Scalper Bot [SMRT Algo]

18 Ogo

The SMRT Algo Bot is a trading strategy designed for use on TradingView, enabling traders to backtest and refine their strategies with precision. This bot is built to provide key performance metrics through TradingView’s strategy tester feature, offering insights such as net profit, maximum drawdown, profit factor, win rate, and more.
 
The SMRT Algo Bot is versatile, allowing traders to execute either pro-trend or contrarian strategies, each with customizable parameters to suit individual trading styles.
 
Traders can automate the bot to their brokerage platform via webhooks and use third-party software to facilitate this.


Core Features:

• Backtesting Capabilities: The SMRT Algo Bot leverages TradingView’s powerful strategy tester, allowing traders to backtest their strategies over historical data. This feature is crucial for assessing the viability of a strategy before deploying it in live markets. By providing metrics such as net profit, maximum drawdown, profit factor, and win rate, traders can gain a comprehensive understanding of their strategy's performance, helping them to make informed decisions about potential adjustments or optimizations.
  
• Advanced Take Profit and Stop Loss Methods: The SMRT Algo Bot offers multiple methods for setting Take Profit (TP) and Stop Loss (SL) levels, providing flexibility to match different market conditions and trading strategies.
  Take Profit Methods:
  - Normal (Percent-based): Traders can set their TP levels as a percentage. This method adjusts the TP dynamically based on market volatility, allowing for more responsive profit-taking in volatile markets.
  - Donchian Channel: Alternatively, the bot can use the Donchian Channel to set TP levels, which is particularly useful in trend-following strategies. The Donchian Channel identifies the highest high and lowest low over a specified period, providing a clear target for profit-taking when prices reach extreme levels.
  Stop Loss Methods:
  - Percentage-Based Stop Loss: This method allows traders to set a fixed percentage of the entry price as the stop loss. It provides a straightforward, static risk management approach that is easy to implement.
  - Normal (Percent-based): Traders can set their SL levels as a percentage. This method adjusts the SL dynamically based on market volatility, allowing for more responsive profit-taking in volatile markets.
  - ATR Multiplier: Similar to the TP method, the SL can also be set using a multiple of the ATR.
  
• Pro-Trend and Contrarian Strategies: The SMRT Algo Bot is designed to execute either pro-trend or contrarian trading strategies, though only one can be active at any given time.
  Pro-Trend Strategy: This strategy aligns with the prevailing market trend, aiming to capitalize on the continuation of current price movements. It is particularly effective in trending markets, where momentum is expected to carry the price further in the direction of the trend.
  Contrarian Strategy: In contrast, the contrarian strategy seeks to exploit potential reversals or corrections, trading against the prevailing trend. This approach is more suitable in overextended markets where a pullback is anticipated. Traders can switch between these strategies based on their market outlook and trading style.
  
• Dashboard Display: A dashboard located in the bottom right corner of the TradingView interface provides real-time updates on the bot’s performance metrics. This includes key statistics such as net profit, drawdown, profit factor, and win rate, specific to the current instrument being tested. This immediate access to performance data allows traders to quickly assess the effectiveness of the strategy and make necessary adjustments on the fly.
  

 
Input Settings:

• Reverse Signals: If turned on, buy trades will be shown as sell trades, etc.
  
• Show Signal (Bar Color): Shows the signal bar as a green candle for buy or red candle for sell.
  
• RSI: Used as a filter for one of the conditions for trade. Can be turned on/off by clicking on the checkbox.
  
• Timeframe: Affects the timeframe of RSI filter.
  
• Length: Length of RSI used in measurement.
  
• First Cross: Whether or not to factor in the first RSI cross in the calculation.
  
• Buy/Sell (Above/Below): Look for trades if RSI is above or below these values.
  
• EMA: Used as a trend filter for one of the conditions for trade. Can be turned on/off by clicking on the checkbox.
  
• Timeframe: Affects the timeframe of EMA filter.
  
• Fast Length: Value for the fast EMA.
  
• Middle Length: Value for the middle EMA
  
• Slow Length: Value for the slow EMA.
  
• ADX: Used as a volatility filter for one of the conditions for trade. Can be turned on/off by clicking on the checkbox.
  
• Threshold: Threshold value for ADX.
  
• ADX Smoothing: Smoothing value for the ADX
  
• DI Length: DI length value for the ADX.
  
• Donchian Channel Length: This value affects the length value of the DC. Used in TP calculation.
  
• Close Trade On Opposite Signal: If true, the current trade will close if an opposite trade appears.
  
• RSI: If turned on, it will also use the RSI to exit the trade (overextended zones).
  
• Take Profit Option: Choose between normal (percentage-based) and Donchian Channel options.
  
• Stop Loss Option: Choose between normal (percentage-based) and Donchian Channel options.
  

 
The SMRT Algo Bot’s components are designed to work together seamlessly, creating a comprehensive trading solution. Whether using the ATR multiplier for dynamic adjustments or the Donchian Channel for trend-based targets, these methods ensure that trades are managed effectively from entry to exit. The ability to switch between pro-trend and contrarian strategies offers adaptability, enabling traders to optimize their approach based on market behavior. The real-time dashboard ties everything together, providing continuous feedback that informs strategic adjustments.
 
Unlike basic or open-source bots, which often lack the flexibility to adapt to different market conditions, the SMRT Algo Bot provides a robust and dynamic trading solution. The inclusion of multiple TP and SL methods, particularly the ATR and Donchian Channel, adds significant value by offering traders tools that can be finely tuned to both volatile and trending markets.
 
The SMRT Algo Suite, which the SMRT Algo Bot is a part of, offers a comprehensive set of tools and features that extend beyond the capabilities of standard or open-source indicators, providing significant additional value to users.
 
What you also get with the SMRT Algo Suite:

• Advanced Customization: Users can customize various aspects of the indicator, such as toggling the confirmation signals on or off and adjusting the parameters of the MA Filter. This customization enhances the adaptability of the tool to different trading styles and market conditions. 
  
• Enhanced Market Understanding: The combination of pullback logic, dynamic S/R zones, and MA filtering offers traders a nuanced understanding of market dynamics, helping them make more informed trading decisions.
  
• Unique Features: The specific combination of pullback logic, dynamic S/R, and multi-level TP/SL management is unique to SMRT Algo, offering features that are not readily available in standard or open-source indicators. 
  
• Educational and Support Resources: As with other tools in the SMRT Algo suite, this indicator comes with comprehensive educational resources and access to a supportive trading community, as well as 24/7 Discord support.
  

 
The educational resources and community support included with SMRT Algo ensure that users can maximize the indicators’ potential, offering guidance on best practices and advanced usage.
 
SMRT Algo believe that there is no magic indicator that is able to print money. Indicator toolkits provide value via their convenience, adaptability and uniqueness. Combining these items can help a trader make more educated; less messy, more planned trades and in turn hopefully help them succeed.
 
RISK DISCLAIMER
 
Trading involves significant risk, and most day traders lose money. All content, tools, scripts, articles, and educational materials provided by SMRT Algo are intended solely for informational and educational purposes. Past performance is not indicative of future results. Always conduct your own research and consult with a licensed financial advisor before making any trading decisions.