What is Smart Buy?
Smart Buy is essentially the opposite of the Smart Sell feature and is specifically designed for traders with open Short positions on Futures exchanges. It can also be used to buy back previously sold coins on Spot exchanges.
Smart Buy allows 3Commas users to take control of "orphaned" Short positions on the exchange that are not under Bot, Grid Bot, or SmartTrade control. This will be automatically chosen when you will link the orphaned Short position.
You can click Smart Buy and choose the exchange and coin pair being traded, see the size of the open position, and take charge of it by configuring Take Profit levels and/or a Stop Loss.
Smart Buy is also useful for traders who may have created a Short position on the exchange and now decide they wish to control the position inside 3Commas.
Grid Bot users that cancel a Grid Bot on a Futures coin pair may also benefit from Smart Buy as well as traders running Futures DCA Short bots.
How to create a Smart Buy?
1. Go to the SmartTrade section.
Choose the Exchange, Market and Trading Pair:
2. Switch to the Smart Cover tab and enable Use Existing Assets
Scroll down to find the tabs under the TradingView chart:
3. Enter the parameters of your previously sold coins
Here you need to enter the following parameters:
Units - the amount of coins that you sold and plan to buy back.
Were Sold for Price - the price where your coins were sold or the average price if there were SOs executed. This value is used as a starting point for Take Profit, Stop Loss, and Profit/Loss.
Total - the amount of QUOTE currency, equivalent to the amount of the coins sold at the specified price.
4. Enable Take Profit
In the next column, click Set Take Profit:
Using a price field, percentage field or a slider, enter a goal price.
Take Profit is set to -10% in this example because it's been sold at a higher price and should be bought back at a lower price in order to make a profit.
You can split the Take profit targets (article) on the SmartTrade section if you'd like to have more than one Take Profit setting for the Trade.
If you'd like to use trailing take profit, read more details in this article.
5. Enable Stop Loss if needed
In the next column, click Set Stop Loss if you'd like one.
Using a price field, percentage field, or slider, enter the minimum price the Trade can drop before closing.
In this example, the Stop Loss is set to 5%. A positive Stop loss value means that it would BUY back at higher price than the coins were sold.
To read more about Stop Loss feature and settings, please head to this collection.
5. Here are all the settings for our strategy.
6. Create the Trade
Click Create a Trade and in the window that opens, carefully check all the settings again. If everything is correct, click Confirm.
Now you know how to buy back previously sold coins!