The take profit feature allows you to secure your gains, while the stop loss limits the risk you are willing to take.
These two features work in the same way: when the take profit or stop loss trigger condition is met, the bot stops and performs one of two possible actions:
There are two possible triggers for these features:
Imagine you have an active bot on BNB/BUSD. The current BNB/BUSD price is 300, and you set the stop loss at the price of 280 BUSD, with the action “Cancel orders.” If the price moves down to 280 BUSD, the bot will stop and cancel all pending orders. The BNB that the bot purchased is accessible in your exchange's balance.
You have an active grid bot on ETH/BTC pair and set the take profit at a value change of 15% with the action “Cancel and sell base.” In this case, when the value of your current funds reaches 15%, the bot will stop, cancel all pending orders and sell all ETH at market price.
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