It is hard to find a more revolutionary instrument than TradingView when it comes to the crypto industry. The world of cryptocurrencies is a complicated domain that does not tolerate any hesitation and incompetence, a perfect environment for the emergence of this amazing platform. However, you may also be interested in TradingView automated trading which is a logical extension of using diverse analytical tools to view the market and generate signals.
The whole idea of TradingView is based on the idea of using various types of strategies to generate so-called alerts, special signals that indicate when something significant happens in the market. In the beginning, alerts were generated by relatively simple combinations of technical indicators. However, contemporary strategies are elaborate and involve custom-made solutions and industry-specific indicators like HashRibbons.
How automated trading work?
There are several reasons why modern traders employ automation. We won’t go into details, but here is a very short version:
- Automation allows traders to stay active in the market around the clock and never miss out on opportunities to place an order based on promising alerts.
- Robots never hesitate and never make mistakes due to stress, anxiety, fear, or any other human emotion.
- Contemporary automation solutions are quite cheap and do not stress your wallet as much as some belief.
- Automation is a perfect way to utilize complex strategies that often rely on reaction time and perfect order placement.
How to automate tradingview strategy
To ensure that you trade profitably, you can use automated trading with TradingView. It is the most common way to introduce bots to your overall investment strategy. While details may differ and some platforms work using unique scripting methods, the general scheme to automate tradingview strategy looks like this.
- You register on TradingView and an automation platform (for example, WunderTrading) and choose suitable payment plans.
- TradingView generates alerts. You can use single technical indicators, combinations of various tools, or custom-made automation solutions created by power users of the platform.
- WunderTrading (one of the tradingview automated trading apps) allows you to connect an account on an exchange that you work with. After connecting, you will need to create a new bot.
- Follow the instructions on the WunderTrading official website and edit the script according to the tutorial by inserting code from the TradingView platform.
- The bot will receive alerts and act according to instructions. For example, if RSI reaches 75+ creating an alert, the bot will immediately place a sell order.
Again, you will be able to finely tune every setting when creating a new bot, but the general principle remains the same. You use TradingView with automated trading apps like WunderTrading and create scripts based on alerts from the TV platform.
Advantages of using TradingView
Automation is an extremely powerful instrument in the right hands. However, it can be useless if you do not understand technical analysis at all. You need to understand, at least, the basics and how technical indicators work to create an efficient strategy. If you know what you are doing, any automated strategy involving TradingView will be productive.
Other than that, why should you use this platform?
- TradingView is a relatively cheap service that you can get for as little as $10.95 per month (when billed annually) which is a great deal if you are planning to use alerts consistently.
- The platform is compatible with most automation vendors thanks to its versatile API and a proprietary coding language that simplifies scripting.
- You do not need any technical expertise to set up a strategy and generate alerts that can be sent to your bots on specialized automation platforms.
- The scripting language is quite simple and can be learned within a couple of days. It has a comprehensive syntax and allows you to simply copy-and-paste code into your scripts.
- You can test your strategy before investing any money by using solutions from WunderTrading which has a special free plan allowing you to run up to 5 bots simultaneously.
Should you try using TradingView automation?
If you are trading cryptocurrencies and enjoy investing in blockchain projects, you won’t find a better analytical tool than TradingView. It is a highly specialized instrument that has a plethora of unique technical indicators and custom-made strategies that allow you to leverage the power of community to elevate your trading strategies to the next level. The platform is compatible with most automation vendors including industry-leading services like WunderTrading, Cryptohopper, 3Commas, and more. It is an extremely powerful and easy-to-use solution that will completely change the way you see crypto trading.