Automated Trading Trailing Stop Loss Order

trailingStopLoss()

side, amount, offset, trigger, position, tag, background

Place a trailing stop market order.

When the command first executes, it will place a stop market order at a distance of offset from the current price ('offset' below the current price for sell order, and 'offset' above the current price for a buy order).

In the background, the command will then monitor the price. For a sell stop market order, the order will move to a higher price each time the price reaches a new high, always keeping the order 'offset' away from the local high.

For a buy order, the opposite happens, tracking new lows. When the price turns and drops to meet your stop market order, it will be triggered and filled and this command will stop.

Arguments
side required text, one of buy, sell. defaults to buy

Is this a buy or sell order.
Required if you don't use position.

amount required number, defaults to 0

The size of the order. The units depend on the symbol and exchange. Can be given as an absolute amount, percentage of your balance or percentage of your available balance.

Example Meaning (if on BitMEX XBTUSD)
amount=1000 Uses an amount of 1000 contracts
amount=50% Will calculate the amount as a percentage of your balance/equity. For example, if your balance is 1 BTC and the current price is $10,000, 50% of 1 btc is 0.5 btc. 0.5 btc is worth $5,000. At $1 per contract, the order will be for 5,000 contracts.
amount=50%% Similar to above, only will use 50% of your available balance/equity. Equity already locked up in positions and pending orders will not be considered.
amount=50%p Will work out 50% of your position size and use that as the amount. The p stands for Position Size
amount=50%b Same as 50% - the b stands for Balance
amount=50%a Same as 50%% - the a stands for Available Balance

Percentage amounts are supported on all exchanges. On BitMEX they are supported on most (but not all) symbols. XBTUSD is supported and all symbols against XBT (eg ETHXBT), but not on symbols backed against other currencies (eg ETHUSD, XBTJPY etc can not use % amounts and must use fixed amounts - this is because we need live price information for additional symbols to complete the calculation, which are not tracked to by default).

Required if you don't use position.

offset required number, defaults to 0

How far behind the price should the stop trail the live price. For an asset quoted in USD (eg BTCUSD), offset can be given in the following ways:-

Example Meaning (assuming asset priced in USD)
offset=50 trail by $50 from the current price.
offset=1% offset is calculated as a percentage of the current price. If the price is $10,000, and offset is 1%, then 1% of 10,000 is 100. A trail of $100 will be used.
offset=@950 The @ at the start of the value indicates this should be treated as an absolute price of $950, regardless of what the current price is. The difference between the current price and this absolute price is then calculated and the trailing order will maintain this distance from the live price.
offset=e50 With an open position, offset will be relative to average entry. With no open position, offset will be relative to current price
offset=e1% With an open position, offset will be relative to average entry. With no open position, offset will be relative to current price
trigger optional string, one of index, mark, last. defaults to mark

Determine which price to trigger the stop order on, if supported. index represents the underlying index price, mark is the mark price and last is the last traded price. See exchange documentation for more details on how these values are derived.

position optional number,

An alternative way to calculate the side and amount for the order.

The amount traded will be the difference between your current open position and the target position size. For example, if your current position is 100 contracts long, and you request a target position of 300, then an order will be placed to buy 200 contracts (the difference between your current position and target position). In fact, regardless of your current position (long, short, nothing), the order will be whatever size it needs to be to ensure you finish with an open position of the target size. Some more examples...

Example What happens, if you current position is 500 contracts
position=1000 Buy 500 contracts, resulting in a position size of 1000
position=200 Sell 300 contracts, leaving you with 200.
position=0 Sell 500 contracts. This will effectively close your position, regardless of it's current size.
position=-500 Sell 1000 contracts, taking you from 500 contracts long to 500 contracts short.
position=50% Target position size will be 50% of your current balance size
position=50%% Target position size will be 50% of your available balance size
position=50%p Target position size will be 50% of your current position size
position=50%b Same as 50% - the b stands for Balance
position=50%a Same as 50%% - the a stands for Available Balance

On spot exchanges, like Bitfinex, the target amount represents the amount of the asset you'd like to end up with. For example, on the BTCUSD pair, position would represent the amount of BTC you'd like to own after the order completes.

Required if you don't use side and amount.

tag optional boolean, one of true, false. defaults to false

Tags the order with the value given. This allows you can cancel the order using it's tag. See cancel() for more details.

background optional boolean, one of true, false. defaults to true

True to run this command in the background.

If true, this command won't wait and the bot will move on to the next command in the list immediately. When all the other commands are complete, this command will continue to work in the background until it is complete too. This is the recommended way of using this command.

If false, then the command will wait for the stop order to be filled before the next command is executed.

Example: Start a trailing stop

myApiKeys(XBTUSD) {
    market(position=1000);
    trailingStopLoss(side=sell, amount=1000, offset=100)
}

Opens a 1000 contracts long position of XBTUSD. Next, it places a stop market order $100 below our entry and starts to track the price. As the price moves up, the stop market order will also move up, trailing the high price by $100. Eventually, the price will turn and start to fall again, and when it falls $100 from it's high, the stop market order will be triggered and close the position.

Some images from Unsplash

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