In this article, you will learn how you can create and start your first Custom bot and what other options are available for it.
Unlike other Bitsgap bots, the Custom bot allows you to choose its settings. This bot not only allows you to change the number of grids but also choose in what coin you’d like to generate your income. You may select a scenario in the Custom bot launcher with all possible options.
👉 How to create a Custom bot
You will learn how to create and run your first Custom bot from scratch in this part. Please, follow our step-by-step instructions below.
1. Exchange, trading pair, and in what currency to make a profit
To start a new Custom bot, you need to click the [Start new bot] button located in the top menu of the Bots page.
You will see a pop-up window showing all the available bots that can be started. At this stage, you will need to select the Grid bot. This will reveal another menu with three options, including the Custom bot.
Select one of your connected exchanges, and pick the trading pair.
Choose in what currency you want to make profits:
generate income in the quote currency if you think the price will move upwards or sideways
select the base currency if the price will move sideways or downwards
Optional: You may also choose the currency of your orders; it can be in the base currency, as well as in the quote currency. It’s recommended to use your chosen profit currency.
2. Insert the investment and adjust the grid step
Specify the amount you want to invest, or use the slider to specify the percentage.
Choose the number of grids or the grid step.
3. Set the trading range
When setting the range, you may enable additional features for your bot, such as Trailing Up and Down. Depending on what currencies you've chosen on the first step, you will get different Trailing scenarios.
For example, only the Trailing Up feature will be available if you want to generate profits in the quote currency. However, if the profit currency is the base currency, only the Trailing Down feature will be available.
To enable the trailing options, click on the High or/and Low prices.
4. Add other additional features
Before starting a bot, you may enable additional tools, such as Take Profit, Stop Bot, or Stop Trailing Down if necessary.
Take Profit is an order designed to manage your risks where the system stops the bot and sells all the base currency used in open orders when the specified Take Profit condition is met.
Once “Current Funds” (in the quote currency) of the active bot reaches a specified profit percentage that you set in a Take Profit parameter, the bot stops trading by selling all of the base currency used in open orders.
Stop Bot is the opposite feature of Take Profit. You will have to specify the price that will become a trigger for the bot. Once reached, the bot will cancel all the orders and then sell all the base currency in open orders at the market price.
Stop Trailing Down is a level where a bot will stop moving grids below the initial range once the market price has reached the specified price. Without this level, your bot can trail levels down as long as the quote currency on your balance is available.
Under the [Add protection] button, you will see four other figures that help you understand how many coins you need and what for.
“In sell orders” indicates how many coins are needed in the base currency to start a bot with the selected settings.
“In buy orders” shows how many coins are needed in the quote currency to place buy orders.
“Remaining balance” #1 represents the amount of the base currency that will be left on your available balance once you launch the bot. Please navigate your mouse cursor to the “?” icon for more detailed information.
“Remaining balance” #2 shows the amount of the quote currency that will be left on the available balance.
Before moving to the next step, press the [Preview bot] button. It will bring you to the Preview tab, where you can check all your settings once again before launching the bot. If everything is alright, click [Confirm].
If you want to return to the 1st step, click on the arrow.
The system will initiate the launching process. You will be able to see the whole process. If an issue does not allow you to launch the bot, the system will show you an error. Otherwise, the bot will be created successfully.