Once a position is open, you may find that some adjustments are needed at scheduled times or intervals. We offer a limited number of targeted adjustments, listed below.
If you add an adjustment to a bot that is currently running with a position on, that adjustment will run the next time your adjustment time is hit. If that time is in the past for the current day, the adjustment will first run the next market session at your specified time.
This will cancel a closing order that is currently running for the bot. You must specify a time of day to cancel the order, and you can optionally specify days to expiration as well. If you specify days to expiration, your closing order will be canceled at that number of days to expiration at the time of day that you specify. If you do not specify days to expiration, then your closing order will be canceled at the same time every day. This is typically paired with a "Re-enter Closing Order" adjustment so that your closing order goes back on later.
This is most commonly used to cancel a closing order a few minutes before market close to eliminate the possibility of a position closing right before market close with not enough time to enter a new position.
If taking advantage of the previous adjustment (Cancel Closing Order), you may wish to re-enter that closing order at a later time. If you would like the closing order that was previously canceled to start working again for the next market session, you can add an adjustment to re-enter the closing order either after hours or during the next trading session.
If at the time you re-enter your closing order and your limit price is very far from the current market price, your broker may reject the new limit price. If this happens and Whispertrades detects that it's because your limit price is now significantly worse than the current market price, the bot will forcefully close your position closer to the market price. This is because your previous limit price is far from the market and you can now exit at a much better price.
If you wish to close a position early, at a scheduled time, you can use this adjustment. When adding this adjustment, you'll also specify Days to Expiration and Time of Day for it to execute. At that DTE and time of day, your bot will enter a closing order at the best available price. It will continue to attempt exit until the end of the market session.
Due to poor liquidity on options on expiration day near the end of the market session, when closing on expiration day, it is recommended to schedule this adjustment at least 10 minutes before the market closes. Trading a position that is minutes from final expiration can result in significant losses due to bid/ask spread slippage. This is generally only the case on expiration day and not prior days.
After the bot successfully closes the position, it'll immediately run and look for a new position if your bot allows a new position at that time of day.
Unless utilizing this adjustment, each bot can only carry one open position at a time. If you wish for a bot to enter and maintain two open positions simultaneously, you can use this adjustment to do it.
When you add this adjustment, you will need to specify 'Days to Expiration' and 'Adjustment Time' so that the bot knows when to enter the second position. These two settings, Days to Expiration and Adjustment Time, are relative to your current open position. If you wish to enter a second position at 3:00pm on expiration day of your current position, then you should set Days to Expiration to 0 and Adjustment Time to 3:00pm.
On the specified Days to Expiration and Adjustment Time, the bot will enter a second position and manage it just like the first. For each position, the bot will utilize the full allocation given to that bot. It will not divide the allocation by number of open positions for the bot.
Disable on Close
This adjustment, Enter Second Position, will not execute if your bot is currently set to Disable on Close.
Outside Earliest/Latest Entry Time
If your bot has earliest and/or latest entry times configured, Enter Second Position will still run at its designated time even if outside of your bot's earliest/latest window. Those times are only used for the bot's first position.