Stop Loss is a bot feature, which allows you to close the bot and sell the base currency when the price reaches the stop loss price condition. This can be used to limit the losses of the base currency value decrease and exit the market automatically.
How does Stop Loss work?
When enabling Stop Loss, you need to enter the price when it should be executed. When triggered the following consecutive events occur:
- All open bot orders are canceled.
- The base currency used by the bot is sold at the best available price for quote currency (for example, if a bot operates ETH/USD pair, all ETH will be sold for USD).
- The bot is removed from the list of active bots, and its data is added in the History tab.
Here is an example:
If Stop Loss is enabled for ETH/USD pair at the price of 160.00 USD. The bot will be closed and all ETH is sold when the price reaches 160.00 USD as intended by the condition.
Features of Stop Loss:
- Stop Loss can be set even above the Lower limit price (the conditional price can be higher than the Lower Price and placed inside the grid).
- Stop Loss is permanent if Trailing Up is disabled.
- If Trailing Up is enabled, then Stop Loss becomes dynamic. It will follow the Lower limit price at a fixed interval every time when the grid is moved.
Enabling Stop Loss when launching a bot
You can add a Stop Loss for a new bot under the Advanced bot settings. Toggle the switch in the highlighted position as shown below, and enter the price at which the stop loss should be executed.
Please note: The value you enter in the stop loss is a price condition where the stop loss is executed but not the exact price. The base currency will be sold at the best available price via the market order. As a result, the actual price may be different.
Set the desired parameters and this feature will be activated upon clicking [Start bot].
Enabling Stop Loss for an active bot
Select from the list of active bots the one, where you need like to add the Stop Loss option and click [VIEW]
Toggle the switch to enable Stop Loss and enter the stop loss price in the field:
Confirm the change by clicking [Save Changes] at the bottom left corner of the screen, otherwise the stop loss will not be activated.