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1. SmartTrade
Trailing buy
SmartTrade now has a trailing buy option. This basically is the same as a trailing sell option but for buying. What it does is trail (=follow) the price down once the buy price is reached instead of immediately buying and once the price goes up again by the percentage set it will buy the coin.
For a more visual and indepth explanation:
You can no longer set the Take Profit & the Set Stop Loss before the buy order is executed
Stop Loss timeout
If the price drops to or below Stop Loss level, the system will wait for a specified amount of minutes. After this, it will do an additional check of the price:
- If the price still on or below Stop Loss level, the trade will be sold by Stop Loss;
- If the price rose back above Stop Loss level, the trade will remain open.
More details here:
2. Bots
- Blacklisting of coin pairs
- Stats (see image)
- Stop loss percentage: the loss percentage at which the bot will sell preventing further loss. Be careful with this setting as it can quickly result in lots of closed sells. It’s not unusual for the bot to go red for a while before turning a profit so be sure to not set it too tight.
- Cooldown between deals: The bot will wait this amount of seconds after the deal is completed before starting a new trade.
- Minimal price to open deal: the bot won’t open a new deal if the current price is lower than specified
- Maximum price to open deal: the bot won’t open a new deal if the current price is higher than specified
3. Trade start conditions
- Telegram channel: start the bot based on Telegram channel input(?)
How this precisely works is unclear to me so if anyone has information on this feature leave it in a comment below
- Trading View: default based on Trading View buy/sell recommendations for a coin, built-in.
- QLF: (Quickfingers Luc) this is a popular trading strategy for crypto and depends on price support levels called ‘bases’ and finding a possible dead cat bounces.
- Manually/API: This way the bot will only open trades that are initiated either manually or via the API
- Trading View custom signal: This is a feature which is similar to the one used by Zignaly, a bot we covered earlier
It basically allows you to set up your own trading strategies based on Trading View strategies. A good example of such a strategy would be scalping based on for example EMA crossings.
To set this up you need a Trading View account. We won’t go into detail on how to set this up as it’s for more advanced users and better suited for a separate article. If you need more info on this killer feature check out the links below.
4. Backtesting
Your bot strategy now has a backtesting option you can use to evaluate your strategy.
5. Switch
This option turns your bot from ‘long’ into ‘short’ and vice versa.
If you’re not familiar with how shorting works on Binance check out this article below.
The above references an opinion and is for information purposes only. It is not intended to be investment advice and may contain affiliate links. Seek a duly licensed professional for investment advice.
