bitfinex-auto-stop-121-scale-out

Bitfinex Auto-Stop with 1:1 Scale-out (Node JS)

When entering a trade it is often desirable to be risk-free as soon as possible. One way to do this is to scale out 50% of your position when your profit matches your risk (including fees). This scale-out price is called your 1:1.

This Node JS script allows you to enter a position based on stop, market, limit, or stop-limit entry order, then automatically places a stop order AND a 'one-cancels-other' limit+stop order to protect your position from loss, scaling out 50% at 1:1.

The script also monitors the ticker prior to entry to ensure the reason for taking the trade is not invalidated (ie your stop price or fibonacci reference level is breached prior to entry).

Installation

Prerequisites: Node.js

1. Open a terminal/command prompt and run the command below.

npm install -g bitfinex-auto-stop-121-scale-out

Note: You may need to use sudo (for MacOS, *nix etc), or run your command shell as Administrator (for Windows) to do this. For example:

sudo npm install -g bitfinex-auto-stop-121-scale-out

Configuration

1. Log in to Bitfinex and create a Bitfinex API key with 'Orders' and 'Margin Trading' Read and Write permissions.

2. Using Sublime Text or another text editor, create a text file named .env in your user home directory (where you will run the script from), and add your Bitfinex API key and secret in the following format. Replace BITFINEX_API_KEY with your API key and BITFINEX_API_SECRET with your API secret.

API_KEY='BITFINEX_API_KEY'
API_SECRET='BITFINEX_API_SECRET'

Usage

Open your Terminal/Console, paste bitfinex-auto-stop-121-scale-out, and hit the Return key to display instructions on how to use the script.

IMPORTANT: Your computer must be left running and connected to the internet for the stop to be placed by this script.

Updates

To ensure you're running the latest version of this script, run the following command in your Terminal/Console:

npm update -g bitfinex-auto-stop-121-scale-out

Note: You may need to use sudo (for MacOS, *nix etc), or run your command shell as Administrator (for Windows) to do this. For example:

sudo npm update -g bitfinex-auto-stop-121-scale-out

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