TradingView Alerts with Bybit

Automating TradingView alerts on ByBit

One of the biggest advantages that a contemporary retail trader can use to improve their odds at succeeding in financial markets is using bots. Just a couple of decades ago, it was inconceivable for an individual investor to use the power of automation in trading. Only huge financial institutions could afford running various systems of algorithmic trading.

The slow adoption of the automation by, at first, Forex brokers and, later, many third-party providers allowed regular traders to compete against large hedge funds in speed and execution confidence. The current landscape of the cryptocurrency market is perfectly shaped for people who are willing to venture out of their comfort zone to learn some rudimentary coding and use the power of automation to beat the market.

ByBit has a functional API (application programming interface) that allows automation providers to bypass the user interface and directly send commands to the platform. This direct communication between two instances of software greatly increases the speed with which orders are formed, placed and executed.

If you plan to build a successful portfolio, you will need to use various forms of automation to ensure that you can interact with multiple sectors of the cryptocurrency industry simultaneously. ByBit offers you access to hundreds of different access including some exotic tokens and digital assets listed exclusively on this platform. Automate your technical analysis strategies to maximize your earning potential.

How to use TradingView alerts on ByBit?

The exchange allows automation providers to connect via API keys. You will need to choose a good automation vendor like WunderTrading. The process is quite simple and involves very limited coding using the Pine Script (the proprietary scripting language on the TradingView platform).

Here’s how you can do it using the suite offered by the WunderTrading website:

1. Create a new account on ByBit or use an already existing one.
2. Go to the API management part of the account page and get an API key.
3. If you do not have an account at WunderTrading, create one. Otherwise, log in.
4. You will be prompted to connect an exchange account. You can use it by inserting your API key.
5. Go to the Dashboard and click “create a bot” in the “My Bots” menu.
6. Use your TradingView account to deploy a strategy that you like on a chart.
7. Go to the Pine Script and follow the instructions from the WunderTrading platform.
8. You will need to insert comments in the code from the “TradingView alert details” section in the bot creation menu at WunderTrading.
9. After connecting the TradingView website with a bot, launch it and start monitoring its performance.

Remember that the performance of your automated trading system depends on which technical analysis method you are using. Without a robust approach to identifying the best moments to enter the market, a bot will never perform to its fullest potential. Make sure to rigorously test the performance of the strategy using the testing feature on the TradingView platform and the back-testing tool at WunderTrading.

It is a good idea to iterate multiple times until you find the best combination of settings, alerts, and assets to work with.

ByBit TradinView alert settings

When trying to figure out the most efficient way to work with an asset listed on the ByBit exchange, you should use relevant information.

Here’s how you can use the market data pulled directly from ByBit on TradingView:

1. Go to TradingView SuperChart and click on “Symbol Search” button in the upper left corner of the page.
2. In the search field start typing the name of the asset or its exchange abbreviation.
3. Click on “All sources” below the search field and choose ByBit as the main source of data.
4. You will see only relevant asset pairs and tokens that are listed on ByBit and can be analyzed on TradingView.

Choosing the right combination of settings for an asset is a challenging task. While it is your job as a retail trader to find the best strategy, we can give you several tips to improve your odds of creating a consistent strategy based on crypto ByBit alerts:

• Pick digital assets that have high liquidity and can be traded without any issues on the ByBit platform. Currently, top-traded tokens on this exchange are $USDT (Tether), $ETH (Ethereum), and $MNT (Mantle). There are other popular tokens that you may find interesting.
• Use a strategy suitable for a particular time frame. For example, many swing day traders focus on using RSI (Relative Strength Index) and Stochastic when searching for good opportunities to enter the market. MACD is a better choice for people looking for long-term market positions.
• Look for interesting systems suggested by power users of the TradingView platform. These ideas are often vigorously tested by the community and have a good chance of performing well with some fine tuning.
• Try to get TradingView alerts on Bybit from a strategy that has been under the radar. Look for interesting ideas on the TradingView forum and Reddit to test them personally. Iterate until you find the best approach!

The best settings for effective TradingView alerts on ByBit

There are several ways to adjust your bot using TradingView alerts on ByBit to achieve consistency and build a safe system. Remember that risk management is the most important priority for any retail trader working in the cryptocurrency market.

Here are settings that must be edited on the WunderTrading platform to build a good system:

• Make sure to pick the right exchange and the right account. If you have multiple exchange accounts and work with several CEX platforms, you will need to be very careful when creating a new bot. Double-check whether you have the right option selected.
• Picking the right asset pair to trade is also a very important aspect of building a bot. You need to use digital assets that have high volatility and do not get affected by market volatility too much. $ETH and $MNT are actually pretty decent choices.
• Set the right time frame. It must match the time frame selected on the TradingView platform. Otherwise, you may see weird order placements and an undesired level of performance. Long time frames are better for safer strategies with a focus on lasting market positions while short time frames usually work best for day traders.
• Limit the amount of funds your bots can use. Many experts believe that you should not allocate more than 20% of your portfolio for any investment type. Make sure that bots usually use less than 5% to place an order or set a specific number.
• Be strategic with take-profits and stop-losses. These are the best instruments to protect your portfolio from unwanted risks. Experienced traders usually set stop-loss orders at around 10% of the position size, but you can slightly increase it to allow for a recovery or reduce it to prevent potential losses from ever occurring.

A good practice is to use certain settings and run a bot for a short period to analyze its performance and make adjustments to correct issues that may cause underperformance. For example, you may try to reduce losses by making your take-profit settings a little bit less aggressive or prevent positions from being liquidated to early by increasing the stop-loss limit.

FAQ — frequently asked questions about ByBit signals

What are TradingView Alerts on Bybit?

These alerts are used to provide triggers for automation vendors integrated with ByBit such as WunderTrading. You can get ByBit alerts directly from the TradingView platform and use them to run multiple bots on the ByBit exchange.

How do I set up TradingView Alerts on Bybit?

You will need to use the market data from ByBit (you can choose the source of information in the “Symbol search” menu of the TradingView platform) and deploy a strategy that will generate alerts.

Are TradingView Alerts on Bybit customizable?

Customization is possible both on TradingView and WunderTrading. You can edit any strategy deployed on the Superchart and adjust any settings for bots at WunderTrading.

Can I receive TradingView Alerts via email on Bybit?

You can receive TradingView alerts for ByBit via multiple channels including the Telegram messenger, social media networks, website, mobile app, and e-mail.

What assets can I receive alerts for on Bybit?

The ByBit exchange offers you access to over 100 different coins and over 300 trading pairs on the spot market. You can set up a TradingView alert-generating system for any of these assets.