Auto-Buying Dips
Last updated
Last updated
A detailed explanation of how auto-buying dips works.The bot offers the ability to auto-buy dips (buy limit orders) directly though the Trade Monitor. This works for any token, regardless of whether you have a positive balance for it or not. The feature can be activated using the Buy Dip button. We now explain the three buttons concerned with this functionality, as seen in Figure 13:
Buy Dip - Click to enable/disable auto-buying dips. You will need to configure the Threshold button before this function becomes accessible. When enabled, the bot will automatically buy when your targeted dip is reached.
Buy Amount (0.01 BNB on the monitor) - Click to change the amount you’ll be auto-buying when the targeted dip occurs.
Threshold - This allows you to set the targeted dip you wish to auto buy at. You can choose a percentage change, a target token price, or a target market cap to trigger the auto buy. Regardless of the choice you make, the bot will always convert the selected percentage or price into market cap terms, thus making it easier to track your progress towards the targeted dip.
When Buy Dip is activated, the Trade Monitor message will have an additional line above the Other Trades entry. The new line shows the marketcap at which the dip auto-buy will happen, which should help you keep track of the token’s movements with respect to your targeted dip. This is displayed in Figure 14, where Buy Dip was enabled with a targeted dip of $45 000.
When attempting to auto-buy dips, please keep the following in mind:
Buying dips does NOT depend on your P/L or P/L w/tax. When you enable Buy Dip, the bot simply looks at the token’s current price, and calculates the MC that would correspond to the targeted dip you specified.
If you already have a positive balance of the token, auto-sells can still occur while Buy Dip is active. In fact, if auto-sell is triggered before the buy dip, and 100% of the tokens were sold, the trade will become disabled, and buy dip won’t be accessible.
If you’re unsure about how to bring up a token’s Trade Monitor, simply paste the token’s contract address into the bot, and press Track on the menu in Figure 8.
We now give a detailed explanation of how trailing stoploss functions.
