Autobid (also known as "Position Protection") is a feature that automatically increases your bid on a specific listicle if you lose your target position. You can:
Enable autobid per listicle
Choose a target position (e.g. 1st place)
Set a maximum CPC (Cost-Per-Click) to cap how high your bid can go
If you are outbid and drop below your target position, the Autobid system incrementally raises your bid (by $0.50 at a time) in an effort to regain your position. The system will not increase your bid more than it needs to; once your target position is reached then Autobid will stop raising your bid.
Furthermore, if Autobid estimates that your max CPC is going to be insufficient to achieve your target position, it will only increase your bid as long as it achieves a position gain for you. E.g. if you are in 3rd place and your max CPC is insufficient to achieve your target of 1st place, but it would achieve 2nd place, your bid will stop being incremented once 2nd place has been achieved.
To avoid costly bidding wars, rate limiting is in place. Autobid will only trigger successfully up to a maximum of 3 times per day.