Quick Start

Strategies

Market Making

This is our original take at a market making style strategy. This style is designed to be uses along with Human TA, External Alerts, or Manual Trading. There are some special features in this strategy that has helped it be successful over the past year.

Contract Adjustment

If set to auto the number of contracts per trade will be based on the following formula (Contract Size % * Balance * Ticker). If set to manual the number of contracts per trade will stay as configured. This number will automatically be adjusted to the exchange minimum (ex. Bitmex: 0.0025 BTC * BTC Price).

Max Position:
Specify the maximum position size that the bot will purchase before it stops adding to the position.

 

Trailing Stop Loss

A trailing stop is a stop order that is set at a defined dollar amount away from current market price. If the price moves favorable to your direction a trailing stop will trail the market price in order to maintain your stop order. This amount should be entered as a positive dollar amount and the bot will position according to the type of bot. (Disabled = 0)

Take Profit

A trailing stop is a stop order that is set at a defined dollar amount away from current market price. If the price moves favorable to your direction a trailing stop will trail the market price in order to maintain your stop order. This amount should be entered as a positive dollar amount and the bot will position according to the type of bot. (Disabled = 0)

 

Entry Protection

Scavenger Bot uses Stoch RSI on the 1 Hour Time frame as our basic protection to keep the bot from entering positions when the market is clearly showing a push in the opposite direction. The bot will wait until this value is in your specified range before entering a position.

The default setting for OverBought Stoch RSI is 70
The default setting for Oversold Stoch RSI is 30

 

Smart Channel

This is a real time channel watching the range of your position to allow protection against a large position building up over time when the volume is low and the price action is in a tight range.

Channel Contract Limit:
This is the amount of contracts at which the bot will start smart channel protection.

Channel Boundary:
This is the width of the channel that will be formed when your contract limit it reached, once your positions average entry is in this range it will only look add when the spread is larger than the set boundary.

 

Market Change Protection

Enabling this will allow the bot to enter a protection mode that stops the bot from adding additional contracts to the open position based of the price change in percentage based off the last hourly close. If the percentage move is greater than the value set on the slide the bot will wait until price action has stabilized.

Micro DCA
This is a method of slowly Dollar Cost Averaging your position based of the risk size you select, by doing this we continuously work on keeping the position in a price range of the daily swings so you can take profits quickly when there is an opportunity.

Other Features
All of the orders placed in this strategy are limit & post-only, this allows us to be a Market Maker and receive fee’s back from the exchange instead of paying them for providing liquidity to the books… Free Money!

FAQ

How can I pay to use the bot

There will be a weekly invoice with a fee of 15% on your profits made with Scavenger Bot payable in BTC. We will have other payment options in the future also with the ability to prepay for a more automated way to make payments. There is a 48 hour grace period for the weekly payment also.

 

At the moment invoices are sent out Sundays.

 

What is the minimum balance

Market Making Strategy Defaults:
We recommend 0.2 BTC per direction when running Scavenger Bot. This allows you to use cross leverage to your benefit and minimize risk. You are able to run anything over 0.05 BTC per direction but this will increase your risk & chances of being fully liquidated immensely the less you use.

 

What is Cross Margin

Cross Margin, also known as “Spread Margin” is a margin method that utilizes the full amount of funds in the Available Balance to avoid liquidations. Any realised PNL from other positions can aid in adding margin on a losing position.

This margin method is useful for users who are hedging existing positions and also for arbitragers that do not wish to be exposed on one side of the trade in the event of a liquidation.

Note that, by default all positions are initially set to “Cross Margin”

If you are new to leverage trading we highly suggest learning more about Bitmex here:

https://www.gnomegarden.io/bitmex-setup/

How can I request a feature

To request a new feature by opening and issue on our Github page below:
http://bit.ly/ScavengerFeatures

 

How can I become an affilaite

To join the affiliate program please visit our affiliate portal below.
https://affiliate.scavengerbot.io/

 

How does the bot handle BitMEX system overloads

Scavenger Bot ammends orders to keep on the books while the algorithm is able to have timeouts for incremental time periods with the ability to recalculate

 

How to open a support ticket

To open a ticket head over to the Discord server, link here:
https://discord.gg/6Ys7gEr

Then head over to the #?support-only channel and use:
-ticket open (type your support issue)