Creating a bot with automatic pair switching on the Bybit Futures exchange
One of the outstanding features of REVENUEBOT is the ability to automatically switch the trading pair of the bot.
The volatility of any trading pair is inconsistent. Sometimes price fluctuations are frequent and the bot makes a lot of profitable deals, while at other the price stands still and the bot is forced to stay idle. Also, the bot can become idle if the initial trading pair does not pass the start filters. To ensure that the bot is not idle while waiting for good volatility on the current pair, we have made automatic switching of the trading pair.
Read more about automatic switching of a trading pair here and here.
You will see an example of bot configuration with automatic switching trading pair, with the LONG algorithm on the Bybit Futures exchange, a deposit of 100USDT, 10% leverage.
Below you can see our preferred settings, which minimize the risks when trading. You can skip the settings that are not shown in the screenshots, for a complete list of settings and a detailed description you can find here.
Be sure to check out the article on how to reduce the risks of trading leveraged futures.
Learn more about how RevenueBot works and what algorithms are available.
You can create and edit your bot in the Bots tab.
To set up a new bot, open the Create Bot menu.
- Name the bot and choose the API key, here you can read how to create it.
- Choose a trading pair, set the LONG algorithm and specify a deposit for the bot.
You can choose any trading pair, then the bot will analyze the current volatility of all trading pairs and will start trading in the pair, where the volatility is more suitable at the time of bot start.
In order to set the deposit size for your bot, you should create a virtual wallet and assign it a number of insurance (in our case, it is 100USDT).
Be sure to check out info about the minimum deposit to run the bot as well as what a wallet is and what its purpose is.
We strongly advise to limit bot trading (bot deposit) to no more than 20-30% of available funds on the futures wallet in the exchange account.
The remaining 70-80% of funds will provide margin and help to have climbed into positive territory if prices went astray.
- Set the leverage (we recommend to use no more than 10-20).
- Enable automatic switching of the trading pair based on the operation of the volatility analyzer.
In the following screenshots are the settings that we consider the most appropriate for a bot to automatically switch trading pairs.
- Set up a volatility analyzer that will select a trading pair.
When leveraging, we believe that, it is vital to use coins only from the list of reliable coins that are backed by a large capitalization and backing.
You can find such a coin from the ones that are automatically picked up from coinmarketcap.com (top 25 coins by capitalization).
That is why we incorporate the use of the white list of coins. Only the most volatile coin at the time of bot start will be selected from this list.
We cut off with PUMP/DUMP filters the coins that have surged or dropped in price, because it is risky to trade such coins.
- Once all the settings are set you need to click Create New Bot button. The newly created bot appears in the Bots table and now you can run it.
Learn more about how to start the bot, how to manage the bot, how to stop the bot urgently, how to delete the bot.