OPEN-SOURCE SCRIPT
ATR Start & Stop Bot
Updated
This script is using Average True Range (ATR) and works very well on the Bitcoin 4 hour timeframe to determine when to stop and start your bots.
It has a very similar visual to the EMA RSI Indicator found here:
https://www.tradingview.com/script/N5fOzdKC-EMA-RSI-Pump-Drop-Swing-Sniper-With-Alerts
This 'ATR Start & Stop Bot' is better because it has less confusion during sideways market movement.
As an example - You are using 3commas and have a Composite bot setup with several alt coins, you can use this indicator with the 'Stop bot' alert to disable your composite bot from taking trades at times when the market is on a trend that looks in the red.
Alternatively you can use the 'Start bot' alert to turn your bot back on during the green uptrends.
Using this indicator with these alerts on the Bitcoin 4-Hour chart add a great layer of automation to your already existing bots.
Credits:
Original 'ATR Stops' indicator belong to the user failathon and that script is found here:
https://www.tradingview.com/script/mZiKRKQA-ATR-Stops/
Also credits to Dradian for the alert additions.
It has a very similar visual to the EMA RSI Indicator found here:
https://www.tradingview.com/script/N5fOzdKC-EMA-RSI-Pump-Drop-Swing-Sniper-With-Alerts
This 'ATR Start & Stop Bot' is better because it has less confusion during sideways market movement.
As an example - You are using 3commas and have a Composite bot setup with several alt coins, you can use this indicator with the 'Stop bot' alert to disable your composite bot from taking trades at times when the market is on a trend that looks in the red.
Alternatively you can use the 'Start bot' alert to turn your bot back on during the green uptrends.
Using this indicator with these alerts on the Bitcoin 4-Hour chart add a great layer of automation to your already existing bots.
Credits:
Original 'ATR Stops' indicator belong to the user failathon and that script is found here:
https://www.tradingview.com/script/mZiKRKQA-ATR-Stops/
Also credits to Dradian for the alert additions.
Release Notes
Updates: + Added setting to change the timeframe of the script. (Now you can stay on a 1H Chart but still see the settings as if it were on a 4H chart)
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.