The flock never marries a coin. Every position it opens is closed by fixed rules: take profit, stop, and a maximum hold time. Nobody decides when to sell.
The rules
| Rule | When | What the vault does |
|---|---|---|
| Take profit | the position reaches 2× its entry | sells half |
| Trail | after take profit | the rest stays open under the same stop and clock |
| Stop | the position falls −35% from entry | sells everything |
| Max hold | 6 hours after entry | closes whatever is left |
| Max open | 12 positions open | opens nothing new until one closes |
| Written off | still unsellable in 12 turns after max hold | frees the slot; the tokens stay in the vault; a loss if it was stopping out or, with a price, never got its cost back |
Take profit
When a position is worth 2× what the vault paid, the vault sells half of it. That locks in part of the move.
Trail
What is left after the take profit rides on. It is still watched by the stop and the clock. It can run further, or it can fall back to the stop.
Stop
When a position is down −35% from entry, the vault sells all of it. The stop is measured from entry, not from the high.
Max hold
After 6 hours, the vault closes whatever remains, whatever the price. The flock does not wait for a coin to come back.
Max open positions
The vault holds at most 12 positions at once. When full, a turn still runs its exits but does not open a new position.
When exits are checked
Exits are checked on every turn call. A turn first makes its buy, then handles exits for every open position. Anyone can also run the exits between turns with pokeExits() (the Run exits button in the app); there is no keeper watching prices.
This has a cost. Between calls, nothing is checked. If a coin crashes through the stop between two turns, the vault sells at the next call, at whatever the price is then. It can be far below −35%. If nobody calls the turn for a while, positions go unchecked for that while. See turns.
Sizes
Every position starts small: at most 5% of the vault per turn, and never more than 1% of the pool's in-range WETH depth. One coin never has more than 20% of the vault's WETH at risk, counting all its open positions and everything already lost on its closed ones, nor more than 5% of the pool's WETH depth. The depth used for buy sizes is the smallest of the pool's in-range depth over the last 5 minutes, over up to the last 30 minutes, and the WETH it actually holds, so liquidity parked for a few minutes barely counts.
Every turn's buy also sells 1% of what it bought straight back, inside the same call, and undoes that sale. If the test sale fails or returns less than the average price minus the slippage cap, or if fewer tokens arrived than the pool sent, the buy is undone too: a coin that cannot be sold at all, or that takes a fee on transfer, is not bought. A coin built to let only that first test sale through can still pass it; the cap above bounds the damage, and a coin whose position was ever written off is never bought again. When the same target is picked again, the vault adds to its position only while that position is younger than 4 hours, has not taken profit, and has no exit due at that moment; otherwise it opens a new one. Each turn buys first and runs the exits right after.
Exits sell in pieces, like buys: one sale is worth at most 0.5% of the pool's WETH depth, so no sale fails on its own price impact. A take profit or a close starts only when the pool's price agrees with its 5-minute average (within 1%), so a few seconds of a pushed price cannot trigger one. Once started, it keeps going sale by sale, at every turn and every pokeExits() call, until it is done, even if the price moves back. A sale worth less than 0.001 ETH is not made: the pool is too thin at that moment, and the sale waits.
Sells are subject to the same slippage cap as buys, 3%, measured against the pool's 5-minute average price. If the pool's price is more than 1% away from that average, the sell waits; anyone can retry it with pokeExits(). If a pool is too thin to sell within the cap, the sell waits for the next call. A position that still cannot be sold in 12 turns after its max hold (one failed try counts per turn) is written off: its slot is freed, the tokens stay in the vault, and the call counts as neutral.
What exits do not promise
Fixed rules do not make money on their own. A stop can fire and the coin can recover a minute later. A take profit can sell early before a much larger move. Many losing positions in a row are possible. See risks.
Where to see them
The Flock tab lists every open position with its entry, current multiple, age and the next rule to fire, and every closed position with its reason: take profit, stop or max hold. Until the vault is live, it shows pending.