it. The switch over here is unused because we haven't finished adding all the recipes and saved it to the automation, but it's going right here in this slot.
So I'm gonna go ahead and save, okay? You can see I'm creating some custom inputs here, and I haven't fully saved my decision block. I'm just kinda going, and I'm starting to add it here. So it's starting to populate. And I can also add again some additional decisions, right? Anything that you want, like you, only want to take a stop loss if the position has been opened for what? Probably a couple days, right? You don't wanna take a stop loss the first day.
So let's say you want to take a stop loss as long as the position has been opened more than three days. Like you're okay taking a stop loss. That could be you, and you just edit it however you see fit, but maybe you wanna add some additional criteria. Like I only want to take a stop loss if I'm out of stop loss level and the position's been open for a couple of days.
You can also add again another very simple one. We suggest you add across the board here. Let's just add a very simple bid/ask spread filter to all of these. So the bid/ask spread is less than some value. Again, you can put in actual value here, like 25 cents. You can put your stop loss wherever you want. Some people do a 100% loss, 200% of premium, right? But it's like a percentage of your premium return that you've had, so you can have for short premium positions, they would go up higher, right? That's why we have it as a custom input.
So you put all of your criteria in here, and then you hit save, and now you've got your new switch group or switch block of management style that's now been added here. And what do we add down the yes path? Again, if we don't have a profit or we have an enabled profit taking, then we're gonna have the bot evaluate a stop loss. And if we have a stop loss and we have the stop loss enabled, and the positions been opened for more than three days, and the bid/ask spread is pretty tight, then what do we want to do down the yes path? You want to close the position. So you just want to tell the bot, bot, go ahead close the position. You tell the bot exactly how you want it to close and send the orders, and boom, you've got now two different management styles in place.
So as a review, right? We have our first management style, which is here. This is profit-taking enabled. Then we have our second management style here, which is stop loss enabled. Two different management styles that we can check now inside of one automation. We can use switches to control this for different bots. Some bots, we might want to turn this on, and some bots, we might want to turn this off. Other bots, we might want to keep this one off and turn this one on, right? You can go back and forth with it if you want to, and I'll show you how to do that as we get towards the end.
That you could just keep stair stepping this down with different management styles as you go. And, by the way, again, hopefully, a good example for you guys on this is the hexabot because that's what I do with it. I have like lots of stair-step management styles that you can enable. So now what I'd like to do here is just keep going, obviously. Right? So let's do one more, okay? Let's do one more here.
So down this path, so we're gonna add another management style, right? Down this path. What's another management style that we could add? Let's do. We're nearing expiration, okay? Nearing expiration. So we're gonna go down all the way to the bottom cause we're gonna add what first? First thing that we're gonna add for our big switch block is, of course, the switch. Right? We're gonna go here and add a switch. We're gonna create a brand new switch. Now we don't wanna reuse an existing switch. We could if we wanted to for other decisions, but we don't wanna reuse one. We wanna create a new one.
So we call this one near expiration close enabled. Okay, I will default to on. Turn on to automatically close positions inside the days set to expiration. Now we're gonna set those next, right? Just like we set a custom value for our stop loss and we set a custom value for our profit-taking position. We're gonna tell the bot exactly how many days inside expiration we're gonna give it to close, okay? But right now, we're just controlling the switch.
So we're gonna add this, okay? And then down the grouped decision here, once our near expiration close switch is enabled, we're gonna tell the bot under what conditions it would start to close the position? So you can add this recipe here, like the position expires in a certain number of days. So you could say, look, when the position expires in less than five days or four days or three days.
Now, this might be different for different approaches that you use. Some strategies, you might be trading five days, four days out. So you wouldn't want to set it all the time to five days or one day. You might want to set different days. So like we did before, and this is a lot of rinse and repeat, which is good, hopefully, for learning. We're gonna set a custom input for this field. We're gonna add a new input, and we're gonna say expiration-based threshold, okay? Expiration-based threshold.
We can set the default to one market day. Automatically close positions inside this base to expiration. So automatically close positions when they're inside whatever value we set for our input. Again, only if what is enabled? Only if the near expiration closes enabled. The switch, so you could do that. Again we can add a bunch of other things in here too. We can also add, you should add, just a really simple one, easy one to add. The bid/ask spread again. Make sure that bid/ask spread is tied on the way out. Maybe because it's near expiration, you know, bring it up to something like 35, right? You could do that. Just do it dynamically.
So you adjust it up. You know it's expiration. You clearly haven't had a profit. You're not really that stop loss either, so you're not really getting challenged, but you don't have a profit. You're kind of somewhere in the middle. So maybe you set it 35. It's up to you, totally up to you, but have something in place, okay? So once we're good to go, we then hit save, and now we have this management style added. And so, what do we do if we go down this path? We simply just add the close position action again.
So here we go. We have our entire automation built out with multiple management styles enabled or multiple management styles ready to go based on switches. Okay? We have one here, one here, and one here. Now once I just save this automation, I can again go back into the inputs, which are here, and I can control the entire way that this bot manages positions. Just for this bot. This demo bot here.
Now, this is really the cool part. For this particular bot, right? I can say, yes, profit-taking is enabled, and I wanna take profits at 50%. Great. For this particular bot, I can say, no, I do not want to use stop losses. You can leave the default value in there because it's gonna evaluate it, but it's not gonna continue moving forward. It will not close the position based on a stop loss because I don't have it enabled. And I can say, yes, I want to close positions near expiration when they're within one day.
Now, do you see how I made these? I literally made these in order because then I can use the switches to control which ones are associated with which, so once I'm good to go here, this could be my custom setup for this particular bot. Could be my very, very custom setup for this particular bot. So if wanted to, I can just, you know, add all the different decision recipes I want into the automation. Whenever I'm good to go, I wanna reuse this across a different bot. Just go up here to the little icon folder inside your automation, and you're gonna add it to your library. That's it. You're just gonna add it to your library.
You can add to new folder or an existing folder. I'll add it to a folder that I have called demos because it's a demo, right? I'm gonna add it to that folder. I'm gonna go ahead and just save. Now I know that that automation is saved in my library. So if I go to another bot, right? If I go to another bot, like, let's say I go to, I don't know. It doesn't matter, right? This cherry-picking bot, okay? If I go to his cherry-picking bot, I already have a manager in place, but I can add a brand new automation here. I can add a brand new monitor automation, and what automation am I gonna add?
I'm gonna go to my library because I saved it. Go down to my demo folder, okay? And I'm gonna go down here with this one, my dynamic switch management automation. So how cool is this? You can reuse the same automation that we had in the other bot here and there and everywhere that you want to throughout your bots. So I can add, excuse me, add this here. And then, I can set all of my controls. Again, the controls now because these are custom inputs for this version of the automation. I can say for this one, yes, I wanna take profits, but this time 75%. And for this particular bot, I want to enable stop losses and wanna set my stop loss level at -200% because I know I'm selling premium. And this time, I do want to close near expiration, but I want to do it a little bit sooner, so I want to set it to three days.
Notice that it's the custom setting, the custom version of this monitor automation that I'm now using just for this particular bot. And so I go ahead and save. And now that's added to this particular bot. This particular bot has these custom settings. It's reusing the same core structure, the same monitor automation, but I've set some custom input values for it. Okay?
Let me show you again. So I'm gonna go over to a brand new bot. Let's go here to, I don't know, we'll do this, the trendy short put spread. We'll go over here to automations. We're gonna add another automation. You could just add it to all of your automations or all of your bots. Go do demos or whatever folder you have it saved in, and go to dynamics switch management, right? That's it. I'm just literally going down here, and I'm going down here to the actual automation.
Now, look, so if I go here and I create a copy. I am literally creating a brand-new copy to be used just in this bot. So that would be if you wanted to create a different version of it. Editing would edit the automation, and that edit would go through all bots that used that automation. So if you went in and you're like, oh crap, I wanted the bid/ask spread to be a little bit more tight. Well, that's okay. Just go ahead and hit edit. That goes into the automation that shared among all the different bots.
You go here, you make your little edit, and now that edit, right? is saved across all bots. You don't have to go back through all the bots and try to edit those. The edit won't override custom input unless you delete those inputs, right? Then you'll have to go reset your inputs. This bot right here, the trendy short put spread, notice it has three different monitors. You can give up to five monitors. Multiple management styles if you wanted to. But if you want to reuse the same management style over and over again, you can just reuse the bot and then change all the inputs.
So once you're good to go. Say this one were like, okay, I don't even want to take profits. So, I don't know. Maybe you do it manually, whatever you wanna do. You say basically, look, I never want to take profit on this one, but I want to enable stop losses, and I'll manage it myself at expiration. It doesn't matter what you put in here, but you basically control all of the different management styles. And then, once you're good to go, you hit save, and now it's added to your bot.
Let me walk through the hexabot because I think now that we've gotten it, I want to show you a little bit like a bigger example of one. So let's go over to hexabot. So, actually, the hexabot has been pretty busy today. So it has closed a number of positions. Now I use, and this is a real money TD account, okay? I use in my bots a lot of tagging. So I know how and why the bots are closing positions, right? which is good because I can come in here and say like oh, I see that it close the position. It was a strong downtrend, neutral technical, short call spread, and I reached, look, my second DTE profit close. To me, that's how I tell myself and my bots under what conditions the bot can close itself, okay? So I'm gonna click over to the bot, and you can see here in the automations that I have my hexabot monitor automation.
Now inside of the hexabot, we're using custom inputs, right? and we're using lots and lots of switches. So if I scroll down to the inputs here for the hexabot, you can see that I'm using switches all over the place like I enable iron condor skewing and I can enable or disable stop losses. Or notice that I can enable or disable to exit the position if it's challenged, right?
So I heard a lot of people say here, right? Like, I might exit if it's challenged or if the long strikes are breached, or I think some people talk about like a short-term reversal on the market. That's great. Put those in there, right? So, for this particular TLT focus hexabot, here's my setting, right? I do not use a stop loss. It's in there if you wanna use it. That's why we put it in there cause some people might want to use it. So if you do, you would just turn it on. I don't. I don't want to use the stop loss.
I don't want to challenge if my short strikes are exit if my short strikes are breached. So notice I put a very specific word in here to help me out, like turn on to exit position when the underlying trades beyond the short strikes, right? and I'll show you guys this inside of the automations so you can see how it's using the and/or decisions. I'm just showing you the controls here on the right.
I don't have enabled long strikes breached exit, so if I get challenged early, if the stock goes against me, I'm not reversing the position. I do have a short-term trend reverse. So if I get into a position and the trend reverse a short term on me, I might want to exit the position. But notice I also have a minimum profit-taking threshold enabled. So yes, I wanna reverse exit on a reversal. But I need a minimum profit threshold first.
Do you see how I'm just kinda grouping and associating these things together. Now you can see down here, right? Enabled accelerated profit targets, right? so here I said, look, I will let the bot take fast profits, and in this case, I've enabled it, and I've said, look, you can take in the first five days a 25% profit, or in the first 10 days, you can take a 35% profit.
So this means that, again, these can all be custom, right? Because they're custom input. So if I want to switch it up for this one vs. that one, I can make all those switches. And I can say, you know what? I don't wanna take fast profits. I have a fast profit. I don't wanna do it, right? Like you can choose or to do it or not do it. Then I go down here to like additional management styles like reduced days to expiration, right? so you can see, right? This reduced day expiration, like inside 30 days, take a 50% profit. Notice this one is inside 20 days. You can take a 25% profit. So you can control these.
I have one here in the hexabot called intelligent expiration week management, which is nothing more than just saying like rather than close a position just because it's in the week of expiration, why not do some checks to see if we actually need to close a position. Like, am I close to expiration, or am I not close to expiration? Right? You can do that.
So then here I have all my switches, right? Now inside the monitor automation. Now look, the hexabot is a beast, but basically, all I have right here. And I know this is like a little bit like a small on the screen, but it's purposefully small because I wanna show you guys this. These are all the different management styles that I've stair-stepped, just like when we went through today in the workshop together. Do you notice that I'm just letting the bot go through all of these different stair-step management styles?
Did I enable profit-taking like absolute profit targets? Yeah. Did I enable accelerated profit targets? If I did and I have a profit, it will try to take those. What about long strike breached or stop loss triggered, or short-term trend reversal, right? These are all my stair-stepped blocks of different conditional exits that I could have for the bot.
Now here, right? Inside of these, you'll notice. Let me just zoom in so you guys can see this here. Okay? Here inside of the bot, inside of these decision recipes, look what I have here. Right? I have all my checks, and then I have this one. I didn't order them the right way when I built this, but I have it right here, right? Enabled accelerated profit target is turned on, right? so all of these things have to be true in order for me to take an accelerated profit target.
If I go down to the next one, like short strike challenge, my short strike challenged exit button is, or switch is turned on, and all of the criteria are met, right? Now this one is a little bit different because it's evaluating different types of positions like short calls or short put spreads, or iron condors. So you can see I use pretty heavy use of and or decisions. I'm not saying you have to do it this way. I'm just showing you like the possibility here to do whatever you want to do.
And then here, I can say, all right, I want my stop loss exit to be turned on, and my stop loss is blah blah blah, right? so you just turn it on. That's all you're gonna do. You just create your own custom version of all these different management styles. Do you want the short-term trend reversal? Yes, it's turned on, and all of these things have to be true. That way, you can get a really good sense of how you wanna control bot management for you.
So if go down here to my log for the hexabot right now, and I go to my monitor, I can see all the decisions that it's going through. So check, watch this, right? So this is the monitor just ran a little bit ago, and it just has a TLT position, right? so it's going to go here, and it's gonna ask do I have an absolute profit. Do I reach a profit? No, right? I haven't reached the profit. Okay, great. Accelerated profit check. Has the position been opened less than the accelerated days? Nope, well don't need to check that.
Do I have short strikes turned on? And look here, it says nope, the switch is turned off, which is true. Right? The switch is turned off. So I did not tell the bot that it should exit positions when it's challenged. So the bot says, look, this switch is turned off. What about this one? Well, this one, if you go back in the video and go back through the recording if you need to if you're watching this later, right? You can see that switch is also turned off. I'm not telling the bot to exit position when it's breached.
What about stop losses? Nope. That's what just turned on. What about all these reduced profit targets, right? Do I have all the reduced profit target? I don't have them yet, but they're on. They're checking, right? You can see, like, is it inside the reduced profit target? Yes. It's inside eight days, but I don't have my minimum threshold yet. This is really cool stuff because it's just monitoring each and every position that the bot has opened for all of this different criteria, right? all the way through, just continuously monitoring it custom, the way you want it.
I will put inside of the community a copy of that automation, so you guys can use it. By the way, in case you haven't seen it, because it's so stinking cool. We did announce, in the community, we haven't even sent out to everybody in our entire list yet, but we did announce in the community that we went with our partners and Tradier and TradeStations commission free for all Option Alpha members.
So what does this mean? This means that for both of these brokerage partners, the very first and exclusive deal to trade commission-free for only Option Alpha members. Ginormous savings. By the way, we've started tracking it since we announced this. We've already saved, I think it's like over $825,000 for our users, for you guys, for our traders. We've saved over $825,000 and growing. It's ridiculous.
Please let your friends and your trading buddies and everybody know about this. It's not available anywhere else, only for Option Alpha users. All your trades that you've sent through Option Alpha, and you do, even if you do a manual trade. Open up a bot, do your manual trading here so that you can get reduced commissions, right? That's what you can do. Do your manual trading so you can get reduced commissions.
By the way, you don't have to enable anything. Connect your account through Option Alpha, right? Connect your account to TradeStation or Tradier, and because your account is connected, all the trades that go through there are eligible. You don't have to do anything else, okay? Yep. All the fee details are on the Broker Integrations page, so check that out. The only things not included definitely for both, and this is every broker are the any of the exchange fees are like the single-listed index options. Like that stuff never is included in any of like CBOE fees or NYSE. Like all that stuff is done through there, but reach out to any of the brokers if you have any questions on it. There's we put all of the information that we could inside of the integration page. We have that there as well.
I hope you guys had a wonderful time in today's session. If you did have an awesome time in today's session, please let us know. Again, share Option Alpha with your friends, your trading community, your buddies, anywhere that you know, talk or chat about, you know, trading. Please, that's how we grow is through word of mouth, you know, from people like you guys.
So please spread the word about what we're trying to do here. We'll have the recording posted. Be on lookout inside the community for a copy of this automation right after we're done here. Give me a little bit just to get it put together for you and polished up, and I'll put it into the community, and then we'll post a recording here in just a little bit. And then you guys will be good to go.
So have a great rest of your Thursday. Thank you so much for being here. Mike, Steve, Larry, thank you so much for answering questions in here, as always. Really appreciate you guys helping out, and we'll talk to you soon. Take care.