Tell the bot when it should open deals
"Open new trade asap" on your bots... You created the first two bots, didn't you?
If you didn't see these guides, please click the links below:
- This article explains how to create your very first bot.
- Here is an article to follow for your second bot.
Explaining Bot "Deal Start Conditions"
Open new trade ASAP
When using the simple "non-stop" strategy, starting a new deal immediately after the previous deal has closed, can mean that your Вots could open deals at the peak (or "top") of the price for the coin you are trading. That's why you probably won't want to use ASAP all the time.
Example use cases:
- A trading volume competition? "Open new trade ASAP" is the best fit.
- Sure where the price is going? "Open new trade ASAP" does the trick.
- Ready to play price "bounces" with safeties (Dollar Cost Averaging)? "Open new trade ASAP" should work too.
Just remember the bot starts the next deal a moment after it closes the current one. It means a new deal often opens at the same price as the previous deal closes.
Open trades manually
- Don't trust algorithms but want to manage trades with bots? Start deals with a click.
- Have your algorithms? Start deals using API.
All simple bots have the button to open a new deal immediately.
You can open manual deals on composite bots with API only.
Technical analysis rating by TradingView.com
Trading View is the leading charting service, but it provides more than just charting, including the Crypto Screener.
See the Rating column? It is a rating derived from the cumulative average of many technical indicator values, from RSI to Moving Averages to MACD, etc. #
For example, the rating is a buy when 4 of 5 say the price will go up. There are many more indicators involved than five, but the approach is the same.
Trading View start condition has two settings
- Timeframe. Indicators provide different values on different timeframes. Short periods provide more frequent signals, but with a higher chance to get a false entry. Check how you can prepare to bad deals with safety orders.
- Rating. You select the minimum to open a deal. The strong buy is higher, and when you set the bot to use buy signals, it also includes all strong buy signals.
Two buys are not the same
Technical indicators don't communicate with text. They provide numbers, and so do the Trading View rating:
- -10 to -6 is a strong sell
- -5 to -1 is a sell
- 0 is neutral
- 1 to 5 is a buy
- 6 to 10 is a strong buy
The bot chooses coins using numbers. The text rating is only for us, humans.
You never meet the same rating: two buy ratings are 2 and 5 behind the scenes. When 1 to 5 is not enough for all currencies, add decimals.
Guess what to do now?
Try Trading View signals with bots on paper trading!
Don't forget to make the bot ready for wrong signals with safety orders.