SET UP YOUR BOT
In this section, you will learn how to set up your own DCA bot
Go to the DCA bots page and click on CREATE NEW BOT in the top right corner of the site.
You now have access to the DCA Bot dashboard, enabling you to create your own DCA bot.
General Settings
In the general settings, you can enter a name and provide a description for your bot.
Strategy Settings
In this section, you can set the main parameters of your bot.
Side: LONG, SHORT, and LONG/SHORT. A long bot buys and then sells in order to generate profits. Instead, a SHORT bot (for FUTURES) can short trade to generate profits. If the bot is trading in the spot market it can only be LONG. For FUTURES bot, you can also select LONG/SHORT. This will allow you to open the same contract on both sides simultaneously, and create hedging strategies.
Base Order Size: indicates the size of the initial order of the position. It is always defined in quote asset. For example, if the bot is trading BTC/USDT the size is expressed in USDT. Read here to learn more about it.
Safety Order Size: is the size of the orders that get executed when the price goes against the position taken (e.g. the position is long and the price goes down).
Order Type: there are two types of orders: Market and Limit. When the Market type is selected, the orders will be executed as a market order. Instead when the Limit type is selected, the orders will be executed with Mizar's aggressive limit order.
Mizar's aggressive limit order is designed to consistently be positioned at the most advantageous price point in the market. This order type dynamically adjusts its placement based on fluctuations in price. For long positions, the order aligns with the best bid, while for short positions, it corresponds to the best ask.
Start Order Conditions: define the conditions to trigger the opening of a new position.
Open Position ASAP: open a new position as soon as possible.
API: open a new position through an API command (from Mizar SDK). Checkout the docs here.
TradingView (webhook/API): open a new position through TradingView's webhook alerts. Check out the possibile alerts here.
TradingView Indicators: open a new position based on pre-set technical indicators. For example. TradingView Rating, Relative Strength Index, and various other indicators are supported. If multiple indicators are selected, a position will be opened when all conditions are met.
Exchanges and Market
The Exchanges and Market section defines where your bot will trade.
Multiple exchanges can be assigned to a bot's settings. Only when the bot is activated, then you will be asked to decide in which exchange to run your DCA bot. Each bot setting can be assigned either to the SPOT or FUTURES market.
Pairs
In the pairs section, choose the pairs your bot is allowed to trade. At least one pair is required. After activating the bot, any signals associated with unsupported pairs will be ignored.
Quote Asset: USDT, USDC, and USD quote assets are supported based on the selected exchanges.
Pairs: the pairs that the bot will be able to trade.
Take Profit
In the take profit section, you can set the take profit conditions.
Take Profits: the price deviation at which the profit will be taken.
Take Profits Type: either as a percentage of the base order or as a percentage of total volumes.
Percentage of the base order:The take-profit percentage is applied on to the initial base order. For instance, if the base order size is $100 and the take-profit percentage is +5%, the bot will execute the take profit order when $5 in total profits are realized.
Percentage of total volumes: the take-profit percentage is applied to the total position size, including the base order and all triggered safety orders. It represents the deviation from the average entry price.
Trailing Deviation (Optional): optionally, you can implement a trailing take profit. Once the take-profit target is reached, the position won't close immediately. For instance, suppose you set up a LONG bot with a take-profit deviation of 5% and a trailing deviation of 0.5%. When the price achieves a 5% deviation from the average entry price, the trailing take profit activates. If the price continues to rise, the position remains open. However, when the price decreases by 0.5% from the highest achieved price, the position closes. Trailing take profit aims to maximize position profits by capturing significant price movements without prematurely closing the position.
Stop Loss
A stop loss can be set for each position optionally. If the price moves against you too more than the Stop Loss deviation, then the stop loss activates and closes the position to prevent further losses. The stop loss threshold is calculated based on the average price. For instance, if you bought BTC/USDT at 20,000 USDT and the stop loss threshold is 10%, then the position will be closed at 18,000 USDT.
Stop Loss: set as a percentage, it's calculated based on the average price.
Stop Loss Type: when the stop loss is hit the bot can either a) close the position or b) close the position and stop the bot entirely.
Stop Loss Timeout: the stop-loss timeout, set in seconds, allows for reevaluation after the initial hit of the stop loss. After the designated timeout period, the system checks if the stop loss is still triggered. If so, the stop loss is then activated, mitigating the risk of accidental stop-loss triggers.
Orders Settings
In this section, you can edit the settings for the safety orders. This is arguably the most important part of the settings for your DCA bot. The goal of the safety orders is to improve your average price, such that the overall entry price is better and the probability of exiting with a profit increases.
Max Safety Orders Count: the maximum number of safety orders that can be opened, per position.
Max Active Safety Orders Count: the maximum number of open safety orders per position. Open Safety Orders are open on the exchange as market or limit orders.
Open Orders Price Deviation: the percentage price deviation determines the price at which a safety order will be executed. For instance, if the deviation is set to 2%, the safety orders are placed at intervals of 2% from each other. If the base order price is 100 USD, the first safety order is set at 98 USD, the next one at 96 USD, and so forth.
Safety Order Volume Scale: the volume scale can be used to increase the order size of each subsequent safety order. For example, if the volume scale is 2, and the first safety order is set at 100 USD, then the safety order sizes are 100 USD, 200 USD, 400 USD, 800 USD, etc. By increasing the order size per safety order, you effectively improve your average price and make it easier to exit with a profit.
Safety Order Step Scale: the step scale can be used to increase the price deviation per safety order. For example, if the step scale is 2, and the initial deviation is 2%, then the next deviations are 6%, 14%, 30%, etc.
Advanced Settings
In this section, we describe the advanced settings of the bot.
Position Break Period: the break period is defined in seconds and will build in a delay between the opening of positions. If a position is opened, then the next position can only be opened after the break period.
Position Timeout: the timeout is set in hours and a position will be automatically closed if the timeout has expired. If the timeout is not set, then the position is kept open indefinitely until the take profit order, or optionally, the stop loss is hit.
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