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.
How does it work?
Upon start, the bot will send a market order 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 have 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 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.
- 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.
- 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.
- Profit Target: The distance from entry price to place close the position. Enter percent value in decimal format. In the example above, we enter 0.1 to indicate 10%.
- Stop-Loss: The distance (from entry price for fixed, and from highest/lowest for trailing) to set the stop-loss order. Enter percent value in decimal format. In the example above, we enter 0.02 to indicate 2%.
- Stop-Loss Type: Indicate the type of stop-loss to use. "Fixed" is set as soon as the first order is made and calculated from the entry price. "Trailing" is adjusted in real-time as the market moves (see examples above for more info).
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.