TradingView Bot: Top 5 Strategies to Automate Your Way to Success

With over 30 million active users, the TradingView platform is the most popular trading terminal in the world. The popularity can be explained. The charting website offers a rich selection of powerful analytical tools and a convenient way of creating unique trading signals using the in-built alert system or by tinkering with code in Pine Editor.

Since it is possible to automate all types of technical analysis trading strategies deployed on the terminal, finding the right way to create a TradingView bot is just a matter of preference and available capital. We will talk about some of the best investment ideas that should work for specific types of investors with different risk styles and aspirations.

Relative Strength Index Grid Bot

If you are looking for a relatively simple strategy to work with, take a closer look at GRID bots on the WunderTrading platform. This automated trading system uses the DCA approach to reduce the average price of assets and generate profits by buying low and selling slightly higher. By setting low profitability goals and avoiding losses, this bot is capable of producing a steady stream of passive income for its user.

Since GRID bots follow a predetermined algorithm, the only important thing you need to do is to set it in motion under the right circumstances. The easiest way to do so is by identifying a period of a strong downtrend along which the bot will open long market positions. If you can afford to hold these positions until the inevitable price retracement, you will earn a sizeable sum of money.

Use Relative Strength Index (RSI) to identify moments when the market is preparing for a retracement or a change of course:

• The indicator has a simple line that oscillates between 0 and 100.
• When the line reaches 80 or above, it is a good idea to open a short position.
•  When the line falls to 20 or below, look for an opportunity to buy.

Activate GRID bots when the price starts going down if you are working on the spot market or plan to open a series of long positions using your margin account. Open a series of short positions when the price starts going up.

Bollinger Bands Breakout

BB is a powerful tool that shows standard deviations of prices from their medians. Two SD lines create a channel inside which a moving average of the median price sits comfortably. When the price breaks through one of the channel walls, it means that the market may form a new trend.

Bollinger Bands is a perfect indicator to use without any other complimentary tools, but it can also confirm signals generated by other indicators like RSI. We strongly recommend keeping BB open at all times to have some context for price changes and periods of volatility. Note that this is tool is capable of predicting trend formations quite consistently.

Use the indicator as a source of signals for bots that open long-term positions and capitalize on large price movements. You can use the toolkit on the WunderTrading platform to create a unique bot that will have very specific instructions.

MarketProfile Strategy with POC

The Market Profile shows the volume of assets traded at certain price points. Eventually, some price levels create a massive horizontal line that becomes a point of control. This is a price level that bulls and bears are fighting over. Around this area the density of orders becomes critical pointing at a forming gap between ask and bid prices. This gap is called spread.

Trading spreads is what many people call scalping. You can create a fully autonomous scalper bot by instructing it to buy and sell within the spread. Note that you should pay extra attention to commissions and potential narrowing of the gap due to the pressure from other scalpers.

This strategy requires some intense practice and understanding how spread trading works in general. Unfortunately, you can’t really rely on backtesting it or use other means of checking the validity of a strategy against the market history. It is possible, but it will be all over the place and hard to set up.

Stochastic Oscillator and Swing Trading Bots

If you are looking for the best TradingView bots for 2024, look no further than this one. Choose an asset with relatively low liquidity, deploy a stochastic oscillator and wait for an opportune moment. Currently, prices in the cryptocurrency market are correlated with very strong price movements happening all the time.

Bitcoin-adjacent tokens with lower liquidity (Monero or Litecoin) follow the same trend as the most dominant coin in the market but slower. Stochastic allows you to find a good moment to enter the market for a nice swing. The indicator shows when an asset is oversold or overbought foreshadowing a possible price retracement.

For profitable trading, use this indicator on the Bitcoin chart and look for potential signals on correlated assets. Robots will act slightly faster than the market giving you a small upper hand. It is one of the cheesiest TradingView strategies for automation.

Fibonacci Lines for Better Risk Management

This method is not a strategy that can be automated, but it is a nice trick for people interested in finding a good way to choose parameters for delayed orders (Stop Loss and Take Profit). Technical analysis rules say that you should either use ratios of SL/TP or try placing them close to support and resistance levels. One of the easiest ways of determining where these lines are is by overlaying a Fibonacci lines tool over the chart.

Placing chart is quite straightforward choose a local minimum and click it while having the tool selected. Drag the line to the local maximum of the price and place the lines. These lines will show potential support and resistance levels that can be used as SL/TP values.

Note that Fibonacci lines are just guides and should not be used without any other confirmations. Consider it s a tool for clarity and nothing more!