Create strategies in Cryptohopper using the new Strategy builder
With its latest version, Cryptohopper has included “Strategies”, a module that makes more TA indicators available. Not only indicators but also candlestick patterns.
Before starting with this more advanced module you need to have a good grasp of technical analysis, at a minimum you need to be familiar with indicators and candle patterns.
To create a new Strategy click on the green “New strategy” button.
You’ll be presented with the screen below.
Firstly you have to name and save your strategy (you can add a description and picture also). Once that’s done you can add indicators & candle patterns. Click on the blue “Indicators” button.
After you have selected your indicator, decide what time period you want to run your indicator on. Usually, the larger the time period the more reliable the indicator and candle will be but keep in mind that using larger time frames means it’ll trigger less often.
Clicking on the green buy button can switch the indicator from a buy into a sell indicator, that’s a handy feature if you clone an indicator and want to mirror the TA for the sell side.
“Necessary signal” determines whether the indicator is necessary or optional. This gives you a lot of flexibility.
Another neat option is you can keep the signal open over multiple candles. For example, a buy on a moving average crossover can be kept open for x amount of candles.
This is a great option as it keeps the buy signal open for a longer amount of time while at the same time limiting it so the bot doesn’t keep on buying till the trend reverses.
You can set up candle patterns the same way as indicators except here you can’t switch a buy into a sell later.
By setting how many indicators are needed for a buy in combination with “Necessary signal” you can build strategies that buy on different combinations of indicators/candle patterns.
Finally, once you’ve set up your strategy to your liking click the green “Test” button (it’ll save automatically) to do some testing to see if it returns buys/sell on where on the chart those are located.
Before running it live it might be a good idea to use the backtest functionality to test your strategy more thoroughly .
Once your strategy is ready you can set it up in your base config.
Congrats you’ve created your first advanced strategy!
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The above references an opinion and is for information purposes only. It is not intended to be investment advice and may contain affiliate links. Seek a duly licensed professional for investment advice.