bitmex-recipe-trailing-stop-runner

name	bitmex-recipe-trailing-stop-runner
description	Ride a trend with a trailing stop that locks in profits on reversal.

Trailing Stop Runner

Enter a directional position and manage it with a trailing stop that ratchets up as price moves in your favour, then exits on reversal.

Prerequisites

• BITMEX_API_KEY and BITMEX_API_SECRET set.
• jq installed.
• Decide: SYMBOL, QTY, TRAIL_PCT (e.g. 2 for 2%).

Steps

1. Enter the position (validate first)

ENTRY_PRICE=95000
bitmex order buy XBTUSD 100 --order-type Limit --price $ENTRY_PRICE --validate -o json
# If validate looks good, submit:
bitmex order buy XBTUSD 100 --order-type Limit --price $ENTRY_PRICE --yes -o json

2. Set an initial stop-loss

Place a stop at 2% below entry with ReduceOnly so it can only close, not flip:

STOP_PRICE=$(echo "$ENTRY_PRICE * 0.98" | bc | xargs printf "%.0f")
bitmex order sell XBTUSD 100 --order-type Stop \
  --stop-px $STOP_PRICE --exec-inst ReduceOnly --yes -o json \
  | jq '{orderID, stopPx, ordStatus}'

Save the orderID returned for later cancellation.

3. Monitor price via WebSocket

bitmex ws instrument:XBTUSD -o json | jq -c '.data[0].lastPrice'

4. Trail the stop as price rises

When price moves up by TRAIL_PCT, cancel the old stop and place a new one:

NEW_STOP=$(echo "$CURRENT_PRICE * 0.98" | bc | xargs printf "%.0f")

# Cancel old stop
bitmex order cancel --order-id $STOP_ORDER_ID --yes -o json

# Place new stop
STOP_ORDER_ID=$(bitmex order sell XBTUSD 100 --order-type Stop \
  --stop-px $NEW_STOP --exec-inst ReduceOnly --yes -o json | jq -r '.orderID')

echo "Stop moved to $NEW_STOP"

5. Monitor for fill

bitmex ws --auth execution -o json | jq -c 'select(.data[].ordStatus == "Filled")'

When the stop fills, the position is closed and the trade is complete.

Notes

• Never widen a stop — only move it in the direction of the trade.
• On volatile assets, trail by ATR rather than a fixed percentage.
• Always test the full loop on --testnet before running with real funds.