Can I Automate Trading on TradingView?

The crypto market is a very volatile environment in both a wide and narrow sense. The whole industry has been going up and down in total market evaluation while different assets demonstrated dramatic movements to the moon and back into obscurity. Thousands of various financial instruments are traded every second making it hard to follow even the most impactful events. How does the TradingView bot relate to all of this?

Automation is one of the best ways to address the chaotic nature of the market. There are several reasons why:

  • Machines can work with massive loads of data. TradingView, in particular, can simultaneously analyze hundreds of assets with dynamic technical indicators and the immense power of cloud computing.
  • Robots do not sleep or rest. The market operates 24/7 meaning that each second of idling can be a second you are losing potential earnings.
  • Bots can act without any emotions. Hesitation and fear are two factors that make most humans bad active investors. You can avoid making emotion-driven mistakes by utilizing heartless machines.

The strength of a TradingView alert bot

The platform acts as a terminal for mostly analytical purposes yet allows to integrate of a variety of service with it. You can connect your exchange account to TradingView and use its interface to place orders bypassing apps and sites of exchanges that may lack polish and efficiency compared to the market standard.

TradingView has a bunch of instruments that many users can utilize to great results. For example, you may use graphic tools like Fibonacci lines or support/resistance levels. Additionally, specialized indicators that provide useful information about any asset can be applied to a price chart with market data attached.

Alerts are special signals generated as outputs of some indicators. You can use them in many ways. The most obvious solution is to react to them by placing orders manually. It usually takes time for a human to process the analytical output, place an order on an exchange, and wait for the internet provider to pass the data to the exchange server.

Another way is to automate the response to such outputs by using contemporary tradingview crypto bots!

An example of using alerts

Let’s take WunderTrading as an example. You can run several bots simultaneously with different types of rules for each one. Each bot is a script that receives and processes signals from indicators working on your TradingView terminal. Based on the inputs, the bot makes decisions to place orders as instructed in the script.

Choosing the best TradingView bot is a challenging task but comes down to personal preferences and pricing. WunderTrading offers a flexible pricing policy with a free basic plan that includes up to 5 bots that you can use with any exchange that supports automation.

TradingView is also integrated with the platform. Bots are not all the same. Some can be used to buy LOW and sell HIGH (GRID bots) while other bots search for discrepancies in prices on different exchange platforms to make profits on small margins (Arbitrage). Again, you should choose based on your preferences.

In our example, WunderTrading can operate all types of robots using inputs from the TV terminal. A good TradingView strategy bot is a program that executes specific orders when indicators produce desirable outcomes.

Should you automate your trading patterns?

If you have a tested strategy that can be operated automatically, using a bot is a no-brainer. Some preset bots are great at generating income passively. However, the overall performance of any given script depends on a plethora of factors.

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