Miscellaneous
When bots force close a position whether by the user manually closing the position (from Whispertrades) or via a monitored stop such as a Stop Loss % or Delta Stop, the bot will start at a price inside of the bid/ask spread, enter a limit order, let the order sit for a few seconds, and if it doesn't fill, adjust the limit price again. Repeat with multiple price adjustments until the order fills. The bot will get more aggressive with limit prices each time to ensure exit.
This order process has a few different variables at play, namely:
- Starting price relative to bid/ask spread
- Time to wait for each order to wait for a fill
- Dollar amount to adjust between order attempts
We do not offer control over these parameters individually, but we do offer five different pre-configured groups of parameters:
- Super Patient - This is our slowest setting. The bot prioritizes fill price over quick exit. It will start at a very favorable price for you and very slowly move the price across the bid/ask spread until it gets a fill. This is only recommended for longer duration / low gamma trades where timely exit is not important.
- Patient - This moves slightly quicker than Super Patient but will still prioritize fill price over timely exit.
- Normal - This is a good balance between speed and fill quality and is appropriate for most situations.
- Aggressive - This will start across the midpoint of the bid/ask spread and move fairly quickly until it gets a fill. This is ideal for most of the rapidly moving markets where you need to exit quickly without surrendering all possible bid/ask spread slippage.
- Super Aggressive - This will start outside of the bid/ask spread and very quickly move farther away from the spread until it gets a fill. This still uses limit orders but will behave like a market order without the risk of a "bad fill".
All exit speeds will attempt fills at over 100% slippage after a certain number of attempts. In this sense, all exit speeds are designed to ensure exit. The time at which it takes to get there is determined by the Exit Speed.
Only Applicable to Credit Spreads and Short Iron Condors/Butterflies
If your bot submits a closing order for a spread, and you only wish for the bot to close the short strike (leaving the long strike on until expiration), you may optionally select this option. If you have a credit spread bot without this option selected, then any closing orders will buy back the entire spread (short and long strike) if there is a bid on the long strike. If there's not a bid on the long strike, the bot will not include the long strike in your closing order. For more on this, review our page on Closing Orders
Only Applicable to Credit Spreads and Short Iron Condors/Butterflies
If running a credit spread or condor that closes the short strike but is unable to close the long strike because it doesn't have a bid, you can enable this setting to instruct the bot to send a Sell to Close order for the "abandoned" long leg after the position closes. The bot will send a sell order at the minimum price (ie: $0.01 for SPY, $0.05 for SPX) with DAY duration and monitor it for a fill for the remainder of the day. If the order fills, your position's exit price and profit/loss will update to reflect what you receive for the long strike. This sell order for the abandoned leg will not interfere with any new positions your bot opens for the rest of the day. The bot can still open more positions with that sell order out there. This feature does not work if the bot is set to Disable on Close and is moved to Disabled when the primary position closes.
(ie: Short Iron Condors)
If you're running a position that has both put and call legs, and you utilize Delta stops or ITM % stops, the entire position (both the put and call side) will close out when either the put or call side meets your stop.
If you have a 50 delta stop and are running an iron condor, both the put and call will close out when either the put or call reaches 50 delta. If you wish for only one side to stop out, you can run two bots - Put Credit Spread and Call Credit Spread - to manage spreads independently.