It's basically an automated trading program in which the user...

It's basically an automated trading program in which the user programs in what he or she (or insto) is trying to achieve.

Google "bot trading"

To me it looks as though it's job for the day was to keep the SP at 11.5c, everytime it was sold down to 11c the bot would chip away at the 11.5c pile.

Maybe hoping for buyers to build at 11c so a good chunk can be sold, or something else. Who knows?

JMB