Automating your trading strategy can save time and eliminate the need to monitor the markets constantly. With Chartink and AlgoTest, you can set up your strategy to execute trades automatically.

In this guide, you will learn:

  • How AlgoTest Signals work.
  • Step-by-step instructions to create a Chartink screener and set it up for automation with AlgoTest.
  • How to verify and deploy your strategy in live markets or test it using forward testing.
  • The requirements for automation.

How AlgoTest Signals Work

AlgoTest Signals allow you to automate your trades based on predefined conditions from Chartink. When a breakout condition is met in Chartink, an alert is sent to AlgoTest, which executes the trade on your broker terminal.

Key Benefits:

  • Eliminate manual trade execution.
  • Consistency in trade execution based on your strategy logic.
  • Saves time and reduces emotional decision-making.

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Boss Scanner For BTSTfilters explanation:

  • The daily volume of the stock is greater than the average daily volume over the last 20 days. This means that the current trading activity is significantly higher than what has been typical for the stock, indicating increased interest or activity. For example, if the average daily volume is 1,000 shares, the current volume would need to be more than 1,000 shares to show a positive change.
  • The daily closing price of the stock is greater than the upper Bollinger Band, which indicates that the stock is trading above its typical price range. This suggests that the stock's price has increased significantly, exceeding the upper limit of its volatility range by a certain percentage, indicating strong upward momentum.
  • The weekly closing price of the stock is greater than the upper Bollinger band, which indicates that the stock is trading above its typical price range. This suggests a strong upward momentum, as the upper Bollinger band represents a level that is typically 2 standard deviations above the 20-week moving average. A price above this level indicates a potential overbought condition, meaning the stock has increased by more than 2% compared to its average price over the last 20 weeks.
  • The monthly closing price of the stock is greater than the upper Bollinger Band, which indicates that the stock is trading significantly above its average price range over the last 20 months, adjusted for volatility. This suggests a strong upward momentum, with the closing price exceeding the upper limit of the expected price range by a notable percent
  • The filter identifies stocks where the daily Relative Strength Index (RSI) with a 14-day period is greater than 60. This indicates that the stock is showing strong momentum, as an RSI above 60 suggests that the stock has gained more than 60% of its recent price movements, reflecting potential overbought conditions.
  • The filter checks if the weekly RSI (Relative Strength Index) with a 14-period setting is greater than 60. This means the stock is considered to be in a strong upward momentum, as an RSI above 60 indicates that the stock has gained more than 60% of its price movement in the upward direction compared to its price movements over the past 14 weeks.
  • The filter checks if the monthly RSI (Relative Strength Index) with a 14-period setting is greater than 60. This means that the stock is considered to be in a strong upward momentum, as an RSI above 60 indicates that the stock has gained more than 60% of its average gains over the specified period, suggesting it may be overbought.
  • The monthly weighted moving average of the monthly closing prices is greater than 60. This means that the average price over the last 30 months, adjusted for more recent prices, is above 60. A value above 60 indicates a positive trend, suggesting that the stock's average price has increased by more than 0% compared to the baseline of 60.
  • The monthly weighted moving average (WMA) of the monthly closing prices is greater than 60. This means that the average closing price over the last 30 months, adjusted for more recent prices, is above 60. If the WMA is, for example, 70, it indicates a 16.67% increase compared to 60.
  • The monthly weighted moving average of the monthly closing price is greater than 60. This means that the average price over the last 50 months, adjusted for recent prices, is currently above 60. A value above 60 indicates a positive trend, suggesting that the stock's average price has increased by more than 0% compared to the previous average.

Step-by-Step Guide to Automate Your Strategy

Step 1: Create Your Screener in Chartink

Access Chartink:

Go to Chartink and log in to your account.

Create a Watchlist:
  • Navigate to the "Watchlists" section.
  • Create a new watchlist for the instruments you want to monitor.
  • Search for instruments you want to monitor and click on ‘Add Selected’.
  • Watchlist is created with desired instruments.

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Create a Screener:
  • Go to the "Screener" section and select any pre-existing template (e.g., "BOSS SCANNER FOR BTST").
  • Copy the Scan and then open it from the scans dashboard.
  • Change the segment to your own watchlist of instruments. (e.g., “Adani Enterprises Limited”)
  • Now save the scan.

Step 2: Create Your Strategy in AlgoTest

Login to AlgoTest:
  • Visit AlgoTest and log in. Go to Signals Dashboard.

Create a New Signal:
  • Go to the Signals dashboard page and create a “New Signal”.
  • Select Chartink as Signal Provider.
  • Select Forward Test as Execution Type.
  • Let’s create a new strategy, strategy on AlgoTest means which trades to execute if the signal is generated.
  • Go to the “Stocks” tab to create a stocks strategy.
  • Select the index you want to trade in this strategy we will select “Adani Enterprises Limited”.
  • Define the Trade you want to execute with Quantity, Position, Target and Stoploss.
  • Save the strategy with a unique name.

Step 3: Connect Chartink Alerts with AlgoTest Signals

Generate a Webhook URL:
  • Once the strategy is saved, you will receive a webhook url.
  • Copy the webhook URL for your strategy.
Link the Webhook to Chartink Alerts:
  • In Chartink, navigate to your saved screener and click on "Create Alert."
  • Paste the webhook URL in the alert settings.
  • Save the alert.
  • After Saving the alert click on “Start Listening” on AlgoTest.
  • Your Signal is in listening mode now.


Step 4: Deploy Your Strategy in Live Markets

  • Once satisfied with the forward test results, deploy your strategy in the live market by moving the signals to Live Trade.
  • Connect your Broker and setup Execution settings to start your Algo Trading.

Why Choose Chartink Premium

Chartink's Premium Plan offers essential features for automation:

  • Real-time data for scans and alerts.
  • Flexible alert intervals (1/2/3/5 minutes, etc.).
  • Notifications via SMS, email, and desktop/mobile.
  • No coding required!

These features make it an ideal choice for seamless integration with AlgoTest Signals.

Requirements for Automation

To use this setup, ensure the following prerequisites are met:

  1. Chartink Premium Plan
    • A premium plan is essential for creating alerts and running screeners with real-time data.

  2. AlgoTest Signal Plan
    • Activate the AlgoTest Signal plan to connect your strategy with Chartink alerts.

  3. Broker Connection with AlgoTest
    • Connect your broker to AlgoTest via the broker setup page.

This is not it.

Here are a few strategies you should check out:

Thank you for choosing to trade with us.