Add a Take Profit With Trailing stop order

[mrbince]

Would be great, let's say I have a long bought entry 20$ and so I can put a TP As 50 Trailing stop -1$ .
So when the TP50 is reached, it put a trailing stop -1.. So if the price keep going up for a few dollars before going down -1$, then it does closes the long position at market price, -1$ from the higest high.

[Rusher-ru]

I second this.

[0xbigz]

yeah, sounds like trailing stop is a preferred automated strategy to take profit for a lot of people: lets someone continue to ride smooth trend until drawdown strikes.

more generally, strategy is: after price threshold $X breached, execute market order to close when theres drawdown = $Y

does that sound right @Rusher-ru , @mrbince ?

I feel this could do well as the first implementation for a standalone generic program that allows any to expand a library of onchain delegate strategies:

these automated tools to trade could further include:

• twap
• dca
• grids
• rebalance
• hedging

[mrbince]

Exactly!

[hansay]

i think trailing stop is a stop market order where trigger price is changing as the market moves:

• you define the initial stop price by setting a target delta: % or usd value (eg. 1% or 100usd)
• if market moves the favorable directon, the stop order's trigger price is updated to maintain the target delta
• if market moves against the position it behaves like a regular stop market order (because it is actually)

on the UI you could add a new switch to the stop loss panel which could enable/disable trailing mode on stop loss

[mrbince]

This is exactly that! De : hansay ***@***.***> Envoyé : Monday, May 27, 2024 11:40 AM À : drift-labs/protocol-v2 ***@***.***> Cc : Bince ***@***.***>; Mention ***@***.***> Objet : Re: [drift-labs/protocol-v2] Add a Take Profit With Trailing stop order (Discussion #704) i think trailing stop is a stop market order where trigger price is changing as the market moves: * you define the initial stop price by setting a target delta: % or usd value (eg. 1% or 100usd) * if market moves the favorable directon, the stop order's trigger price is updated to maintain the target delta * if market moves against the position it behaves like a regular stop market order (because it is actually) on the UI you could add a new switch to the stop loss panel which could enable/disable trailing mode on stop loss — Reply to this email directly, view it on GitHub<https://github.com/orgs/drift-labs/discussions/704#discussioncomment-9571830>, or unsubscribe<https://github.com/notifications/unsubscribe-auth/A5M7YZFVJF7C23GAEABLNKTZENHUFAVCNFSM6AAAAAA7RS3AHWVHI2DSMVQWIX3LMV43SRDJONRXK43TNFXW4Q3PNVWWK3TUHM4TKNZRHAZTA>. You are receiving this because you were mentioned.Message ID: ***@***.******@***.***>>