What are triggers and safeties?
Every trading strategy can be optimized with triggers & safeties. Every bot (trading strategy) holds its own set of triggers. Triggers consist of a configurable set of conditions. Whenever a set of conditions meets the actual market conditions, you can execute an action. Use triggers to identify crashes, sudden price increases, detect certain trends, monitor your bot’s profit, execute stop-loss or take-profit actions, and more.
Example actions that can be executed when a trigger meets your conditions are:
- Send notifications (e-mail, Telegram) to yourself
- Execute a stop-loss action (sell all the trader’s balance to USD or BTC for example)
- Execute a take-profit action
- Cancel all open orders
- Update your trading midpoint and create new orders based on a new midpoint
- And much more…
For every trigger that executes, you can receive e-mail and/or Telegram phone notifications. To use these notifications you have to configure the e-mail and Telegram settings in the Cryptoblizz settings section.
- If profit has changed more than 5%, send Telegram notification
This will result in a Telegram notification as soon as your bot has made you 5% profit, or as soon as the profit is changed 5% or more.
- If pair price has changed more than 8%, recreate orders and update midpoint
If you are using the scalper-midpoint algorithm for example, it could be possible after a while that your bot does not make any trades anymore because the price is too far away from your midpoint. With triggers you can automatically update the midpoint and create new orders so your bot will keep trading.
- If pair price crashed more than 5% in last 10 minutes, stop the trader
If there is a sudden crash you can stop the trader and cancel open orders on the exchange.
- If the bot has generated more than 10% loss since the start of the trader, execute a stop-loss action
Cryptoblizz monitors the profits or losses of your bot. If your bot manages to make a loss you can execute a stop-loss action when the loss is too big. A stop-loss means you stop the trader and you convert all the balance to a coin of choice. For example, when trading in NXT/ETH pair you can convert both NXT and ETH balance of the trader to USDT or BTC for example once the stop-loss executes.
- If the bot has generated more than 20% profit, execute a take-profit action
The opposite of a stop-loss is a take-profit action. The idea is the same as for a stop-loss order, only this trigger executes because you are making profits instead of a loss. Say you started the trader with an investment of 100 USD and the trader’s balance is now worth 120 USD, you can automatically convert your balance to USDT and take the profit.
- Recreate orders every 24 hours
This trigger is very usefull when using order spread. You can start with a spread of for example 0.5% per order, however once orders start getting filled and counter orders are being created, the spread between orders could change. If you would recreate orders every 24 hours, the spread is reset. This will generally result in more orders being filled and better profits.
- Every 6 hours, send Telegram notification with actual trader profit
Using notifications you can get updates about your trader’s profitability on your phone or in your inbox.