Dear BingX Users:
BingX Grid Trading has added the TP/SL feature to enhance your Grid Trading experience and allow you to make better use of grid tools to arbitrage. It is supported in Futures Grid, Spot Grid, and Spot Infinity Grid. The TP/SL setting can be modified while the grid strategy is running. This article will introduce this feature from three aspects:
1. How does TP/SL work in Grid Trading
Users can preset the trigger price or trigger ratio in the TP/SL setting on the Grid Trading page. When the market price reaches the trigger price or the profit/loss amount reaches the trigger ratio, the system will close the grid strategy. For Spot Grid and Spot Infinity Grid strategies, the crypto will be sold; for Futures Grid strategy, the position will be closed and all orders will be canceled. This is to achieve the purpose of taking profit or stopping loss of the particular grid strategy.
2. TP/SL Settings
Grid Trading currently supports two TP/SL settings:
1. By Price
When the last price of the pair reaches "XX", the system will close the strategy and either sell your crypto or close the position and cancel all orders.
Assuming that a user opens a BTC Futures Grid strategy with an average open price of 9,000 USDT. The user expects to close the position and cancel all orders when the market price drops to 7,000 USDT to stop loss. In this case, he/she can set the parameters as follows:
SL trigger price: 7,000 USDT
If the price falls to 7,000 USDT, SL will be triggered. The position will be closed and all orders will be canceled at the last price; the grid strategy will be closed.
2. By Ratio
When the profit/loss amount reaches "XX%" of the investment amount, the strategy will be closed. The system will either sell the crypto or close the position and cancel all orders.
Assuming that a user opens a BTC Spot Grid strategy with an investment amount of 10,000 USDT. The user expects to close the strategy when its profit amount reaches 2,000 USDT, i.e. the profit ratio reaches 20% to take profit. In this case, he/she can set the parameters as follows:
TP trigger ratio: 20%
If the profit amount of the grid strategy reaches 2,000 USDT, TP will be triggered. The crypto will be sold at the last price and the grid strategy will be closed.
3. How to apply TP/SL in Grid Trading
1. Set up TP/SL when creating a grid strategy
On the bottom of the grid strategy creation page, click "TP/SL" and you will see the "Take Profit" and "Stop Loss" sections. You can choose to set it up "By Price" or "By Ratio".
2. Pop-up window for secondary confirmation
After clicking "Create a Grid", a pop-up window will appear where you can view the "TP/SL" details you just set up. If you do not set it, it will show as "--".
3. Modify the TP/SL of a running grid strategy
To view the details of a running grid strategy, you can click "..." and select "Set up/modify TP/SL".