Close Position Block

by MonsieurK

Close block - This block is the order block for closing a position. With this block you can close all or part of your SHORT or LONG position.

Block Configuration

In the block parameters you can configure the type of closing order and the amount of the position you want to close.

The different options of the block CLOSE

First, you will need to define how much you want to reduce your current position. This amount is expressed as a percentage. Example: If your strategy is currently in a $1000 SHORT position with leverage 10, a 70% CLOSE will close most of your position.

In the Basic Settings you can also select the type of orders to be sent to the exchange:

  • Market orders, which allow you to take a position "no matter what it costs".
  • Limit orders, which allow you to take a position at a fixed price.

Limit orders have more than 3 modes:

  • The "Block price" mode: mode that allows you to take a position at the price of the asset at the moment the block is triggered
    For example: "close my long position on BTC at the current price
  • The "Custom Price" mode: mode that allows you to take a position at a pre-determined price.
    For example: "close my long position on BTC at $17,000".
  • The "Deviation" mode: mode that allows you to take a position at a price deviated by X% from the current price.
    For example: "close my long position on BTC at current price +0.5%".

The "Advanced Settings" tab allows you to set the lifetime of your order. An order can be valid until its completion or it can have a validity period.

  • Valid "until completed" means that the block will wait indefinitely for the order to be completed before moving on.
  • Valid "until expiry" means that the order will have an expiration date. This means that if the order is not fully completed by the end of its validity period, it will be aborted and the strategy will continue.

    Note: It is possible to make your strategy change its behavior in case of expiration, for example to execute a particular action, to repeat the purchase, to take another path etc... To do this, select a failover block by clicking on the small viewfinder and selecting the desired block.

Visualizer

You can press the "F" key to display the paths of the links in case of expired orders (failover).

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‌Happy Trading,

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