Workflow to auto close Open Deals after 7 days?

Workflow to auto close Open Deals after 7 days?

I want to set up a Workflow to Automatically close Deals as Lost after 7 days from their created date, (Regardless of activity or not) I am new to Zoho however I read 2 different ways to do it. 1 required to create a custom Date field and the other looked pretty easy to do in the workflow section. Here is a screenshot of what I created in Workflow.