Creating a Bitmex bot (basic parameters)
To configure, we need the section — My bots — https://margin.cryptorg.net/en/bot/index
Go to the section and click — Create bot — https://margin.cryptorg.net/en/bot/create
Next, consider the settings on the items:
- Robot name — it is recommended to indicate the name of the pair or the direction of the transaction in order to quickly navigate your bots. For example, XBT Long.
- Access — the account of the exchange on which the bot will work.
- Pair — a trading pair for which transactions will be conducted.
- Strategy — the bot will trade in long or short.
- Leverage — the amount of borrowed funds for which you need to increase your own funds, the higher the leverage, the more dangerous the trade.
- Take profit — how much profit the bot should take from each transaction. A Take profit order is set as a percentage of the initial order, immediately after opening a transaction.
7. The volume of the first order is the initial transaction amount. For this amount, the first purchase will occur after the opening of the transaction.
8. Volume of safety order — the bot will place safety orders for this amount after opening a purchase transaction for averaging. The volume of the safety order cannot be less than the volume of the first order.
9. Price deviation for placing a safety order. Often it is called the step of the safety order (SSO) — the percentage% through which the CO will be set.
For example, the price of the start of a long transaction is 10,000 USD, the SSC is 1%, the bot will place purchase orders down at the price of 10900, 10800, 10700.
10. Martingale — when the slider is activated in the On position, it becomes possible to select a raising coefficient for each subsequent order. A coefficient of more than 1.10 is considered quite aggressive. Be careful when choosing options.
11. Cycle limitation — when the slider is activated in the On position, it becomes possible to select the number of cycles that the bot will conduct and turn off. The number of cycles is the number of Take Profit triggered. The bot works out the necessary number of transactions, turns off, and then the trader analyzes the market and decides to enable the long or short bot.
12. The number of safety orders per transaction — the maximum number (СO) that can be executed for the entire duration of the transaction.
For example, you have an SSO of 1%.
The amount of CO — 15 orders.
So your grid can withstand a drawdown of 15% to gain a position.
13. Filters. Price limit. If desired, you can use additional filters to open a transaction in the form of price restrictions. In the drop-down menu you can select:
- Upper price limit
- Lower price limit
- Upper and lower price limit
You can read more about working with price restrictions in this section https://support.cryptorg.net/ctg-en/price/
14. Technical signals. In the drop-down menu, you can select three types of indicators for opening a deal:
- Moving averages
- The intersection of moving averages
Details on the operation of technical signals can be found in this section https://support.cryptorg.net/ctg-en/technical-signals/
Examples of triggering of BUY and SELL points can be found on this page https://tradingbeep.com/en/documentation
15. Additional tools. All safety orders are placed at a limit price. The initial order can be executed at the market or limit price. We always recommend that the initial order be executed at the market price to avoid partial execution and bot downtime.
16. Saving settings. Do not forget to save the bot after making all the settings. And after saving, press the power button.