What is a trend?
The direction of a market, or of an asset's price, is a trend. Trends are identified by trendlines, or price action, that underscore the price is making higher swing-highs, and higher swing-lows, for an uptrend, or lower swing-lows and lower swing highs for a downtrend - which is found in technical analysis.
Many traders choose to trade in the same direction as a trend; contrarians, those opposed to following the trend, work to find reversals to counter trade the trend, or simply trade against it all together. There are uptrends and downtrends, which happen in all markets, including as stocks, bonds, and futures.
An uptrend is an increase in price. No market or asset moves straight up for long; there will always be variation, but the direction must be higher for it to be deemed an uptrend. Swing lows should be above past swing lows. The same rules apply for swing highs. As an uptrend breaks down, it could be losing momentum and reverse into a downtrend. Downtrends are comprised of lower swing lows and lower swing highs.
What is a price range setting?
If the bot cannot open a Market Buy/Sell order right away due to API timeouts (very common for BitMex) this defines a maximum range in which the bot should still send the order. If the price fluctuates more than this amount before the API becomes responsive again, the order will not be submitted