Can any knowledgeable crypto trader answer this question ?

I am using a trading bot and just like other trading bots, this trading bot also has certain settings for the user to select.

For Stop Loss, there is box to enter the percentage for Stop Loss, which I will enter as 1 (which means 1%). This is fine.

SEE SCREENSHOT >>> There is another box named "Based on", asking to select "Last" price, "Bid" price or "Ask" price.

I did go through various articles through a Google search and all of them just define what are last price, bid price and ask price, but none of them are clear to me.
I am NOT asking for technical definitions of "Last" price, "Bid" price or "Ask" price.

All that I want to know is that if I select 1% stop loss and I want the crypto bought to be sold if it's price drops to 1% below it's buying price, then what should I select for "Based on" ? Should I "Last" price OR "Bid" price OR "Ask" price ?

can I know which bot are you using?

Bid - the price people want to buy the coin at
Ask - the price people want to sell the coin at
Last - I guess the price of the last transaction (it can be either last bid or ask price, depending on what happened)

The safest must be "Bid", as you are looking at actually what you would get if you were to sell your coins right at this moment

kavo said:

Last - I guess the price of the last transaction (it can be either last bid or ask price, depending on what happened)

Click to expand...

Last is the last time there was a match between Ask and Bid, so it's not one or the other, but both.

roydan said:

Last is the last time there was a match between Ask and Bid, so it's not one or the other, but both.

Click to expand...

Last time is time, e.g. 24 November 1997
Actually I gave it a proper thought, and turns out it's none of them just like you are saying. There might be a situation after a transaction that its price does not match nor Ask nor Bid on the next tick.
So, back to the bot, it would be:
Bid - safest option, the sale must go through immediately
Last - something in the middle
Ask - riskiest option

kavo said:

Last time is time, e.g. 24 November 1997
Actually I gave it a proper thought, and turns out it's none of them just like you are saying. There might be a situation after a transaction that its price does not match nor Ask nor Bid on the next tick.
So, back to the bot, it would be:
Bid - safest option, the sale must go through immediately
Last - something in the middle
Ask - riskiest option

Click to expand...

Yeah, I should've phrased myself better. I meant that Last is the price at which the last trade occurred

adornoad said:

All that I want to know is that if I select 1% stop loss and I want the crypto bought to be sold if it's price drops to 1% below it's buying price, then what should I select for "Based on" ? Should I "Last" price OR "Bid" price OR "Ask" price ?

Click to expand...

Select 'Last' price while placing stop loss trade.

i think you should use last

All the traders I have talked to, told me they are not using a bot for trading because trading is about momentum, and intuition, not black or white as a bot is doing.
You must keep a journey and write at least 2 reasons why you open a position, if you just open a position because you think that the price will follow a certain direction, you must be very lucky in the long term.

Probably bid. What's the name of this bot if you don't mind sharing?