Through taking advantage of the volatility nature of crypto, Set Labs has unveiled Trend Trading ETH 20 Day Simple Moving Average Crossover Set tool to help investors cash in on price changes. The latter is in place to take advantage of crypto price swings help initiate sell or buy orders which translate to profits for traders.
To keep on track of the price swings, Set Lab’s Trend Trading ETH 20 Day Simple Moving Average is designed to use a two-year set of moving average dataset to determine the price surges in the market. On the other hand, the Simple Moving Average Crossover Set employs the use of Ether or USDC Coinbase’s stablecoin to represent user’s funds. The latter are in place to rebalance the trader’s assets based on the price swings.
However, to initiate the traders, ETH Crossover Set uses MakerDAO‘s ETH/USD price oracle to keep track of the daily price surge. The latter prices are drawn from MakerDAO’s DailyPriceFeed smart contract. The average is got after calculating the average of 20 days of price data.
While basing it’s rebalancing on the 20 day Simple Moving Average, the ETH Crossover Set only kicks in under two conditions. One when the price of Ether crosses the 20 day Simple Moving Average Indicator and two when it goes below. If the price moves above the moving average, the Set converts the trader’s funds into USDC by rebalancing the asset. On the other hand, if it drops, Set rebalances the funds back into ETH. According to Felix Feng, Set’s Lab CEO, the above is all about using momentum investing or swing trading techniques to limit losses and capitalize on price swings to generate profits.
Furthermore, Set is merely getting rid of manual reviewing of trend lines and execution of trades on exchange manually or delegating the duty to fund managers. The latter task is assigned to Set, which uses technical indicators encoded in smart contracts to execute the orders.
Apart from just initiating the traders, Set is also programmed with a six to twelve-hour confirmation window as a countermeasure to prevent unnecessary traders. Similarly, Set also has a rebalancing time interval of four days. While Set comes with similar working mechanisms of bots on exchanges, instead of traders having to set up a bot, for Set one only has to acquire an ERC20 token.
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