How to use TradingView to automate smart order strategies?

As a trader, you must be willing to upgrade your TradingView strategies. Using smart order strategy automation with TradingView for algo trading can be a great way to do so. TradingView and algo trading automation are two powerful elements in the options trading world. In India, 50%–55% of traders use algo trading software and invest in algorithmic trading. 

However, if you are not well-versed with advanced leading algo trading software and TradingView functions, it might be quite challenging for you to act. But you do not need to worry about it! In this blog post, we will discuss how to perform smart order strategy automation with TradingView. So, let’s get started.  

Why Tradingview?

Before you learn to perform smart order strategy automation with TradingView, let’s learn why to use TradingView for your algo trading after all. TradingView is a social media trading platform specially designed for traders and investors. It provides a wide range of tools for visualizing and analyzing market data. This may include market indicators, charts, strategies, social trading features, backtesting tools, and more. One of the most crucial features of this custom algo development platform is the ability to create and test trading strategies using PineScripts, pre-built programming languages in the platform. The platform has 60+ million active users with 10+ million strategies and PineScript shared by traders and investors on the platform. 

So, the TradingView platform is a social trading platform for algorithmic trading that helps traders and investors to trade using automated trading systems. 

The Tradingview Strategies: How to Make One?

Learning about TradingView strategies is also helpful how to make one is crucial before you learn to perform smart order strategy with TradingView. TradingView is a popular social platform for options trading strategies. The platform offers TradingView public library with 10000+ open-source trading strategies. To create any trading strategies using TradingView, you have to select a chart and then apply your desired studies or indicators. 

After that, you can use PineScript, a pre-built strategy to define the condition under which you want to sell/ buy, or use parameters like take-profit and stop-loss levels. Once the strategy is complete, you can backtest the strategy using historical data. This will help you see how the strategy has performed in the past. You can also monitor the real-time market using strategy features and webhook features to automate trade and get alerts based on pre-set targets or when market requirements are met. A professional custom TradingView Strategy Developer can help you make a TradingView strategy and perform smart order strategy automation with the trading platform. 

Using SpeedBot Smart Order Feature

SpeedBot is India’s most popular and reliable site that thousands of professional traders use to integrate TradingView and participate in Algo trading. The SpeedBot smart order feature is one of the most unique and useful features of the platform. The smart order feature is a smart API control used for matching the position book of the trading account. Here, we will discuss more about using SpeedBot smart order feature for custom algo development-

How to Integrate TradingView with SpeedBot Smart Order?

Integrating TradingView with SpeedBot Smart Order is easy and simple. Follow the below-mentioned steps for an effective and successful integration.

• Step 1: Select the trading strategy that you want to automate and then apply it to the chart.
• Step 2: After applying your chosen strategy to the chart, check the equity and drawdown by opening the strategy tester. This will help you verify the backtesting results.
• Step 3: Then, click on the ‘gear icon’ to open the strategy settings. After that, click on the ‘properties’ tab, set the order size, and then click ‘OK’.
• Step 4: Go to settings to create the alert. Choose your alert condition and expiration. Name your alert and place your alert message.
• Step 5: Now, open the ‘Notification’ tab to set the smart order endpoint URL. Also, complete your notification settings in this tab and then click on ‘Create’ to finish the process.

Now, you are all set for trading.

Evaluating when to automate your strategy with TradingView

Here are a few points you should consider to evaluate your need for automation of TradingView strategies with SpeedBot.

• Strategies based on precise timing

Timing-dependent strategies should be automated for best results. Automation ensures trade execution when pre-ordered conditions are met, which is essential for strategies that rely on precise timing.

• High-frequency strategies

Automation is crucial for high-frequency strategies. High-frequency strategies execute a great number of trades in a short period of time. Automating these strategies helps to reduce manual errors.

• Scalability

If scalability in trading is your goal, automation is the best solution for you. Choose the best custom TradingView strategy developer, SpeedBot, to automate your TradingView strategies.

• Reduced emotional trading 

Emotional investment in trading can lead to clouded decision-making. Automation reduces emotional involvement in trading and maintains discipline as automated trades are executed based on predetermined criteria.

Conclusion 

Tradingview is a popular social trading platform that helps to automate algorithmic trading by integrating several algo trading software. SpeedBot is India’s most reliable and widely used platform to integrate TradingView for Algo trading. The smart order feature or place smart order strategy automation feature of SpeedBot is one of the unique features that can be used with TradingView to make successful algo strategies. In this blog, we have discussed how to use smart order feature automation with TradingView and everything you need to know before getting started with this custom algo trading strategy. We have also covered additional tips to succeed in algo trading and more.