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.

NR7 Current Day filters explanation:

  1. Today's candle range (the difference between the daily high and daily low) is less than yesterday's candle range (the difference between the previous day's high and low). This indicates that today's price movement is smaller compared to yesterday's, suggesting a potential decrease in volatility or trading activity.
  2. Today's candle range (high minus low) is less than the range from two days ago. This means that the difference between today's highest and lowest price is smaller than the difference between the highest and lowest price from two days ago. In percentage terms, if today's range is 10% less than the range from two days ago, it indicates a decrease in volatility or price movement compared to that previous day.
  3. Today's candle range (high minus low) is less than the range from three days ago. This means that the difference between today's highest and lowest price is smaller than the difference between the highest and lowest price from three days ago, indicating a decrease in price volatility over the past few days.
  4. Today's candle range (daily high minus daily low) is less than the range from four days ago (4 days ago high minus 4 days ago low). This indicates that the price movement today is smaller compared to the price movement observed four days ago, suggesting a period of lower volatility.
  5. Today's candle range (daily high minus daily low) is less than the candle range from five days ago (5 days ago high minus 5 days ago low). This indicates that the price movement today is smaller compared to the price movement observed five days ago, suggesting a period of lower volatility.
  6. Today's candle range (daily high minus daily low) is less than the range from 6 days ago (6 days ago high minus 6 days ago low). This means that the difference between today's highest and lowest price is smaller than it was 6 days ago, indicating a potential decrease in price volatility over the past week.

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.

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Create a Screener:

  • Go to the "Screener" section and select any pre-existing template (e.g., "NR7 Current Day"). (https://chartink.com/screener/nr7-current-day)
  • Copy the Scan and then open it from the scans dashboard.
  • Change the segment to your own watchlist of instruments. (e.g., “Coal India”)
  • Now save the scan.

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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 “Coal India 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.

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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.

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Requirements for Automation

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

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

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

  3. Broker Connection with AlgoTestsome text
    • 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.

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