OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, has issued updates for the day of May 14, 2023.
OKX is proud to introduce the latest upgrade to its Spot Grid Trading Bot with the addition of ‘Trailing’ settings. This new feature addresses the Spot Grid Trading Bot’s limitations in capturing the potential of rising or falling markets.
OKX’s Spot Grid Trading Bot allows traders to set a manual price range or use a back-tested AI strategy according to which the trading bot will execute automated buys and sells. The original Spot Grid bot works well in a sideways market, buying low and selling high when the price fluctuates within a selected range. However, when the price exceeds the upper or lower limit of the grid, the bot stops trading and becomes idle until the price returns to the trading range. This limits the potential of rising/falling markets, which makes the Trailing feature necessary.
Latest Fintech News: OnPoint Community Credit Union Opens First Corvallis Branch in Local Fred Meyer
The new Trailing feature allows the trading bot to automatically follow the price and move or extend the grid upwards/downwards to continue working with a new range. The Trailing Up option moves the entire grid up at a time when the price crosses the upper price limit, while the Trailing Down option extends the entire grid downwards when the price falls below the lower price limit.
Latest Fintech News: Discover Online Savings Account Ranks First for Customer Satisfaction in Direct Banking Study by J.D. Power
The Trailing feature allows traders to capture the potential of a market beyond the previously selected range. The new feature enables traders to automatically adjust the grid range to capture gains while minimizing risks. As a result, it reduces the risks associated with missing out on potential gains due to a rapidly rising or falling market.
The Trailing setting can be customized to fit each user’s trading strategy, allowing them to set a price limit. Additionally, the Spot Grid bot automates the buying and selling process, saving traders time and effort.
Latest Fintech News: Zayo and Fermaca Partner to Deliver the Most Advanced Cross-Border Connectivity Between the United States and Mexico
[To share your insights with us, please write to sghosh@martechseries.com]
