CoinPanel has recently launched a new feature — Analytics — an upgrade to the previous Positions feature used for tracking profits and losses.
The new Analytics feature not only displays profits and losses for each trading pair but also tracks the pair performance for all assets designed with flexibility and robustness in mind.
Here are some of the key differences between the previous Positions feature, and the new Positions section as part of the Analytics feature:
The previous Positions feature could only have tracked profit/loss for assets that were bought (long positions). If the price of a crypto asset went up, Positions showed a percentile change (gain); if the trader sold the asset at that price, profit would be made. That was simple and useful, but very limited.
If a user-traded the same asset with different pairs (e.g. ETH/BTC or ETH/USDT), the previous Positions feature would not have been able to display the pairs.
If a trader had a little bit of the asset that remained from previous trades, for example, if a user was already holding ETH and wanted to open a new position with ETH-USDT), the Positions feature would not be able to accurately display the PnL.
Additionally, the previous feature only was only useful for long positions, (purchasing an asset to sell it at a higher price), but they were not helpful for short positions (selling an asset in order to purchase it at a lower price when the price goes down).
The previous feature also did not allow the trader to change the average price (e.g. lowering the buying average by making more buys at a cheaper price, if it continues to go down).
Our team has worked around a clock exploring various industry best practices and designed a very flexible and powerful, yet simple instrument —Analytics. Those above-listed limitations of old positions were conquered and a set of new tools has been created.
Let’s compare the previous and new Positions features:
Old Positions feature:
New Positions section (part of Analytics):
Let’s compare the interface of old and new versions of Positions. For the old version there were:
Market, ROE%, PNL, Entry Price, Current Price, Units, Date Opened.
For the new Positions section there are:
Pair, Side, ROE%, PNL, Average Price, Current Price, Quantity, Sum, Operations.
By quickly comparing those columns we can see that all essential information remained in the new Positions section. The key differences are:
1. “Side” — direction of the operation. A trader who wishes to enter into a long position buys assets to sell them at a higher price. When a trader buys an asset the side of an operation will be Buy. And a bearish trader will sell an asset in order to buy it back at a cheaper price. In that case, the trader sells assets and the side of an operation will be Sell.
2. “Entry Price” VS “Average Price” — original positions allow users to buy an asset and wait for its price to grow to sell this asset. If the market continued to go down, the user had to wait or close a position at loss.
With the new positions section, a user may change the average price by making additional orders and increasing the size of the current position. And is a great tool for experienced traders (will be discussed in more detail later in this document).
3. “Sum” — shows the total amount of a quote asset taken to build this position (e.g. 12000 for ETH-USDT pair means that trader bought a total Quantity ETH and paid for it 12000 USDT *).
4. “Operations” is a simple count of trades that took place while building this position (e.g. a number of 5, where the side is Buy, means a trader has made 5 buying operations to build a current position).
5. “Date Opened” — is the only missing column in new positions. The old Positions considers, every purchase of an asset that hasn’t been bought before as a new position. That approach had limitations because it didn’t allow a user to increase a position. With the new Positions section, it is a lot more flexible, only requiring a user to manually specify the exact date when he started to build this position. A trader can enter the date in the Start Date field of the Search card (screenshot below) and the position will be immediately recalculated. That flexibility allowed monitoring past positions, or even combining a series of past positions, by simply entering dates when it was first opened and last closed.
The new Analytics feature does not only consider every purchase as a new position. It is the trader who specifies the date when the position was entered, by providing the starting date in the search field.