How to create and test a crypto trading bot
You like what CLEO.one offers but it’s all a bit too new? No worries, we will go through what the platform can do, starting with building and backtesting crypto bots. All it takes is typing and some ideas you want to test out!
It does not matter if you are an experienced trader or are starting to trade crypto now – CLEO.one will make time and save money for every independent trader.
1. Where do I go to build trading strategies/crypto bots?
Let’s start from the screen you get after signing up, you will notice you can use free strategies, but let’s focus on building a new strategy for now.
The CLEO.one Builder is yours for the crafting and testing of your crypto trading bot! Just hit “Create New Strategy” available on your dashboard:
Next choose your asset of choice, in this case crypto:
2. Set your strategy settings on which the crypto bot will run
After selecting your asset you will reach your strategy settings. Here you set details like Exchange, Market Currency, Trading Balance, Time Frame on which your crypto bot will run as well as the test period. All strategies have to be tested before a bot is deployed as we want our users to be as informed as possible before automating their crypto trading.
It is very important that you set the correct market currency. If you want to create a crypto bot that trades in BTC, set it here. Same for ETH, USDT, BNB or any other cryptocurrency. More details on market currency and connecting the same exchange to match the currency you want to trade in.
3. Editing Strategy Settings for your crypto bot:
Strategy details except for Exchange and Market Currency can be edited at any time by clicking “Edit” at the top where strategy details are nested:
4. Writing your crypto bot rules
You will notice that the work space is organized in 3 parts:
- On the left you write the bot's trade entry and exit rules. You can have a single rule or many of them
- In the middle you specify the action (if to buy or sell)
- On the right you specify Money Management - the asset, quantity and Take Profit and/or Stop Loss. Trailing Take Profit and Stop Loss is also available.
Please note that all strategies have to contain a Closing Rule or Stop Loss. Of course you can set both for maximum control.
Let’s demonstrate this with creating actual opening and closing rules for a strategy:
As you start typing a drop-down with available commands and actions will appear. You can complete the rule by typing it yourself or clicking on the drop-down. Don’t be concerned about combining new indicators or trying out combinations of rules you are not that familiar with. CLEO.one tracks what can be mixed and matched and provides you only with those combinations to choose from. Once you have it as you please, hit Enter or click somewhere outside of the work-space to confirm it.
Feel free to use Price, Price % changes, Candles and Candlestick patterns in your rules as well. Classic technical indicators like RSI, MACD, Stochastic and EMAs are of course available. Strategy examples can be found in your dashboard.
See more inspiration on what kind of strategy rules can be programmed in your trading bot.
5. How to specify assets, amounts, Stop Loss and Take Profit orders?
The next step is specifying the asset and amount and adding Money Management.
You can use any trading pair from the exchange you have chosen. For your convenience the amount can be verbalized as units, amount set as % of balance, % of initial balance or a static portfolio amount.
Take Profit and Stop Loss orders can be set here as well. This can be done as fixed market price of the asset, % of market price of the asset, amount set as % of balance or a static portfolio amount you want to gain or are willing to risk. Depends on your risk appetite, if you are a dare devil or a more conservative trader?
6. Lastly just name your strategy and hit “Build Strategy”
The final step is to name your strategy and click “Build Strategy” to the right. Approve the test and get your backtest results in seconds. You can view the chart or statistics that break down your success.
TIP: Should you wish to work some more on your strategy before you deploy it as a crypto trading bot on Binance or another exchange, go to the Rules, Overview or Log tab and select “Create New Version” and you can work on and test versions of your strategy as much as you need. Testing multiple versions is advisable for maximizing/improving trading results Here is how to do it.