DCA bots are a great way to protect losses and reach your target profit in a quicker time compared to buying whole lot at a fixed price. Lets have a quick look at how you can setup up DCA bot in Growlonix.
Table of Contents
Steps to Configure DCA Bot
STEP 1: Select order type CUSTOM OSO
STEP 2: Select Stop Buy option in Primary order
Click on Add target to add your multiple buy targets. In this example. I have added 4 buy targets at -0.1%, -1%, -2%, -3% with respective quantities relative to main quantity. Fill your total buy quantity as well in the quantity input below coin pair.
STEP 3: Select DCA mode to True from advance options in primary order
STEP 4: Click next button then Select OCO Sell option from secondary Order dropdown.
You can also select only TP or SL. You will notice quantity input is disabled this is because quantity in secondary order will be automatically adjusted based on number of filled targets in primary order in real-time. Once done click on submit form.
Lets take this example:
Primary Order – STOP BUY -> 3 BUY Targets with DCA enabled:
BUY TARGET 1: -0.1% 10$
BUY TARGET 2: -1% 20$
BUY TARGET 3: -2% 30$
BUY TARGET 4: -3% 40$
Secondary Order – OCO -> 1 TAKE PROFIT, 1 STOP LOSS
Take Profit : +3%
Stop Loss: -8%
Quantity Auto Adjustment
When buy target 1 will be hit then both sell orders quantity will be set to 10$, when buy target 2 will be hit then both sell orders quantity will be set to 30$, when buy target 3 will be hit then sell orders quantity will be 60$ and so on.
This is how sell orders quantity will be automatically adjusted based on filled buy targets.
Sell Targets Auto adjustment
when multiple buy targets will be hit then new average buy price will be calculated by bot and stop prices in sell orders will be re-adjusted according to new break-even price or average buy price. In above example when buy target 1 and 2 is hit then average buy price will be -0.55% so Take profit +3% will be re-calculated based on new average buy price and will be equal to +2.45%. As more buy targets will fill, sell targets will keep getting lower in accordance with new average buy price.
DCA bot to Open a Short position
Same as above example only different will be order combination in CUSTOM OSO. For short position. You can select Take profit in primary order and OCO buy in Secondary Order.
DCA bot in Signal/Trigger based Trades
User can setup DCA bot in Signal based orders by adding multiple buy target in the primary order. 1st buy target price will be overridden by buy price from signal message rest buy targets will be calculated based on entry price.