Advanced Trading Terminal

<p>Smart orders have become an essential part of traders' toolset, providing efficient execution of trading strategies and protection against risks. Let's take a look at what these orders are and how they are used on the Bitsgap platform.</p>
<h3 id="h_01HXEKY14RRD2DY098JPAFHHQ8">What are Smart Orders?</h3>
<p>Smart orders are a way of automated trading. They differ from traditional limit and market orders in a way that they offer more flexible and customizable parameters such as Trailing Stop, Take Profit and Stop-Loss options, allowing traders to optimize their strategies and minimize risk.</p>
<p>To start using the Smart orders on the Bitsgap platform, please follow these steps below:</p>
<ol>
<li>
<p>Log in to your Bitsgap account;</p>
</li>
<li>
<p>On the top menu, click on the “Trading” page;</p>
</li>
<li>
<p>In the "Trading" section, select exchange and trading pair on which you would like to set up a smart order;</p>
</li>
</ol>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/13908133570076" alt="Screen Shot.jpeg"></p>
<ol start="4">
<li>After that, you can choose the order type and specify the price, volume, and other parameters required to execute the order according to your trading strategy;</li>
</ol>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/13908133570972" alt="Untitled (24).png"></p>
<ol start="5">
<li>
<p>The Smart Trade section also provides additional settings such as Trailing Stop, Take Profit, Stop-Loss, and many other options to help you optimize your trade;</p>
</li>
<li>
<p>Once you have configured your Smart order's parameters, click the “Buy/Sell” button to confirm and execute your trading strategy.</p>
</li>
</ol>
<h3 id="h_01HXEKY14RJHG8GJNH73FJS59M">Modifying Smart Orders</h3>
<p>When a Smart order is created, it is important to be able to monitor its status and make changes if necessary. Go to the “Positions” or “Open orders” tab; here, you will see a list of all active orders. If you want to change the parameters of an active Smart order, select the order and click the edit icon. In the edit interface, you will be able to change some parameters.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/13908133571356" alt="Untitled (26).png"></p>
<p>The edit panel allows you to enable/disable and edit Take Profit, Trailing Take Profit, and Stop Loss. You can adjust them by inserting the desired percentage or a trigger price. After making the necessary changes to the order parameters, click the “Save” button to apply the new settings.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/13908161429404" alt="Untitled (27).png"></p>
<p class="notes"><strong>Note<br></strong>Please note that not all types of smart orders have the edit icon available.</p>
<p>Smart orders provide traders a powerful tool to automate and optimize their trading strategies in the cryptocurrency markets. Using the Bitsgap platform, you can easily customize and manage your orders, increasing efficiency and minimizing risk. Start using smart trades to improve your trading experience!</p>
<div class="intercom-interblocks-horizontal-rule" style="box-sizing: border-box; color: #272d32; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: ' Helvetica Neue' , Arial, Helvetica, sans-serif; background-color: #f5f5f5;"><hr style="box-sizing: content-box; height: 3px; overflow: visible;"></div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left" style="box-sizing: border-box; color: #272d32; font-size: 16px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: ' Helvetica Neue' , Arial, Helvetica, sans-serif; background-color: #f5f5f5;">
<p style="box-sizing: border-box;"><strong style="box-sizing: border-box; font-weight: bolder;">Get stuck? Ask your question to our community on&nbsp;<a style="box-sizing: border-box; background-color: transparent; color: var(--linkcolor); text-decoration: underline;" href="https://t.me/bitsgap" target="_blank" rel="nofollow noopener noreferrer">Telegram</a>!</strong></p>
</div>
<p></p>
<p></p>

How to Use Smart Orders on Bitsgap

<div class="intercom-interblocks-heading intercom-interblocks-align-left">

<h2 id="h_91b8cb9c23">What is One Cancels Other (OCO)</h2>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>A one cancels other (OCO) is a pair of conditional orders stipulating that if one order gets filled, then the other order is automatically canceled.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>OCO often combines a stop order with a limit order on an automated trading platform. When either the stop or limit price is reached, and the order is executed, the other order or group of orders gets canceled automatically. Experienced traders use OCO orders to mitigate risk or to enter the market at a more favorable price.</p>
</div>
<div class="intercom-interblocks-heading intercom-interblocks-align-left">
<h2 id="h_cff065f532">How to create OCO</h2>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>OCO connection may be created between spot Limit and <a href="https://bitsgap4907.zendesk.com/hc/en-us/articles/9965430936476" target="_blank" rel="noopener noreferrer">Stop</a> (Stop-Market) orders. Here’s how to set up your first OCO connection:</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>1. On the <a href="https://app.bitsgap.com/trading" target="_blank" rel="nofollow noopener noreferrer">Trading</a> page, head to the trading widget on the right-hand side and select a <strong>Stop</strong> or <strong>Limit</strong> order.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/11864494601244"></p>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>2. Specify your order details and enable the "<strong>One cancels other" </strong>option. Select the one you want to set up a connection with from the list of available open orders.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/11864512461596" alt="Screen Shot.png"></p>
<div class="intercom-interblocks-callout">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p class="notes"><strong>Note<br></strong>In case there are no open orders that meet the requirements, there won’t be an option to connect the new order with another trade.</p>
</div>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>3. Double-check the order details and proceed with the <strong>[Buy …/Sell …]</strong> button. The order will be placed, creating the OCO connection with the selected order.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/11864494615452"></p>
<div class="intercom-interblocks-heading intercom-interblocks-align-left">
<h2 id="h_43da0b8053">View and manage your open orders connected with OCO</h2>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>Once you connect orders with the OCO option, they will be tagged as "OCO" in the "<strong>Open orders"</strong> tab. If you have Stop-Loss or Take Profit enabled on any of those orders, you will be able to modify them anytime without disrupting your OCO connection.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/12197809177884" alt="Screenshot_3.jpg"></p>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>This connection is also visible on the chart when one of those orders is selected. You can move them freely and change their position on the chart with no impact on your OCO connection.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/12197809181980" alt="Screenshot_1.jpg"></p>
<div class="intercom-interblocks-callout">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p class="notes"><strong>Attention<br></strong>If one of the OCO orders gets canceled, then the OCO connection will be removed, and the second order will remain open.</p>
</div>
</div>
<div class="intercom-interblocks-heading intercom-interblocks-align-left">
<h2 id="h_34a690ae66">Situations when OCO order can be used</h2>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>The use of OCO orders is limitless, and you can create an infinite combination of orders connected with each other. At Bitsgap, we strongly recommend using OCO orders for the following strategies: Stop Loss and Take Profit, Buy More, and Exit or Averaging Down.</p>
</div>
<div class="intercom-interblocks-subheading intercom-interblocks-align-left">
<h3 id="h_0e8c4c7555">Stop Loss and Take Profit</h3>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>The most common use of the OCO connection is to set up the Stop-Loss and Take Profit combination. To do so, we would need to combine 2 Sell orders of different types.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/12197790073884" alt="Screenshot_5.jpg"></p>
<div class="intercom-interblocks-ordered-nested-list">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<ol>
<li>The <strong>Take Profit</strong> order should be Limit. It will place your coins in the order book to be filled by the market. This order will reserve your funds in trades.</li>
<li>The <strong>Stop-Loss</strong> order should be Stop (Stop-Market). The Stop-Market will guarantee exit at the best price available. This order will <strong>not</strong> reserve your funds in trades.</li>
<li>If the Take Profit order is filled, then the Stop Loss order gets canceled, and vice versa.</li>
</ol>
</div>
</div>
<div class="intercom-interblocks-callout">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p class="notes"><strong>Note<br></strong>The order in which orders you set up trades doesn't affect the final outcome. If your Stop Loss (Stop order) triggers first, the system will cancel the Limit order (to release funds from the order book), and then fill the Stop order.</p>
</div>
</div>
<div class="intercom-interblocks-subheading intercom-interblocks-align-left">
<h3 id="h_c6176f4977">Buy More</h3>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>If you are interested in acquiring more base currency when the price is low or when the price rally starts, then the Buy More strategy combined with the OCO option will be a great fit for you. The idea behind this approach is to purchase coins at the lowest price possible or when the resistance breakthrough happens - both options will provide a benefit from the momentum effect or trend reversal.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/12197809191708" alt="Screenshot_2.jpg"></p>
<div class="intercom-interblocks-ordered-nested-list">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<ol>
<li>The <strong>Buy Dip</strong> order should be "Limit" to purchase more coins if the price goes down.</li>
<li>The <strong>Buy on Breakthrough</strong> should be a Stop order if the price goes up.</li>
<li>If the price breaks the key resistance and continues the uptrend, then the system will cancel the Limit order on the bottom to release the funds and use them for the Stop Buy order.</li>
</ol>
</div>
</div>
<div class="intercom-interblocks-callout">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p class="notes"><strong>Note<br></strong>Both orders have different prices, so it is important to make sure that you have enough quote currency on your balance if the Stop order is triggered.</p>
</div>
</div>
<div class="intercom-interblocks-subheading intercom-interblocks-align-left">
<h3 id="h_2aaf391925">Exit or Averaging Down</h3>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>The other strategy sells your coins at an acceptable price or averages the buy price down, allowing you to sell the base currency afterward at a lower price. To do so, we would need to combine 2 Limit orders on the Buy and Sell sides.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/12197790082588" alt="Screenshot_4.jpg"></p>
<div class="intercom-interblocks-ordered-nested-list">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<ol>
<li>The <strong>Exit</strong> order should be a <strong>Limit Sell </strong>order, which will sell all your coins at the desired price.</li>
<li>The <strong>Averaging Down</strong> order should be a <strong>Limit Buy</strong> order, which will increase the number of coins you are holding and decrease your average purchase price.</li>
<li>If the price goes down and the system fills the Limit Buy order, then the top Sell order gets automatically canceled. Alternatively, if your Sell order gets filled, then the system will cancel the bottom Buy order because there is no need to average this coin anymore.</li>
</ol>
</div>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>These were the 3 most popular uses of OCO orders and how to set them up. However, there are no limits, and you can use this feature to create your own profitable strategy.</p>
</div>
<div class="intercom-interblocks-horizontal-rule"><hr style="height: 3px;"></div>
<div class="intercom-interblocks-subheading4 intercom-interblocks-align-left">
<p id="h_5d9d1b4b5e"><strong>Get stuck? Ask your question to our community on <a href="https://t.me/bitsgap" target="_blank" rel="nofollow noopener noreferrer">Telegram</a>!</strong></p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

One cancels the other (OCO)

<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">

<p>Price Protection is a feature that protects manually placed orders from getting executed at bad prices due to price slippage. In a nutshell, this mechanism helps to avoid trades that may lead to significant losses.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>The system monitors recent transactions and blocks manual order placement when the sell price is below the buy price. When that happens, the system shows the "Price Protection" error and cancels the order placement to prevent potential losses from the sell transaction.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9966099291292" alt="pp.png"></p>
<div class="intercom-interblocks-callout">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p class="notes"><strong>Note<br></strong>If your order got canceled due to the Price Protection, adjust its price level and try again.</p>
</div>
</div>
<div class="intercom-interblocks-horizontal-rule"><hr style="height: 3px;"></div>
<div class="intercom-interblocks-subheading4 intercom-interblocks-align-left">
<p id="h_e2674b7b6a"><strong>Get stuck? Ask your question to our community on <a href="https://t.me/bitsgap" target="_blank" rel="nofollow noopener noreferrer">Telegram</a>!</strong></p>
</div>
</div>

Price Protection

Technicals

<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">

<p><strong>Trailing Take Profit</strong> (TTP) is a dynamically changing order created to catch the rise and maximize profit as much as possible. TTP is designed to increase your profit by keeping a trade open as long as the price moves in your desired direction. The order is executed if the price hits the trailing profit level.</p>
</div>
<div class="intercom-interblocks-heading intercom-interblocks-align-left">
<h2 id="h_250ffe9b14">How to activate Trailing Take Profit?</h2>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>The TTP feature is available only for spot trading and can be accessed on the <a href="https://app.bitsgap.com/trading" target="_blank" rel="nofollow noopener noreferrer">Trading page</a>. To create an order with TTP, head to the trading widget and select the type of order you need.</p>
</div>
<div class="intercom-interblocks-subheading intercom-interblocks-align-left">
<h3 id="h_7195e8c347">Step 1: Filling initial order parameters:</h3>
</div>
<div class="intercom-interblocks-ordered-nested-list">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<ol>
<li>Select the order <strong>type</strong> (Limit, Market, or Stop).</li>
<li>Select the <strong>side</strong> (Buy or Sell).</li>
<li>Set up your order details (Price and Amount or Total).</li>
</ol>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/11865964518940" alt="Screenshot_2.jpg"></p>
<div class="intercom-interblocks-subheading intercom-interblocks-align-left">
<h3 id="h_63a71db5f7">Step 2: Adjusting TTP settings</h3>
</div>
<div class="intercom-interblocks-ordered-nested-list">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<ol>
<li>Activate the Trailing Take Profit option.</li>
<li>Enter the <strong>Target price</strong>. This is where the TTP should be placed initially and filled if the price falls or rises to that level.</li>
<li>Enter the <strong>Trigger price</strong>. This is when TTP should become active. The price should hit this level to place TTP at the Target price.</li>
<li>Specify the <strong>Trailing step</strong>. Enter the price step percentage (%) to define how often TTP should be moved to follow the price. For example, the trailing step of 0.5% means that TTP will be moved each time the price moves by 0.5%.</li>
<li>
<strong>Optional</strong>: Activate extra features such as Take Profit, Stop Loss, etc.</li>
<li>When ready, click the <strong>[Buy/Sell ...]</strong> button to place your Smart order.</li>
</ol>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/11865945440156" alt="Screen Shot.png"></p>
<div class="intercom-interblocks-callout">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p class="notes"><strong>Note<br></strong>When choosing a Buy order, TTP will trail upwards. If selecting a Sell-side, the TTP order will trail downwards.</p>
</div>
</div>
<div class="intercom-interblocks-heading intercom-interblocks-align-left">
<h2 id="h_e1f3cdfe87">View and manage your open orders with Trailing Take Profit</h2>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>Once you place the order, it will be converted to an SL/TP type in the "<strong>Open orders"</strong> tab. From there, you can modify the SL, TTP, and TP levels. To do so, click on the pencil icon.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/12198318803612" alt="Screenshot_1.jpg"></p>
<p>Enable, disable, or adjust TP, TTP, and SL. Once all the changes have been made, click [<strong>Save]</strong>.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/11865964531996"></p>
<p>When the order is filled, you will receive a notification on the platform about successful order execution. The order will be moved from the "<strong>Open orders</strong>" tab to <strong>Positions</strong>.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/12198318808604" alt="Screen Shot 2024-01-16 at 11.30.31 .png"></p>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>You may check your notifications on the Portfolio page or by clicking on the Bell icon located next to your profile icon.</p>
</div>
<div class="intercom-interblocks-heading intercom-interblocks-align-left">
<h2 id="h_8f86de5d5b">Specifications of orders with Trailing Take Profit</h2>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>The Trailing step cannot be lower than 0.2% and higher than 200%. If it's set at 5%, trailing will be triggered every 5% and move the open order by 5% down or up from the previous position.</p>
</div>
<div class="intercom-interblocks-callout">
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p class="notes"><strong>Tip<br></strong>If you do not want to miss a single move, then you can set the Trailing step to a minimum of 0.2% - this will increase the frequency when trailing should move the order.</p>
</div>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>Before TTP gets triggered, your Target Price (the price of execution) will be grey.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9966832382876" alt="tp6.png"></p>
<p>Once the price hits the Trigger Price, your <strong>Target Price</strong> will become green (activated) and the <strong>Trigger Price</strong> level will be removed from the chart.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9966814764956" alt="tp7.png"></p>
<div class="intercom-interblocks-heading intercom-interblocks-align-left">
<h2 id="h_921579a210">When the Trailing Take Profit can be used</h2>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>We would like to highlight the two most important use cases where the TTP feature comes in handy.</p>
</div>
<div class="intercom-interblocks-subheading intercom-interblocks-align-left">
<h3 id="h_88e7c61634">Combining Take Profit with Trailing Take Profit</h3>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>The 1st use for TTP is adding it to your order, which will sell your position in portions, distribute the amount between your Take Profit orders, and leave some coins for maximizing gains with TTP.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>TTP will sell your coins will be sold at the best possible price by following the price upwards or downwards (depending on the chosen side). In the example below, the Take Profit orders sell a fixed amount of coins at the specified prices and then leave the rest for TTP to accumulate profit as the price continues to increase. This will allow you to maximize the potential profit by allowing trailing to move your Trailing Take Profit and then execute it when the price drawbacks.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/9968830101532" alt="tp8.png"></p>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>Besides, many users used to move their Stop-Loss order manually or change its position and activate the trailing option. Now you are able to do both, set Trailing Take Profit and Trailing Stop-Loss.</p>
</div>
<div class="intercom-interblocks-subheading intercom-interblocks-align-left">
<h3 id="h_3338da16c7">Buy the dip, sell the tip</h3>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>Adding TTP to your Trailing Stop-Market buy order can give you an advantage of better entry and exit prices. The Stop-Market with activated Trailing will move the entry order as the price falls and execute when the trend reversal happens.</p>
</div>
<div class="intercom-interblocks-paragraph no-margin intercom-interblocks-align-left">
<p>After that, Trailing Take Profit will follow the price on the rise and execute the sell order when the drawback takes place. This setup allows you to purchase the coin at the best price possible when the rally begins and sell it at the top when the price starts to fall.</p>
<p><img src="https://bitsgap4907.zendesk.com/hc/article_attachments/12198418507804" alt="Screenshot_1.jpg"></p>
<div class="intercom-interblocks-horizontal-rule"><hr style="height: 3px;"></div>
<div class="intercom-interblocks-subheading4 intercom-interblocks-align-left">
<p id="h_b89b97c5a5"><strong>Get stuck? Ask your question to our community on <a href="https://t.me/bitsgap" target="_blank" rel="nofollow noopener noreferrer">Telegram</a>!</strong></p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>