Creating a bot with automatic pair switching on the Bybit Spot 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.
We have performed many different bot simulations (backtests) and revealed the best bot settings for Bybit Spot with automatic trading pair switching.
If you want to know how to use the bot to automatically switch trading pairs, using the LONG algorithm on the Bybit Spot exchange with a deposit of 500USDT, we will show you an example of how to set up the bot in this article.
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.
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 500USDT).
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.
- 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.
We cut off with PUMP/DUMP filters the coins that have surged or dropped in price, because it is risky to trade such coins.
- Set the filter settings for the bot start.
Here you set the filters for starting the LONG bot based on trading indicators, such as RSI, CCI.
- 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.