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.

Intraday Sell filter explanation:

  • The filter checks if the current 5-minute trading volume is at least double the 22-period exponential moving average (EMA) of the volume. This means the current volume must be 100% greater than the average volume over the last 22 periods.
  • The current 5-minute close is less than the previous 5-minute close by approximately 0.22%. This indicates a slight decrease in the stock's price compared to the last 5-minute period.
  • The filter checks if the closing price of the current 5-minute candle is greater than 175 Indian Rupees. This means the stock's price must increase by at least 0.57% from 174.25 to exceed 175.
  • The filter checks if the current 5-minute candle's closing price is less than or equal to 0.22% above its opening price. This means that if the closing price is at or below the opening price plus a small increase of 0.22%, it meets the condition.

Step-by-Step Guide to Automate Your Strategy

Step 1: Create Your Screener in Chartink

Access Chartink:

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.

Create a Screener:

  • Go to the "Screener" section and select any pre-existing template (e.g., "Intraday Sell").
  • Copy the Scan and then open it from the scans dashboard.
  • Change the segment to your watchlist of instruments. (e.g., “Trent”)
  • 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, a strategy on AlgoTest that trades to execute if the signal is generated.
  • Go to the “Stocks” tab to create a stock strategy.
  • Select the index you want to trade. In this strategy, we will select “Trent”.
  • 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.

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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.