Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Tradingview Smart Order Strategy Automation – Without Writing any Single Line of Code

1 min read

For traders seeking to automate their strategies, OpenAlgo and TradingView offer a powerful combination. OpenAlgo is an open-source algo-trading platform allowing seamless integration with various brokers and charting tools, including TradingView. By connecting these platforms, you can execute your TradingView strategies automatically without writing any code!

Why Tradingview?

TradingView is a trading platform for traders and investors that offers a range of tools for analyzing and visualizing market data, such as charts, indicators, strategies, backtesting tools, and social trading features. One of the features offered by TradingView is the ability to create and test trading strategies using a built-in programming language called PineScript.

Prerequisites:

Tradingview Strategies

Tradingview these days is quite popular for trading strategies and more than 10000+ open-source trading strategies are already available in the Tradingview public library.

To create a strategy in TradingView, users must first choose a chart and apply any desired indicators or studies. They can then use PineScript to define the conditions under which they want to buy or sell, as well as set any other parameters such as stop-loss and take-profit levels. Once the strategy is complete, users can backtest it using historical data to see how it would have performed in the past. They can also use the Strategy feature to monitor the market in real time, automate the trades using the webhook feature, and receive alerts when their defined conditions are met.

OpenAlgo Smart Order Feature

PlaceSmartOrder in OpenAlgo is an intelligent API control used to match the position book of the trading account

Action (API Parameter)Quantity (API Parameter)Position Size (API Parameter)Current Open Position (Trading Account)Action Taken by Algomojo (Execution)
BUY10000No Open Position Found. Hence Buy +100 qty
BUY100100-100BUY 200 to match the Open Position given in API Parameter
BUY100100100No Action was Taken as the Position is already matched
BUY100200100BUY +100 to match the Open Position given in API Parameter
SELL10000No Open Position Found. Hence SELL -100 qty
SELL100-100+100SELL 200 to match the Open Position given in API Parameter
SELL100-100-100No Action was Taken as the Position is already matched
SELL100-200-100SELL – 100 to match the Open Position given in API Parameter

Steps to Integrate Tradingview with OpenAlgo SmartOrder – API

Step 1: Select the Trading Strategy to be Automated. Apply the Strategy to the Chart

Step 2 : Verify the Backtesting Results (open the strategy tester and check the equity and drawdown)

Step 3: Set the Trading Quantity in the Properties Section – open the strategy settings (gear icon) and goto the properties tab and set the order size as shown below. One the OrderSize is Set the Same Position Sizing will be reflect over the charts.

Bingo! Now the Alerts are Configured. Its any signals fired will be automatically reflected in your trading account in an intelligent way and that too without writing a single line of code.

Rajandran R Creator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in

Integrating Tradingview Lightweight Charts with Yahoo Finance Data –…

Hey traders! If you’re looking for a way to visualize your stock data dynamically and interactively, you’re in for a treat. Today, we’ll explore...
Rajandran R
2 min read

Automate Your Trading with OpenAlgo and TradingView: A Step-by-Step…

For traders seeking to automate their strategies, OpenAlgo and TradingView offer a powerful combination. OpenAlgo is an open-source algo-trading platform allowing seamless integration with...
Rajandran R
1 min read

Using Tables in TradingView Pinescript – Tutorial

Tables in TradingView Pine Script provide an effective way to organize and display data directly on the chart interface. This is especially useful for...
Rajandran R
4 min read

Leave a Reply

Get Notifications, Alerts on Market Updates, Trading Tools, Automation & More