thetradingparrot
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New test: Martyn, a potential better alternative to the "buy the dip" bot
🕑 Added 2021-01-28 18:00:03 +0000 UTCUpdate 1 (28/1/2021): Using the RSI to stop the bot and at the same time the sell signal from supertrend didn't make much sense. The RSI will fire many times before the uptrend is completed not allowing the accumulator to catch all the profit possible on the way up. I'm removing the RSI signal from this test. Alternatives: I could embed the RSI overextended in the implementation of supertrend so while we are still on an uptrend of supertrend it will fire alerts for pausing and resuming the bot when crossing above or below rsi 70 level respectively. For now I won't add this. I want to test the whole setup without the RSI first.
It's a pretty cool idea to use indicators to STOP/START your bots instead of using them for opening and closing deals.
Combining this idea with the deal start condition "place trade asap" can be a really powerful alternative to build an "aggressive accumulator" bot: Martyn.
I'm starting now to test on paper trading Martyn. This bot is:
1) only enabled once super trend 15m triggers a buy signal.
2) opens trades asap, catching 1% profits continuously.
3) 1 BO and 6 SO buying up to 37% drops.
4) the bots will stop by a separated TV signal, either RSI 15m over 70 or supertrend sell signal.
5) accumulates base coin. I'm testing BTC/USDT, accumulating BTC.
I want to be able to prove that Martyn can outperform the "buy the dip" setup. Buy the dip is very passive, is a single deal that aims to buy as much and as cheap as possible.
This bot is an extension to that concept which continuously accumulates as long as we are not overextended or entering a downtrend.
You can pay a visit to Martyn while on paper trading. I just started it so don't expect anything exciting for at least one more week.
If the performance is good I will consider offering to patrons (which tiers to be defined).
If you have a trading view account with alerts (pro account at least), you can probably mirror this setup easily by finding supertrend and RSI and using the same parameters I've just shared.
Comments
sounds great, looking forward to hearing more
SO excited to give it a go!
just what i need, looking forward to trying this out
nice!
Awesome ๐
