When beginners dig into tutorials, striving to make head or tail of automated trading, they see multiple mentions of such a thing as a TradingView bot.  So, what is TradingView bot trading all about and how you can benefit from it at WunderTrading platform?

To begin with, TradingView is a cutting-edge cloud-based web resource for crypto traders.

It gathers and processes huge volumes of market information, providing its users with in-depth research and analysis. TradingView charting tool is a real find for you, no matter whether you are a seasoned expert in trading or just making your first steps in this exciting sphere.

In addition, this platform offers sophisticated tools for automated crypto trading, i.e., bots, not to mention lots of free indicators and scripts. By the way, TradingView’s own programming language, named PineScript, allows users to easily pre-set a number of parameters.

What is a TradingView trade bot? In a nutshell, it is software, intended for performing certain actions at cryptocurrency exchanges without human intervention. Typically, these actions include buying and selling crypto exactly at the pre-set moment: for example, when the price of some coin reaches the particular level. There are lots of other indicators, though. At the very start, each user configures the product, often by selecting points from the list of available options. Tech-savvy traders sometimes may create and implement their own scripts. This is a crucial moment: you are ‘telling’ the program what to do and when.

What’s special about strategies or scripts from TradingView is their compatibility with third-party resources, such as WunderTrading – the platform that mostly specializes at automated trading solutions and copy trading.

TradingView and WunderTrading: Make the Most of Both

With signals and alerts from TradingView, crypto bots successfully work at WunderTrading. You can create one in just a few mouse clicks. What is more, you can customize it by back-testing the selected strategies before implementing. It’s pretty easy to take any trading-related idea and turn it into an automated trading bot. The next step could be adjusting your strategy, creating the very best TradingView bot, fine-tuned to your needs.

WunderTrading users have wonderful opportunities to automatically buy and sell numerous cryptocurrencies at fourteen exchanges through the platform’s cutting-edge API.

The exchanges connected to the platform include such reputable ones as Binance and Binance Futures, FTX and FTX US, Bitpanda PRO, Bittrex, BitMex, ByBit, Deribit, CoinbasePRO, Huobi, HitBTC, KuCoin, and OKX.

More than 45,000 people have already chosen WunderTrading platform, which can boast of the 30-day trading volume of 380 million US dollars. There already are 9,000 active crypto bots here, and you can launch a new one at any time.

Among other resources that also offer TradingView integration, are CoinRule, 3Commas, Zignaly, to name a few.

Pros and Cons of Automated Trading

Let’s start with advantages. About 86% of the total sum of transactions on cryptocurrency markets is related to bot trading, according to the Adam Cochran’s survey carried out in 2019. Today’s figures can well be even bigger, due to the clear tendency. So, trading robots are widely and actively used, and for a number of good reasons.

The first quite obvious reason is that getting profit from such a highly volatile market as crypto is all about proper timing. Software ensures it much better than a human being, simply because a computer program is quicker to react. Cutting-edge technologies like machine learning and AI, which now are routinely applied in this kind of software, allow to successfully automate almost any trading strategy. The most common ones often come with the product; besides, functionality of many programs allow developing and refining custom trading strategies.

Second, robots never sleep, nor they get tired. Your bot will work 24/7 if you want it to.

Third, it accurately executes the array of commands you specified for it, exactly when the conditions you have pre-set are met. A robot won’t hesitate; it is incapable of doubt.

Well, drawbacks could be the other side of advantages. If you don’t do your homework and configure your robot sloppily, losses are inevitable. You’ll get the same result if you perceive trading robots as magic money-making machines. They aren’t, really. They are sophisticated tools intended to automate certain actions at an exchange – your actions.

It means that no matter whether you use this kind of software or not, it is you that sells and buys cryptocurrencies. Both profits and losses, which may result from automated transactions, are yours.

Well, if you don’t feel confident enough to trade on your own, with or without automated tools, what about following other traders? Copy trading, or mirror trading, is the practice that seems to be cut out for numerous newcomers who haven’t acquired knowledge about this pretty complicated and highly volatile market or lack practical experience at exchanges. Nevertheless, the copy trading function at WunderTrading is popular with all users, newbies and professionals alike.

What is TradingView bot?

Cryptocurrency trading is one of the ways in which you can make good profits. But what should a newcomer do when he just entered the cryptocurrency world? The TradingView crypto bot configured to work with it will help him.

Before we talk about bots, let’s explain what TradingView platform is, what are its advantages and why it is an essential tool not only for newbies entering the market, but also for experienced traders.

What is TradingView?

It is a browser-based platform that offers investors and traders all the tools they need to analyze the market and make informed decisions about their investments. In other words, it is a service that provides an online chart of price movements, an independent source of useful information for traders.

As you can understand from the above – it is an essential tool for anyone who wants to enter the cryptocurrency business. TradingView data is real-time data that provides access to all major stock exchanges, global currency pairs, global indices and other trading options. It’s all available directly on the web platform or with a click of the mouse from desktop and mobile apps, so traders can access information anytime, anywhere.

One of the key advantages of the service is charts with quotes, which have a wide functionality and a set of features useful for every trader. You can see the price movements of various assets, stocks, bonds, futures, fiat, cryptocurrencies, etc.

Another advantage of TradingView is a huge community of crypto-enthusiasts implemented by the platform. Newbies can get a lot of useful information from it, while experienced users can find fresh ideas for trading. In July 2021, TradingView tested a streaming service similar to Twitch. A trader can shoot a live video and show how they do technical analysis and share their trading techniques. Along with the broadcast, users can leave comments and interact with the trader.

All this looks interesting enough, but it’s not all that TradingView has to offer its users. Here’s what bots are and why you need them.

TradingView Bots

A bot is a software, which allows trading according to a predefined set of rules. In other words, a trader builds a certain algorithm for his trading strategy, which will be automatically executed on the market if all conditions are met.

To understand how such a bot for works, it is necessary to understand what trading signals are. These are recommendations to buy or sell financial assets based on technical market analysis. These signals are used as a warning to traders about when to enter or exit a trade.

An example of a signal for TradingView could be a chart or a trading pattern saying that a particular cryptocurrency should be bought at a given point in time.

TradingView bots are also based on trading signals. Here’s another example. Let’s say you have a certain amount of Bitcoins and you want to make money selling them. To do this, you set the TradingView bot to buy Bitcoins when their price rises by a given range. The bot will take care of monitoring the Bitcoin price and will buy when the price of the world’s first cryptocurrency rises to the value you want.

How to get a TradingView bot trading? There are several ways to do this.

1. Develop it yourself. TradingView uses a programming language that he developed – Pine Script. Once you understand its syntax and working principles, you can create your own robot. There are many articles and tutorial videos on the TradingView platform on how you can do it yourself. So if you have programming and crypto trading experience, try creating one yourself.
2. Buy. Bots for TradingView seem to be written by every other person today, as it is a very popular and profitable niche in crypto trading. The price will vary depending on the complexity, strategy or experience of the developer. Both private crypto enthusiasts and large trading platforms, for example WunderTrading, are involved in this, in whose products you can be sure. So if you don’t have enough skills, try to buy a robot for a reasonable price.
3. Download for free. Of course, there are plenty of free bots working with TradingView on the Internet, too, but if you decide to use such an option, remember that in this case you can get suspicious software that will transfer your earnings to a malicious account.

How it works

You connect the bot to the selected indicator – or several indicators – and the bot receives alerts from TradingView and open or close deals. As you have understood, TradingView includes many indicators, and the signals come precisely from it. We are going to generalize them all to the TradingView name for convenience.  A simple bot can open a deal on its single pair. More complex (they are also called compound) – on the pair (or pairs) that you specify in the settings.

Basically, that is all: you choose an indicator or a trading strategy, connect it to the bot, and it begins to trade using the parameters you set.

How to Choose a Bot?

If you are going to choose Best TradingView bot, use the following parameters, which you should adhere to.

• Functionality. There are simple bots, which can work with one type of signal and one trading pair, and there are complex bots, which can be loaded with several strategies. Decide your purpose for which you need the bot, and choose based on it, so as not to overpay.
• Price. It follows directly from the first point. The more functional bot – the higher the price will be.
• Security. This parameter is quite difficult to determine for a person who is far from technology. Therefore, if you do not have technical skills, evaluate the safety of a particular bot by reading reviews. In addition, TradingView has a huge community where it is quite difficult to cheat someone without leaving traces.

These tips are enough to choose TradingView trade bot. Once again, let us remind you that using bots will greatly simplify your trading and allow you to stay in profit.