Here is a simple Break Even Safety command.
The inputs for the commands are:
– Minimum required percentage price change for safety to ACTIVATE
– Number of rebounds allowed before TRIGGERING the safety
– Optional position ID
How it works:
When your bot enters a position, it gets an average entry price. This price will become the break-even trigger price, once the activation level has been breached.
An example; we just entered a long position at 100, our minimum % required is 1%. If the price reaches the 1% mark (or the price of 101), the trigger price (which is our entry price) will be activated as a type of “stop-loss level”. Once our entry price is breached after activation, the bot will trigger a signal which you can use to exit the position near break-even.