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 for Short trades 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.
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.
Once here, you're able to select the Exchange, the Market, and the Pair used.
This would be the section where you select the exchange you'd like to work with.
This would be the section where you select the market you'd like to trade with.
(USDT, BUSD, BTC, BNB, etc...)
This would be the section where you would select the pair you'd like to trade with.
(ETH, BTC, DOGE, ADA, etc...)
2. Switch to the Smart Buy tab
Once you have done this, navigate to the "Units" section:
Enter the amount of the token you'd like to purchase. In this example, we're purchasing 0.15306 BTC, which is 10% of this account's USDT balance.
Enter the price you sold the tokens for originally.
This value is used as a starting point for Take Profit, Stop Loss, and Profit/Loss.
This would be the total amount of USDT in this case, spent to purchase the BTC.
3. Enable Take Profit
In the next column click “Set Take Profit”
Using a price field, percentage field or a slider, enter a goal price.
In this example, Take Profit is set to -10%, so we use the percentage field.
You can split the Take profit targets 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, this would trail up past the target profit percentage until it dropped the per percent you enter for this option.
It will then proceed to close at market price.
More information on Trailing Take Profit can be found here.
4. Enable Stop Loss
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 10%.
You can enable a Stop Loss timeout if you'd like, which will wait the set amount of time before closing the trade if it hits its Stop Loss.
Trailing Stop loss is another option available to be used here.
If you'd like to learn more about this option, click here.
The "Move to Breakeven" option will allow your stop loss to move while the Smart buy goes towards its target profit. More information on this option can be found here.
The Approximate Loss will inform you about how much the deal would love if closed with the stop loss at the set percent.
Since the Stop Loss and the Take Profit are both 10% in each direction. the Risk/Reward ratio would equal 1 to 1 or "1: 1.00"
For more information on the Stop Loss and Take Profit options, click here.
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!