How to use WizeDec Lite
The WizeDec Quick Start Guide will guide you through the process of getting started by following these four main steps:
GENERATING NEW API KEYS
Time: 4 minutes
Time: 3 minutes
Time: 20 minutes
Time: 2 minutes
By following the steps outlined below, you can easily set up WizeDec in just 30 minutes if you have an active WizeDec subscription and a PRO plan on TradingView
1. GENERaTINg NEw aPI KEys
Time for completion :
To create new API keys for your exchange account, navigate to your exchange's API key management page. If you are using Binance, don't forget to enable both spot and margin trading permissions for the API
Make sure to IP-restrict your API keys to
Save generated Keys safely to your computer.
2. WIZEDEc WEbHook/ AUtOMATION
Time for completion :
Signing up for a WizeDec Webhook account is a straightforward process that is free of charge and does not require you to enter any personal details.
In order to grant the WizeDec Webhook the authority to execute orders on your behalf, you will need to connect the API keys that you created to the Webhook. These API keys consist of an API key and a Secret key, which is only displayed once when the API is created. Make sure to accurately copy the Secret key when connecting the API to the Webhook.
The WizeDec Webhook has a user-friendly interface and is easy to navigate. All the necessary information to get started can be found in the image below. To begin, paste your new API keys and click 'Update info.' Then, set the number of coins you want to allow to be kept open simultaneously and click 'Update info.' No further changes are needed when starting out.
3. FINDInG CONFIgURaTIONs
Time for completion:
To apply the WizeDec Lite to your TradingView chart, navigate to the Invite-Only scripts section and click on WizeDec Lite. The strategy will then appear on your chart
To import a list of top-performing cryptocurrencies that work well on a
30-minute timeframe, follow this link: https://www.tradingview.com/watchlists/102240106/
Once on the page, click 'Save as watchlist' to add the list to your account.
You can access saved list here:
Open WizeDec Lite settings and go through Risk Level input and find suitable risk level for this ticker that suits your preferences. Risk levels indicate Re-entry and Take-Profit value combinations (hover on (i) next to Risk Level input to see all combinations). In this example we have chosen Risk Level 10 and Template 13. Higher Risk Level and Template Number may be profitable but with higher risk.
Remember to also input the WizeDec Webhook information (explained below).
Here you can set all the necessary values in order to enable automatization via the WizeDec Webhook. In the Webhook, you are assigned a unique user ID, which is used to identify your account. Total allocated capital input is used to set how much capital you want to allocate to a trade on any one ticker.
Should a trade reach the maximum number of entries (5), then your whole allocated capital will have been used.
The WizeDec Webhook prevents new trades from opening until any open trades have been closed, and always uses the capital set for each ticker in the WizeDec Lite settings under 'Total allocated capital'. To spread risk, you can run multiple tickers simultaneously, allowing one good trade to potentially offset a bad one.
To do this, open the WizeDec Webhook and set 'Max open tickers' to any number up to 7 - bigger number equals bigger diversification but affects speed of portfolio growth. For example, if 'Max open tickers' is set to 3 and 'Total allocated capital' in WizeDec Lite is set to 500, a maximum of 3 tickers can be run simultaneously and WizeDec can use a total capital of 3x500=1500 for trading.
Remember, to modify the 'Total allocated capital' for a ticker, you must first confirm that it is not currently open in the Webhook. Then, delete the ticker alert in Tradingview, adjust the 'Total allocated capital' to your desired value, and create a new alert for the WizeDec Webhook to recognize the updated capital for trading this ticker.
When you have found a suitable setup and are ready to automate it, it is a good idea to save these settings as a template for future reference. To do so, make sure to tick the 'Remember symbol' and 'Remember interval' boxes. This will make it easier for you to quickly access and review your preferred setup
As you can see finding and applying a profitable risk level and template number is quick and easy. Simply repeat step 3.3 and run as many tickers simultaneously as you desire. While running more tickers may provide more frequent entry opportunities, remember that quality is always more important than quantity.
4. SETTINg aLErTs
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Once you have configured your coin to your liking and have saved the template, right-click on the chart and click on “Add alert”.
From the first dropdown menu, select "WizeDec Lite" . From the second dropdown menu, select "alert() function calls only".
Choose the “Expiration time” according to your TradingView subscription.
The option of “Open-ended” alerts is currently only available for Premium TradingView users
You should be able to select a date up to 2 months from the current date.
Example: Today is the 7th of October, so you can choose the 6th of December.
Do not forget to update the “Expiration time” at least once every two months.
Tick the “Webhook URL” option and paste the following URL to the opened field:
Click on “Create” and you will be all set. To use the WizeDec Webhook, you only need to set one alert per coin.