What is Stop Limit
The Stop Limit bot means that the trigger price and the order price after the trigger and the order quantity are set in advance. When the latest price reaches the trigger price, the bot will place the order at the preset order price.
For example, the current price of ETH is 2990USDT, and 3000USDT is a resistance level. You believe that if the price can break through the resistance level, the price will continue to rise, and you can buy more when the price reaches 3000USDT. But it is impossible for you to focus on the market for 24 hours. At this time, you can use the Stop Limit bot to realize your ideas.
How to use Stop Limit
First open the pionex APP, click the “Trade” button at the bottom of the page, then click the “Bot” button at the top of the page and select the currency you want to trade, then click the “Create a bot” button at the bottom right corner of the page to enter the bot selection page , we choose the “Stop Limit” bot here.
Next we come to the bot parameter setting page, which is divided into two modes: “Buy” and “Sell”, you can choose one of them.
- Trigger price: When the “latest price” reaches the “trigger price” set by the user, the price will be triggered and the order will be placed.
- Buy/sell price: After the trigger price is triggered, the order will be placed at the commission price.
- Buy/sell quantity: The number of orders placed after the trigger.
When the order is completed, the order is triggered, and the historical order of Stop Limit can be viewed in the “History”. Unexecuted “Stop Limit” orders can be cancelled at any time.
“Stop Limit(Sell)” Use Cases
Take ETH/USDT as an example: You buy 10 ETH at a price of 3000USDT, and the price is around 2950USDT as the support level. If the price drops below the support level, it may continue to fall and you need to stop the loss in time. Then you can place an order for 10 ETH when the price reaches 2900USDT.
“Stop Limit(Buy)” Use Cases
Take ETH/USDT as an example: The current price of ETH is 3000USDT, and the ETH price near 3100 USDT is a resistance level through indicator analysis. If the price breaks through the resistance level, it may continue to rise. Then you can add an order of 10 ETH when the price rises to 3110USDT.