We’re excited to announce that Stop Loss & Take Profit function is finally here! After extensive internal testing and through our Alpha group on Discord, we’re ready to release it to everyone!
How Does It Work?
As a front-end coordinator with market makers through SYMMIO core contracts, we’ve implemented our own proprietary solution for SL/TP. This comprehensive solution allows us to trigger orders as soon as the price hits the user’s target; consisting of a price query from Binance official price feeds, Mark Price, and a fallback option in case it goes down to always have a reliable Oracle to gather price from.
For us to be able to close a position on behalf of the user, the SYMMIO team has added a function inside the core contract that allows us to execute a transaction on the user’s behalf after signing a transaction permitting us to do so.
The system works as follows:
Price >= TP → System is triggered, and the close transaction is sent to the solver.
Price <= SL → System is triggered, and the close transaction is sent to the solver.
The time between the system trigger and the transaction being sent is minimal, and thanks to our Account Abstraction technology, we can sponsor this operation with a $0 gas cost for the user.
However, the timing between different states on the SYMMIO on-chain side can vary between 3–5 seconds, which creates room for orders not to get filled/executed because of price changes.
Further, as a front-end implemented solution, IntentX cannot guarantee that the close order is complete on the solver side, only that the close request is sent correctly to the solver. This dependency exists on the SYMMIO and solver side, with further development required to create a 100% robust system, including a multi-dimensional system with redundancies on both the IntentX and solver side.
Warning: Users must consider that this system is in the BETA phase and works better on medium & long-term operations rather than in scalping & low timeframe operations.
Setting Stop Loss & Take Profit
Setting your SL & TP is as easy as a few clicks;
Firstly, you need to open a position and view your position in the ‘’Positions’’ tab. From there, you’ll find TP/SL. Click on the settings to start setting up your TP/SL.
Now, you’ll need to enable stop loss with an approval. This approval needs to be set so IntentX can close your position.
Once you’ve enabled stop loss, it’s as simple as choosing your Take Profit & Stop Loss. Choose percentage-based, or put in your own desired prices.
Get Started
Check out Stop Loss & Take Profit live now at app.intentx.io!
As always, we continue to improve IntentX based on your valuable feedback. Join our discord community to tell us what you think of these updates.
Official Links:
- Website: https://intentx.io/
- Twitter: https://twitter.com/IntentX_
- Discord: https://discord.gg/IntentX
