Trading behavior

A strategy handles four kinds of alert: long entries, long exits, short entries and short exits. You set what each one does under Long behavior and Short behavior.

Entry behavior

Enter position

Opens a position in that direction. A long entry alert opens a long, and a short entry alert opens a short.

Exit long / exit short position

Uses this side's entry alerts to close positions on the other side. The long side shows it as Exit short position, and the short side as Exit long position. You can only pick it when the other side is set to Enter position, because otherwise there would be nothing to close.

With it, a long entry alert closes an open short, and a short entry alert closes an open long. Use it when your alert source sends entries only.

Do nothing

Ignores entry alerts for this direction.

Exit behavior

Turn it off on a side that never holds a position, or if you prefer to close by hand. The position then stays open until you close it or an alert flips it to the other side. See closing a position.

An exit alert that names only the ticker, such as Exit SPX Longs, closes the most recently opened SPX long along with every entry stacked onto it. On a Provided in alert strategy, name the contracts in the exit alert to close a different position.

Configuration example

Long only, with short alerts as exits

Long behavior:

• Entry: Enter position
• Exit: Close on exit alerts on

Short behavior:

• Entry: Exit long position

What happens:

• A long entry alert opens a long.
• A short entry alert closes the open long and doesn't open a short.

A side set to Exit … position has no legs and no exit setting of its own, and it never opens a position. For its alerts to do anything, the other side's Close on exit alerts must be on and a position must be open. Otherwise the alert is skipped.

Order types

Each side picks a market or limit order, separately for its entries and its exits. A limit order gets its price from the limit order target.

Order duration

Duration sets how long an unfilled order stays open at your broker. Each side sets it separately for entries and exits.

Some brokers override the setting:

• Tradier and tastytrade don't accept FOK, so Nyria sends Day instead.
• At Alpaca, Nyria sends every option order as Day and every crypto order as GTC.
• Nyria Paper fills or refuses each order outright, so Duration has no effect.

While an exit order sits unfilled, the position stays open.

Trading window

Limit trading hours sets the hours when the strategy acts on alerts, in the timezone you choose. Nyria checks the time each alert arrives. Inside the window, alerts run normally. Outside it, alerts that close a position still run, but entries and reversals are dropped. They are not queued for later.

For example, with a 9:30 AM–4 PM ET window, an exit alert at 4:05 PM runs and an entry alert at 4:05 PM is dropped. The window applies on every day of the week. If the end time is earlier than the start time, the window runs past midnight, so 6 PM–2 AM covers the night.

Only alerts that Nyria reads as a close get through outside the window. If the strategy closes one side with the other side's entry alerts (Exit long position), those alerts count as entries and are dropped too. A plain buy or sell that closes the position you hold also runs outside the window. Test alerts ignore the window.

Limit order targets

Pick the target by which way the money moves on that order:

For a spread, bid and ask are the spread's bid and ask, not a single leg's.

Multiple entries

This setting decides whether more than one position can be open at once.

With Allow multiple entries off (the default), the strategy holds one position at a time: entry, exit, then the next entry. An entry alert that arrives while a position is open is logged and skipped.

With it on, entries stack, and each one spends the full budget again. Three $500 entries hold $1,500.

Next steps

• Create a strategy
• What you can trade
• Alert sources