How to set take profit – Veles Help Center

How to set take profit

The Veles platform offers traders several options for closing a position, which are suitable for the most sophisticated trader with his trading strategy. 

There are three ways to close your position on the platform. This is a choice between a simple take profit, multi-takes and a signal take profit.  

  1. Simple Take Profit 

This mode is considered the traditional of the three presented.

The Profit window sets the closing percentage of the position from the average price.

If you select 0.5%, the bot will close your position as soon as the profit from the average price is 0.5%

  1. Multi-Takes 

The multi-take option is a tool that allows you to close a position in parts.

After executing the first buy or sell order, the system automatically sets multi-takes.

Multi-takes shift as the bot executes the grid of orders.

When the first TP is reached, part of the position will be closed in accordance with the set volume, the rest will be redistributed to other closing orders. Thanks to this method, the transaction will be closed with the maximum potential.

How to set up multi-takes?

In the “Profit” block, select the “Own” mode and specify the number of orders, and volume distribution for each order.

This way you will unload the position in parts and secure your deposit in case of market reversal.

Indentation sets the percentage of order placement from your average entry point.

Volume sets the percentage of the position’s value by which a portion of the trade will be closed. 

In the profit currency you can select a stablecoin, with which the profit will be calculated. 

  1. Closing a deal by Indicator Signal

With this option, the bot will automatically close the position when the indicator gives the corresponding signal. 

For example, if you launched a short bot by setting the position closing settings based on the RSI indicator, the algorithms will automatically close the position when the indicator sends an oversold signal. 

How to set it up? 

To select the closing of a trade based on the data from the indicator, select the SIGNAL tab in the Profit block.

In the filters you can select any available indicator or their combination for your own strategy.

In order to avoid the exit signal with a negative trade result, activate the Minimum P&L function.

Set the minimum P&L to close the deal on the indicator signal.

When the bot receives a signal and the Minimum P&L function is activated, the bot will lock in profit only when the specified % value is exceeded.

The minimum value that can be specified as a profit is 0.1%

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