Latest updates:
You can now deposit QUAD, USDC, or USDT to run bots on external exchanges! For every trade filled by the bot, a small fee will be charged. For more information about the bot’s fees and how they are calculated, have a look at this article. - August 2022
You may now place limit orders using the Smart Order bot. Scroll further down for more information on how to do so.
Overview
Use this bot to place smarter orders with a profit target and a stop-loss level (fixed or trailing). The bot can be used to enter both long and short positions allowing you to profit no matter which way the market is moving.
As a bonus, the bot uses "hidden" orders for take-profit and stop-loss levels. Hidden orders are tracked internally by the bot and not sent to the exchange. This has the benefit of preventing other traders from seeing your orders in the order book and your funds are not tied up in resting orders.
Details
How does it work?
Upon start, the bot will send an order (limit or market) to buy (or sell) the specified amount at the exchange. It then monitors the market in real-time and checks your defined take profit and stop-loss levels to see if they've been reached. Once one of these levels has been reached, the bot will place a corresponding market sell (or buy) order to close the position and take profit (or cut your loss). The bot automatically stops once the position is closed.
Here are a few examples that illustrate how this bot works:
Long with fixed stop-loss
The example above shows a classic long position with fixed stop loss and profit target. The stop loss remains fixed at defined level (calculated from the entry price). Once the profit target is reached, the position is closed by selling the acquired number of asset.
Long with trailing stop-loss
Above is an example of a long position, but with a trailing stop. The trailing stop is adjusted automatically as the price moves upwards (calculated from the peak or highest price the market reaches). If the market starts to drop before reaching our profit target, the stop-loss freezes allowing us to lock in profit at that point.
Short with fixed stop-loss
In the example above, we illustrate a classic short position with a fixed stop-loss and profit target levels. Shorting is accomplished by selling the asset in hopes to buy it back cheaper. Once either the stop-loss or profit target are reached, the position is closed by submitting a "buy" order for the corresponding amount and the bot is stopped.
Short with trailing stop-loss
In the above example, we use a trailing stop instead of a fixed one. This allows us to lock in profit if the market reverses before our profit target is reached.
Configuration
General Settings
Configuration Name: A name/label for this configuration. You can copy and modify a configuration to run this bot on multiple markets simultaneously.
Exchange: The exchange to run this bot on. This bot cannot be backtested.
Market: The pair (symbol) to trade. Quadency's standard convention is Base/Quote.
Strategy Settings
Position Type: Choose whether to go long (buy) or short (sell). If long, you must have sufficient quote currency to place an initial buy order, and if short, you must have sufficient base currency to place an initial sell order.
Entry Order Type: Select whether to enter in a position with a market order or a limit order (price offset or defined price)
Market: In case you want to place buy or sell orders at the best available price of the market you are trading with.
Limit: In case you want to get into a position with a specific price.
Limit w/ price offset: In case you want to offset from the current price or specify a value that will either be deducted or added from the current price of your limit entry order.
Example 1 (Short/Sell): current price = 20,711.00, offset = 200, limit entry order = 20,911.00.
Example 2 (Long/Buy) current price = 20,711.00, offset = -200, limit entry order = 20,511.00.
Note: notice the offset value is -200 (negative two hundred), this value must be placed in the offset price field including the negative sign.
Order Amount: The amount you wish to use for buy or sell orders. In the example above, the bot will place a market order to buy 10 BNB. Click here to view the minimum order size guide.
Profit Target: The distance (in percentage) from the entry price to place close the position with profits.
Stop-Loss: The distance (from entry price for fixed, and from highest/lowest for trailing) to set the stop-loss order.
Stop-Loss Type: Indicate the type of stop-loss to use.
Fixed stop-loss is set as soon as the first order is made and calculated from the entry price. This is used for you to be able to cut your losses at a specific price when the market doesn't move in your favor.
Trailing stop-loss is adjusted in real-time as the market moves (see examples above for more info).
None is when you choose not to set any stop-loss. Note that this means that your order will not be closed at a specific price if your trade does not go in your favor.
Type of the offset for the current price: Offset value from the current price.
Type a price to emit a limit entry order: Specific price that you want your position to get into.
Note: Stop-loss and Profit Target Levels are not shown on the chart. This is an improvement that will be introduced in the near future.
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