In this example we will learn how to use a High Frequency Trading Perpetual Markets Bot to enter a position of a Hammer Candlestick on the 1 min. price charts for BTC-USDT.
Hammer Candlesticks are often a signal before a price reversal.
*Bold words are bot commands
Strategy Specific Bot Parameters:
– Decide where your Min. & Max. price celling and floor is – Based on whether you want to SHORT or LONG
Take a look at EX.1
Say I set my price_celling & price_floor both to 57,000.
This means that whenever Bitcoins mid price is ABOVE $57,000 ONLY SELL orders will be placed or SHORT positions (price floor).
Additionally, this also means that whenever Bitcoins mid price is BELOW $57,000 ONLY BUY orders will be placed or LONG positions (price celling).
– 1 Minute Price Chart ONLY – Configure Order Refresh Time
Depending on your risk level you may want a quicker or slower order refresh time.
In EX.1 above I set mine to 45 seconds, so this means that every 45 secs the bot will refresh my active orders.
In other words every within every 1 minute candlestick my bot will refresh its order at least once.
– Bid & Ask Spread
Once you have your Min & Max price celling and your order refresh time you can now calculate where you want the bot to search for Hammer Candlesticks on the 1 min. chart.
Take the following chart for example:
Here we have a red Hammer Candlestick, but take notice of the change in percentage for that 1 Minute Candlestick. (Yellow Box)
We can see there was a 0.46% change downward.
To capture this volatility our bid_spread for our bot would need to be set to at least 0.46 in order to enter within this timeframe.
What I recommend doing is start with wide spreads like 1% and work your way downward towards 0.5%.
What this will do is tell the robot to hunt for 1 minute candlesticks with your set level of price movement using the BID spread.
The same is true for deciding where to place ASK spreads
Here is further demonstration as to how the strategy works.
EX.1
Bot Configurations:
A. Change any of these parameters by running config ____
B. Sample Configurations
For more help configuring see full documentation here: https://docs.hummingbot.io/strategy-configs/
If you have further questions I’ll do my best to help you.
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