Market step
Selecting Markets and Configuring Conditions
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Selecting Markets and Configuring Conditions
Last updated
Was this helpful?
In the second step of the Bot Wizard, traders have the opportunity to fine-tune their trading bot's strategy by selecting markets, configuring conditions, and setting up the Candlestick chart period. This step allows for customization and optimization based on individual trading preferences.
Step 2: Selecting Markets, Candlestick Chart Period and Configuring Conditions:
Candlestick Chart Period: The first aspect of this step involves selecting the Candlestick chart period, which determines the timeframe used to display price data on the charts. By default, the period is set to 30 minutes. However, traders have the flexibility to choose from the following options: 5 minutes, 15 minutes, 30 minutes, 120 minutes, 240 minutes, and 1440 minutes (1 day). Selecting an appropriate Candlestick chart period allows traders to analyze price patterns and trends more effectively.
Market Selection: In this step, traders can choose the markets on which they want their bot to operate. The market selection is done through a table interface. Traders have the flexibility to select one or multiple markets or even choose all markets by activating the "Select All" checkbox. When the checkbox is enabled, all markets are initially selected, and traders can subsequently exclude specific markets that they do not want the bot to trade on. The selected or excluded markets are displayed below the table in the "Selected Markets" or "Excluded Markets" section, respectively.
Parameters displayed for each market in the table include:
Market: This column indicates the name or symbol of the market. It helps traders identify the specific market they are interested in.
Volume: The volume column displays the trading volume of the market, indicating the liquidity and activity level of the market.
Trades: This parameter represents the number of trades executed on the market within a given time frame. It provides insights into the market's trading activity.
Rate: The rate column shows the current price or rate of the market, providing traders with up-to-date information on market conditions.
24h Change: This parameter indicates the percentage change in the market's price over the past 24 hours. It helps traders assess the market's volatility and trend.
24h High and 24h Low: These columns display the highest and lowest prices reached by the market within the past 24 hours. They provide additional context regarding the market's price range.
Traders can utilize the search bar to quickly find markets by their names. Additionally, each column in the table can be sorted to arrange the market data based on specific parameters.
Advanced Conditions: Within the "Advanced Conditions" section, traders can configure additional conditions that define the bot's trading behavior. By default, this section is hidden, but traders can expand it by clicking the "Show" button.
The following conditions can be adjusted:
Minimum Market Trades: This condition sets the minimum number of trades required in a market for the bot to consider it as a potential trading opportunity.
Minimum Market Volume: Traders can define the minimum trading volume required for a market to meet the bot's criteria for trade execution.
Bid-Ask Spread Percent: This condition allows traders to specify the acceptable percentage difference between the highest bid price and the lowest ask price in the market.
Trend: Traders can define the desired trend direction (bull, bear, or both) that the bot should consider when making trading decisions.
Minimum and Maximum 24h Change: These conditions enable traders to set the acceptable range for the percentage change in the market's price over the past 24 hours.
Mark Price Difference: This condition allows traders to define the acceptable difference between the mark price and the market price for trade execution.
Based on these configured conditions, the bot will analyze the market data and execute trades only when the selected conditions align with the market's indicators.
Conclusion:
The second step of the Bot Wizard offers traders the opportunity to customize their bot's trading strategy by selecting markets, configuring conditions, and setting up the Candlestick chart period. By carefully selecting markets, filtering based on essential parameters, and defining precise conditions, traders can fine-tune their bot's behavior to align with their trading goals and preferences. This step empowers traders to optimize their bot's trading activities and increase the potential for successful trades.
