Stop Loss and Take Profit ORDER

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PalmaBot Executor connector reach is over 50.000 users already. With our last two partners Coinalyze and CoinMarketAlert and a big potential of more than 10 Mio with TradingView.

Setting alarm on “PalmaBot Executor Enabled” trading systems and connect it to PalmaBot is simple and users just love it. The moment event happens it is already on PalmaBot and the beauty of it: user can automate execution.

command=buy or command=sell

Till now mostly simple orders are in use. Instant buy and instant sell are two commands to start from. This will execute trade on selected exchange with coin-market pair and selected amount. With only this combination endless options are possible with your own strategy written in PINE script on TradingView for example. There you can use double curly brackets {{exchange}} to dynamically assign variables to form external parameters as described in PalmaBot app available with /xc command.

code=your_palma_bot_xc_code
strategy_id=my_strategy
command=buy
exchange=binance
coinmarket=BTCUSDT
amount = 0

For more advanced strategies amount can be off-set in % compared to user balance for selected coin-market and exchange. If your balance is 1000 EUR, you can use amount=10% and it will use 100 EUR for his trade.

command=buy or command=sell
price=329

Limit buy and limit sell is what happens when user sets price parameter. This is logical upgrade of basic instant orders. Sometimes user has some special event that can lower the value of coin and in this case  to open buy position lower than it is at the moment. In this case just set price parameter and it is ready to go.

There is a safety measure for such orders that don’t execute imediately. First option is always manual deactivation in PalmaBot Trading dashboard available with /orders command. For automated strategies or one-time orders user can set order life-time for each order with ttl¬† (time-to-live) parameter. It can be set in minutes, hours or days (eg. ttl=45m or ttl=1h or ttl=1d). After set time, order will expire if not already executed and user will be notified via PalmaBot.

Example of how to set Limit buy or limit sell 0.2BTC on USDT market on exchange Binance in demo mode.

code=your_palma_bot_xc_code
strategy_id=my_strategy
command=buy
exchange=binance
coinmarket=BTCUSDT
amount = 0.2
price=9876
demo=YES

In example above Palma PRO order will be set to trigger BUY of 0.2 BTC with USDT on Binance when price reaches 9876 USDT mark.

command=sl_tp
sl=2%
tp=1%

When user is in position, holding 0.2 BTC for example, it can be protected from big drop with Stop Loss action in % of current price. If price drops to set % level, sell order will trigger.

For example if current price is 9.000 EUR, and sl=1% sell action will be triggered at 8910 EUR mark.

At the same time user can set Take profit action in % of current price. If market goes up, it will fire sell order and exit with profit will happen. Both parameters sl and tp must contain % sign. All active orders set via PalmaBot executor can be seen via Trading dashboard available with /orders command.

Example of how to set Stop Loss with Take Profit on Binance for 0.2 BTC on USDT market in demo mode. The parameters should be:

code=your_palma_bot_xc_code
strategy_id=my_strategy
command=sl_tp
exchange=binance
coinmarket=BTCUSDT
amount=0.2
sl=1%
tp=2%
demo=YES

In the example above PalmaBot PRO order will be set and in case price will drop for 2% SELL action of 0.2 BTC to USDT will follow. In case price will go up for 2% SELL action of 0.2 BTC to USDT will follow.

demo=YES

You can try all commands and senarios in demo (paper trading) mode. Just write /demo when in Telegram PalmaBot chat-bot app. To switch to real money trading use demo=NO

All parameters are in form parameter_name=value and they are delimited with white space.