A Trading View bot will create trades based on a pre-configured strategy, when triggered by pre-defined Trading View alerts connected to the bot using UUIDs.
Let's see how to create a bot and connect it with Trading View alerts.
To create a new bot, navigate to the TradingView section and click the "+ Create Bot" button on the top right corner of the screen.
Creating a new bot is comprised of 5 Steps:
General: set your bot's general basic settings, such as its name, symbol, exchange, amount per trade, and direction and leverage for future exchanges.
Entries: set your entry strategy, including the number of orders, their price, and their size.
Take-Profit: set your take-profit orders to realize your earnings.
Stop: mitigate your risk by setting a stop-loss order and other stop settings.
Advanced: set cooldown time and the number of trades until the bot stops.
On the right side of the screen, under the 'Available Balance' you can see the current available amount of the coin which is relevant for the bot you are creating, and a dynamic summary of the bot's orders which updates with every change while creating the bot.
For your convenience, while you set your bot, the system will warn you (in red) when something is invalid and will let you know what needs to be changed in order to create a valid bot.
Once you’re done setting up your bot, you can create the bot by clicking the "Create Bot" button on the right side of the screen. When creating the bot, you will be able to choose between "Create" and "Create & Activate":
"Create & Activate" - will create the bot and activate it. Once the bot is activated, when an alert is triggered a trade will be created.
"Create" - will create the bot in an inactive state and trades won't be opened until activating the bot.
While creating the bot, entry and take-profit UUIDs will be generated in order to insert them into the Trading View alerts, which will trigger the bot's entry and take-profit orders. The Webhook URL will also be available at this stage in order to connect the alerts.
The UUIDs and Webhook URL will also be available for later use. The UUIDs will be visible on each bot and the Webhook URL can be copied by clicking the "Webhook URL" button on the top right corner of the "My Bots" screen under the TradingView page.
Additional information on how to create trading view alerts on TradingView.com, and connect them by using a Webhook URL and UUIDs.
As long as a TradingView bot is active, it will create a new trade every time a TradingView alert connected with a UUID to the bot is triggered unless configured otherwise on(in) the advanced settings.
Bot Name: give your bot an indicative name that will help you differentiate easily between your bots.
Account: choose the exchange account to be connected to your bot. Please note that the account's auto trading configuration won't be applied for the bot, but only the configuration set for the bot.
Symbol: choose the desired symbol for your bot.
Amount Per Trade: set the total potential amount to be invested in each of your bot's trades. You can set it by fixed BTC, fixed USD, or a percentage out of your available amount.
For Futures exchanges:
Direction: set your bot's direction for long or short.
Margin Type: choose the desired leverage type (isolated or cross).
Multiplier: choose the leverage level.
Enable the Entries toggle in order to add entries to your bot and customize your entry strategy. The default entry settings will be using the DCA method, alternatively, you can use the custom method.
For each bot, the first entry order will be a market order and will serve as a base order, as the subsequent orders will be calculated based on it and in accordance with the settings below:
The 'Customize First Entry' toggle will allow you, if enabled, to set a specific amount to be allocated for the first entry order, defined as a percentage out of the total trade amount. Otherwise, if disabled, the allocation for the first order will be set up based on the same parameters as all other entry orders as follows.
The 'Amount Scale' and 'Number of Orders' parameters will determine the amount to be invested in each order:
'Amount Scale': will determine the multiplier between each following entry order amount and will set the ratio between the orders, in terms of the amount invested in every order.
'Number of Orders': will determine the total number of potential entry orders the bot will place in each trade (up to 50 entry orders).
'Number of Active Orders': will determine the total possible number of active entry orders the bot will be allowed to place simultaneously on the exchange.
Amount per trade = 130
The number of orders = 3
Amount Scale = 3
The first order will be for $10 and the following orders would be $30 and $90 respectively.
Amount per trade = 1st Order + 2nd Order (1st Order*amount scale) + 3rd Order (2nd Order*amount scale).
The 'Price Difference' and 'Price Scale' parameters will determine the orders' price:
'Price Difference': will set the difference between the first entry (which will be at market price) to the second entry order (which will be set to be at the first entry price minus the price difference percentage).
First Entry Price (Market Price) = 100
Price Difference = 1%
The three first entry orders will be placed at 100 (market price), 99 (100 - 100*1%), and 98.01 (99 - 99*1%).
'Price Scale' - will set the price difference multiplier from the second entry order and the subsequent orders.
First Entry Price (Market Price) = 100
Price Difference = 1%
Price Scale = 2
The three first entry orders will be placed at 100 (market price), 99 (100 - 100*1%), and 97.02 (99 - 99*1%*2).
'Max Order Price Difference': will show you the price difference (distance) in percentages between the first and last orders, taking into consideration all of the parameters above.
'Trailing': if enabled will apply Trailing Entry based on the chosen percentage for all entry orders, except for the first entry order which is a market order.
Enable the Take-Profits toggle in order to add take-profit orders to your bot and customize your strategy.
'Take-Profit Distance Percent': will set your take-profit order as a percentage above the entry price (baseline).
'Take-Profit Baseline': will determine if the 'Take-Profit Distance Percent' will be above the first entry or above the average entry price. The baseline will be updated based on the actual price(s) of the entries fulfilled.
If you wish to add more than one take-profit, enable the Take-Proft strategy toggle and you will be able to set your take-profit strategy based on the DCA parameters or using the custom method in the same manner as with entry orders.
'Trailing': if enabled will apply Trailing Take-Profit based on the chosen percentage.
Enable the Stop-Loss toggle in order to add a stop-loss order and other stop settings.
'Stop-loss Percent': will set your stop-loss order as a percentage below the entry price (baseline).
'Stop-loss Baseline': will determine if the 'Stop-loss Percent' will be in accordance with the first entry or the average entry price.
'Number of Continuous Stops Before Bot is Stopped': in order to protect yourself, this feature allows you to define the total number of continuous stop-loss orders that will be executed by the bot before it is automatically deactivated so that no more positions are opened without manually re-activating it.
'Stop-loss Timeout': The Stop Loss Timeout feature allows you to define a timeout period by which to delay the closing of a trade with a stop-loss order, in case you suspect the price will change again in the desired direction shortly, and you don't want to close (sell) your position immediately when reaching the stop-loss price.
'Cooldown Between Open Trades': allows you to set a minimum time interval (in seconds) after a trade was opened that no new trades will open up. That means that even if an alert is triggered during that time period, a new trade will not be opened.
'Cooldown After Trade Close': allows you to set a minimum time interval (in seconds) after a trade was closed that no new trades will open up. That means that even if an alert is triggered during that time period, a new trade will not be opened.
'Number of Trades Until Bot Stop': this allows you to define the total number of trades that will be created by the bot before it is automatically deactivated so that no more positions are opened without manually re-activating it.
'Number of Simultaneous Trades': this setting allows you to control the maximum number of simultaneous cycles for your trading bot. Anyway, no more than 3 trades will open up simultaneously on the same symbol (for the same direction) per exchange account (client).