A common question we’re asked in the community is “How can I avoid large dips?”. The answer to this is fairly complex, however CryptoHopper give us a simple tool which we can use to assist with avoiding large drops in price – triggers!
In this article we’ll explain the CryptoHopper trigger system. We use triggers at Ghost Crypto in our switcher templates on marketplace to allow automatic, trend-based hopper configuration! Triggers are a topic that seem a little scary at first, however we hope that after reading this article, it’ll be a little more accessible for all!
What is a CryptoHopper Trigger?
Put simply, a trigger is a configurable item in your hopper which you can use to perform certain actions when pre-defined conditions are met. Conditions can be things like percent price change on a given pair, or a buy/sell indicator on a given pair.
Its important to note a few more things about triggers:
- Triggers are configured per hopper. They are not global across all hoppers.
- Triggers are saved when you save your hopper as a template. This is how we provide triggers in our aforementioned switching templates on marketplace.
- Triggers are evaluated based on a time interval that you specify.
- Each subscription level gets more available triggers as you go up the tiers. 2/5/10 for Explorer/Adventurer/Hero.
How do I create a trigger on my hopper?
A trigger can be configured under your hopper Config > Triggers.
To create a new trigger, select New:
You will see the create trigger screen:
What do all of those settings mean?
Starting from the top, lets get straight into the settings on the create trigger page!
Name, Exchange, Market, and Candle Size
I have entered a name ‘My Sample Trigger’ and I have also selected an exchange, market and candle size. Exchange is fairly self explanatory however market and candle size warrant a quick explanation.
Market is the trading pair on the exchange selected which will be used when evaluating indicators. Likewise, candle size is the candle size used on the market selected when evaluating indicators. In the above screenshot, I opted to have my indicators apply to the Binance BTCUSDT 30min chart.
Tip: We recommend using BTC and a stable coin as your market. The actions performed by the hopper will apply to the hopper as a whole – not just the market listed. Selecting BTC and a stable coin is a good choice as the overall market will generally follow BTC. This is not a hard and fast rule.
Now lets look at the indicators. I have set up a simple EMA indicator below:
This indicator will fire the trigger when the 5/12 EMA signals a sell. I.e. When the 5 EMA crosses under the 12 EMA line.
Tip: You can set up this trigger on a TradingView (or other) chart to see when it would trigger. This is important as it allows you to visualise when your trigger will fire. It also allows you to tweak the numbers to your liking.
Now lets look at the actions:
For our action here we have selected Set buying status and said to disable buying on the hopper.
Tip: enabling and disabling buy status of your hopper based on market trend is a great risk management strategy!
The last thing we will look at is the cooldown:
For our cooldown, we have selected 30mins. Every 30mins the hopper will check our trigger and take action if the indicator condition is true.
In plain English, what we have configured is the following: Every 30 minutes, check the Binance BTCUSDT trading pair on the 30min chart, for EMA 5/12 signalling a sell. If we find a sell signal (EMA 5 crosses under EMA 12), disable buying on the hopper. Nice!
Trigger Points on a TradingView Chart
Here is what the indicator looks like on a trading view chart:
The red EMA line is the 5 and the blue is the 12. The blue circles show where the 5 crosses under the 12 and hence where our trigger would fire. Note that it disables buying right before downtrends – neat!
What about enabling buy?
You may be thinking “This is great, but how does my hopper enable buy!?”
The answer: Make another trigger, with the same settings, except in this case the EMA indicator would be set to “Signals a buy” and the action would be set to “Set status: enabled”.
If you have read this far through the guide, thanks! We’ve learned how to create triggers to enable/disable buying on our hoppers, thus reducing our downside risk. Great!
Give this a try and please: experiment!
The settings above are an example. The indicator is an example and so is the action. Explore triggers and think of creative ways to use them! If you think you’ve struck gold – come over to our Discord server and let us know!
Happy trading, Ghosts!