Overview – The Lack of BitUniverse Bot
BitUniverse bot offers free grid trading bot for its users by connecting the API keys. Most of the major exchanges have been supported, including Binance, Huobi, KuCoin, OKEx, Bithumb, and other 21 cryptocurrency exchanges.
Due to the limitation of the API keys, such as the limited request per minute, orders placed per hour or 24 hours, high-traffic while the price fluctuated. All the above limits the performance of the bot while using an API key.
Here comes the need for Pionex Exchange. An exchange with the in-built trading bots.
In this article, allow me to walk you through the unique features that only on Pionex Exchange. Without using API keys, it’s a lot more flexible for us to build features that traders needed.
7 Features that Only on Pionex
There’re 7 unique features that only on Pionecx exchange for using a GRID Bot. Because of the limitation of API Keys, you can’t design such features while we can easily develop them on Pionex.
- Trigger Price
- Stop Loss Price
- Close Bot At
- AI Backtesting Feature
- Grid Spacing – Arithmetic/Geometric
- Release Profit
- Orders Displayed on the Chart
Here’s the screenshot of the Pionex grid trading bot on the Pionex App.
The Trigger Price feature allows you to set an optional Start-price for the Bot.
The Bot will freeze your assets after you create it and won’t do anything until the Trigger price you entered is reached. Once that happens it will start just as if you would create it normally at that price.
You don’t want to start a Bot when the price currently is near the top of your price range, but you also don’t want to wait all day for the price to drop so you can finally start it. You want to ensure that your bot will only start when the price is near the bottom of your range, so it can buy cheap at the beginning.
The Trigger price feature solves this problem because it lets you set up a Grid Bot in advance. It will wait until the price drops and will only start once the trigger price (usually close to the bottom of your range) is reached.
Stop Loss Price
The Stop Loss price feature allows you to set an optional “emergency” sell price below your lower limit price (or above the upper limit price on Short-Bots). If that price is reached the bot will be closed and all base-assets will be sold to prevent further losses if the price keeps going down.
It’s especially useful on Grid Bots running on stable coin pairs in case an unusual, big market drop happens, like for example the Covid-19 market crash back in March, which dropped BTC from 9k+ to just 3,200$ within a very short time period.
Close Bot at
The “Close Bot at” price allows you to enter a price above the upper limit (or below the lower limit on short Bots) at which the bot will be canceled. At this point, cause its already outside of your price range, all your assets will have already been sold. That means by using this feature you only cancel the Bot in maximum profit to ensure it can’t buy back in near the top anymore.
If a big pump happens, for example, your bot will be stopped once everything is sold. If right after the pump the price comes back down again, you won’t buy high while its coming back down, because your bot isn’t running anymore.
Usually, the “Close Bot at” price is placed just above the Upper Limit price, but it can be placed higher as well, in case you only want to end the bot once it’s obvious the price won’t come back down into your range anymore.
AI Backtesting Feature
The AI feature has been implemented mostly to help out new users setting up their first Grid Trading Bots without experience, but it’s also useful to traders who are just not very sure about the settings they should choose when setting up a Bot.
If you are creating a Grid Trading Bot you can choose between “Set myself”, which lets you enter all parameters manually, or you can decide to just use the parameters the AI is suggesting.
The AI analyzes the price action of the last 7 days, backtests it, and shows which Bot settings would have performed best based on that data. So if the price keeps on behaving as it did in the last 7 days, those settings are a very good choice to start with.
The Infinity Grid Bot also has the option to start it with parameters suggested by the AI (based on the last 30 days of data).
Even though the AI suggested parameters are quite well most of the time, there obviously is no guarantee that those settings will also be good for the coming price movements.
Grid Spacing – Arithmetic/Geometric
This parameter simply lets you choose the system in which you want to place your orders away from each other. Do you want to always have the same difference in price or the same difference in percent, as space between your orders?
The orders will be placed at the following levels, for example, 100 – 110 – 120 – 130 – 140…
Space between orders = 10
The orders will be placed at the following levels, for example, 100 – 110 – 121 – 133.1 – 146.41…
Space between orders = 10%
This feature got recently released for the Pionex App, due to the high demand by our users. With “Release Profit” users can release their profit from running Grid Bots and Reverse Grid Bots, without the need to cancel them.
This is especially useful if you have long term Bots running, which already made a lot of profit.
You can now take that profit and use it elsewhere, without the need to cancel your Bot.
Important Notice: You don’t have to “Take the Profit” at all, it’s already yours! This feature is totally optional and you won’t lose your profit if you don’t “Take the Profit”. You will automatically get all profit, if not already taken once the bot is closed!
You can find more Information about Release Profit here:
Orders displayed on the Chart
Due to many requests and high demand, Pionex recently added a new feature, which displays all open orders of a Grid Bot right on the price chart, which was suggested by our users.
For the first time ever, this allows traders to visualize the Grids of their Bots right on the chart!
This is especially useful to analyze if the Bots’ price range or the Grid Spacing parameters have been chosen well, or if some adjustments should be made.
(yes we do listen to our users!)
Great information! Thanks! I will try the stable coins grid bot, and take a look at a grid bot made with tiny size grids (>0.2%) and more frequency transactions 🙂
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It looks like this bot does not have the take profit feature. Which means if the bot buy on the very buttom the price will have to go back all the way up to sell the position. I do not understand why most robot works this way.
This is how grid trading strategy works. Check out smart trade instead if you want to sell your bag at one selected price.