How it works
Brokerbot utilizes Tradingview for real-time market data and their proprietary "pine script" language which can be used to develop strategies. Consumers can access a large database of user-created strategies as well as comunity posts to help you develop a winning strategy. Tradingview webhooks enables our bot to communicate with these strategies with real-time alerts.
The Brokerbot api is deployed to a web server on Google Cloud that enables it to run 24/7 without user input. This eliminates the need to open and close trading applications, protects against power outages, and allows orders to be placed even when the user is asleep or away from a computer. Thus, potential profit opportunities are never missed.
The webhook alerts are stored and processed by the Brokerbot api, written in python, which then communicates buy/sell orders to Alpaca using their trading api. The whole process can be as fully automated or manual as the user would like. Currently, only Alpaca is supported but any broker that has an api is suitable for automated trading.
Lastly, the algorithm must be optimized to maximize performance. The code provided only places market orders and risks no more than 80% of an account's buying power in one trade. Possible improvements include, but are not limited to: limit orders, stop losses, hedging, additional security checks and much more...
Disclaimer
There is no perfect indicator or strategy that guarantees results and, as such, the Brokerbot.org team strongly suggests each user researches their strategies before trading with real money. Fortunately, Alpaca allows paper trading at no cost which can be used to test strategies before implementing them on a real money account.
