Coding a Bot

PAknow

Recruit
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Hi everyone,

I've been trading for a little while now but have no clue about Bots and what they are able to do. I understand that a bot can execute certain stratgies that are soley based on indicators. Meaning, if price is overbought and some other indicators align, a bot would be able to execute it, I assume.

In my case, there is alot of PriceAction involved, which is hard to copy. So, I was wondering, what are the limitations of a bot? Is it possible to code a bot that can register counter candles and their number, steepness of EMA ?

Is it just a matter of finding different indicators that can do all those things and let a coder programm those into a bot?

I hope it is somewhat understandable what I'm asking here.

Thanks in advance,
 
Bot or cBot or EA can do everything expecially in the price action.
Actually who program bot (as I do for myself) program indicators as well. The sole limit in programming bot is you with your code knowledge . Anyway most of the more used platform as Mt4, cTrader, Multichart,
Ninja, gives you the possibility to built your own bots and indicators in a very easy way.
 
Bot or cBot or EA can do everything expecially in the price action.
Actually who program bot (as I do for myself) program indicators as well. The sole limit in programming bot is you with your code knowledge . Anyway most of the more used platform as Mt4, cTrader, Multichart,
Ninja, gives you the possibility to built your own bots and indicators in a very easy way.


THanks for your reply, firstly. Ok, so it isn't as limited as I thought. So am I wrong in assuming that most people are sitting in front of their screen and do the trading themselves? THat's what I thought, but if you can code your stratetgy, why still manually doing it? Or are they supervising and just check if it all executes as it should?

Summing it up, you can basically copy a human trader's PA knowledge into a bot (obviously not 100 % but definitely to a degree without compromsing the profitability) and it is limited to the skill of the coder? You said it is very easy to build you own bots on those platforms, even managable for a complete novice? Although I would be looking into hiring a coder.

Just a small example: If I want a trade to be executed when :

-Bollinger Bands broken and closes outside Bands
-Certain number of Counter candles prior
-Excluding Steep EMA
-S/L 10 Pips, T/P 15 Pips

This is just something off the top of my head, but includes a bit of PA. So a bot,EA would be able to recognise and execute trade opportunites of that nature?


Whole lot of question, but would appreciate if someone can elighten me on that, will also do some reading over the weekend.

Cheers,
 
the trade strategy you has done as example is one of the most easy to built as a bot. you can write it in few lines.
 
anyway consider that almost 70percent of the trades in the markets are executed by bot expecially the institutional group using the High Frequence Trade as strategy.
 
Thanks for the replies. The above scenario was more of an example, but my strategy wouldn't be far off, so sounds very feasible. You're right, I've noticed that too, most institutional groups do have bots and they just supervise it.

So, the strategy above can be coded easily? Would you be able to code that ( with slight adjustments), we could work something out?

I assume with EAs you can set it up to not execute trades but maybe give an alert before executing, so the trader can check market conditions prior?

Cheers,
 
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