Allocation

each bot needs to know how often to enter a new position and at what size that is controlled via the allocation settings frequency first, you must define how often to enter a position your choices are sequential, daily, or weekly sequential the bot will enter one position at a time, back to back it will not search for a new entry until the prior position closes you can further delay re entry by using other entry filters if you would like to double up your positions, you can do so with an enter second position adjustment otherwise, sequential bots will manage one position at a time you can, optionally, restrict sequential bots to a certain number of max entries per day or times of day with other fields on the bot page daily the bot will enter one position per day based on your entry criteria you can, optionally, restrict daily bots to a certain number of max concurrent positions or times of day with other fields on the bot page weekly the bot will enter one position per week on a certain day of the week that you specify you can, optionally, restrict weekly bots to a certain number of max concurrent positions or times of day with other fields on the bot page maximum entries per day (sequential bots only) for a sequential bot, one that enters positions back to back, when the prior position closes, you can optionally restrict the total number of new positions entered during a single day with this setting you can choose anything between 1 and 5 maximum entries per day this setting addresses the following control round trips per day if you need to respect pattern day trading restrictions limit the bot to 1 and only 1 entry per day regardless of earliest/latest entry window this will prevent a bot cycling to a new position if you use stops and hit one very quickly prevent the bot from going haywire and entering too many positions due to misconfiguration or market conditions maximum concurrent positions (daily & weekly bots only) daily and weekly bots will enter a new position once per day or once per week based on your criteria this means that these bots can manage more than one position at a time if you allow it if you'd like to prevent a daily or weekly bot from managing too many positions at once, you can do that with this setting once a bot hits its maximium concurrent positions, it will not enter a new position until an existing one closes, bringing it under this limit day of week (weekly bots only) weekly bots will enter a new position once per week on the day that you specify when you configure a weekly bot, you are required to specify a day of week for that bot to enter note that a weekly bot will only enter a new position once per calendar week (monday through friday) if you have a weekly bot configured to enter a position on monday, and it does so, and you later change the bot's day of week to wednesday, the bot will not enter another position on that first position since it already entered a position that week (on monday) allocation type leverage amount define a specific amount of leverage for this bot as measured against your account's net liquidation value leverage is calculated based on the notional value of your position if running a multi leg position (ie spread or condor), the notional value is based on the strike which is closest to the underlying the bot will round (up or down) to the closest number of contracts to your target leverage leverage example your net liquidation value is $150,000, and you'd like 5x leverage on a put credit spread the strike price for your short put is 4000 this means that each spread carries $400,000 notional (4000 100) 5x leverage would target $750,000 notional ($150k nlv 5x target leverage = $750k target notional) 750k target / 400k notional per contract = 1 875 contracts the bot will round up and use 2 contracts for this position, which is ultimately 5 33x leverage (800k notional / 150k nlv) fixed contract quantity provide the bot a specific number of contracts to open the bot will user this number of contracts for all new positions percent of portfolio when a new trade is entered, the bot will check your account balance minus any pending deposits and allocate the percentage you define to the bot to trade if there is not enough available buying power in your account for your bot configuration, the bot is still going to try and enter the trade per your allocation settings, and your broker may reject the order due to insufficient buying power you can view your available balance according to whispertrades by viewing your broker connection for defined risk positions like put credit spreads, the risk per position will be based on spread width for long options , risk is the premium paid for the option for undefined risk positions like short puts, risk is 20% of the notional value of your strike price allocation notes for debit positions you cannot allocate more than 10% of your account toward debit positions this is true regardless of allocation type (leverage, quantity, or percent) we include this safeguard to reduce the risk of wiping out your account, which is possible with aggressive debit allocations if using leverage or quantity allocation on a debit position, the bot will use your target leverage or quantity, and if that amount exceeds 10% of your account, the bot will lower the quantity to 10% of your account allocation notes for credit positions you can lose more than 20% notional for a naked position however, our bots will always assume 20% if you wish to account for a different loss amount, you can do this by adjusting the allocation percent for your bot be aware of available margin in your account