This is the WizeDec Quick start guide that helps you to get started by following 4 main things:
GENERATING NEW API KEYS
If you have an active WizeDec Subscription, a TradingView account with at least a PRO plan and you follow those step-by-step then you will have WizeDec up and running within 30 minutes.
Do not forget to visit the “Styles of use” page to find the right trading style.
1. GENERaTINg NEw aPI KEys
Go to your exchange and create new API keys for your account. When using Binance, make sure that you also toggle “Enable Spot & Margin Trading” from the permission of the API’s. Here you can find the official guide on how to create an API key on Binance.
Make sure to IP-restrict your API keys to
Save generated Keys safely to your computer.
2. WIZEDEc WEbHook/ AUtOMATISATION
Create a WizeDec Webhook account. This is free and does not require you to enter personal details either.
Connect the API’s that you created to the WizeDec Webhook. These API's are used to give permissions to the WizeDec webhook to execute orders on your behalf. When creating the API, an API key and Secret key are generated. You will be able to see the Secret key only once, so make sure that you copy this to the Webhook correctly.
The WizeDec Webhook is very simple to the interface is easy to understand. Find all necessary information to get started with the WizeDec Webhook on the picture below.
1. Paste your new API Keys and click on "Update info"
2. Set how many different coins you want to allow to be kept open at once and click on "Update info"
At start you no not have to change or modify anything else.
3. FINDInG CONFIgURaTIONs
Apply the WizeDec Strategy to your TradingView chart. You will find find it under Invite-Only scripts. Click on WizeDec Pro and Strategy will appear on your chart (number 4 on the picture).
Follow 7 steps below to find good configurations.
WizeDec works best when using it on multiple tickers at once and WizeDec Webhook allows you to run up to 400 tickers simultaneously, so feel free to configure as many as you like.
Once you have added the WizeDec Strategy to your chart, select a coin that you would like to trade. Although WizeDec works on almost all cryptocurrency pairs against the USDT and BUSD, it is best not to choose coins with extremely high volume or on the opposite - very low volume coins.
Once you have selected a coin that you like, open up the settings of the WizeDec Strategy. This is where you can choose how the algorithm functions and change all risk management parameters as well.
This is where you can set the template that you have chosen in the previous step. Feel free to also select any other template besides the ones showcased in the info panel.
“Legacy” templates are the original templates that came with WizeDec. These are in no particular order. These templates are combinations of the underlying parameters in the WizeDec algorithm, which change how entries and exits are generated.\n\n
“Risk based” templates are ordered in such a way that the higher the template number is, the higher the risk that comes with that particular template. A lower risk template will result in less trades, but will make those trades that are found and taken, safer.
From the settings, the first order of business should be to set the appropriate risk management values. These include the take profit value, the re-entry value and the maximum amount of entries that the algorithm is allowed to take per trade. When changing these values, you will see that these affect the behavior of the algorithm quite a bit. At start you can leave them to default values.
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. Also, the size of each entry (USDT or BUSD) is specified in the Webhook section.
Check out "Styles of Use" page to get further explanation
for what to put in "Position size in alert".
Now that you have set your preferred risk management values, turn to the template info panel at the top right of your chart. Select the one that best suits your preferences and keep in mind that it is not always the first template in the list that you have to choose. Instead of focusing on the net profit alone, you can focus more on other parameters such as percent profitable or the maximum drawdown that a template might have.
Finally, if you are done with finding a suitable setup for yourself and are looking to automate it, it is best practice to save these settings as a template so that it would be easier for you to check on a particular setup.
TIPS for setups
With the cheapest TradingView plan you can set 20 server-side alerts - this means you can run up to 20 cryptocurrencies at once with your selected risk style.
Head to “Results” page to get started with choosing the best coins to trade with WizeDec and "Styles of Use" page to choose right trading style.
Here are a few tips to help you choose the right template for your preferred cryptocurrency.
WizeDec’s Info Panel arranges templates from highest to lowest based on net profit (red box). When choosing your template, it’s best to not only look at the “Net profit” (red box) column, but also pay attention to the “Profitable” (yellow box) and “WizeDec Index” (green box) columns.
For our example, we have chosen template number 5. Although this template does not have the highest profit of all the templates, it has a very high profitability percentage of 94.4%. This indicates higher stability and better performance in the long run.
Additionally, both of the dots for the 5th template are green. This means the template has a relatively low drawdown - indicated by the “Low DD” column - and the equity growth has been stable - indicated by the “WizeDec Index” column.
Lastly, in the Strategy Tester panel, we can see a very nice equity growth. The straighter this equity growth line is, the more stable and better the template is.
Probably the easiest way to get started with WizeDec...
WizeDec Screener is a tool to find the right Risk-Based template for any cryptocurrency.
You will find the WizeDec Screener along with WizeDec Pro in your Invite-Only scripts library.
Start by importing a list of cryptocurrencies we have found work well with WizeDec Default settings - you will find it here https://www.wizedec.com/results
Next, apply the WizeDec Screener to your chart.
The easiest way to start using WizeDec is to only use the default settings. You can try to toggle the Uptrend on and off, but if you are a new user, we suggest keeping everything else at default.
On the WizeDec Screener table you will see results for the Risk-Based templates from the last year month by month. The shown results are calculated without taking compound interest growth into account.
Lowest template number = lowest risk
Highest template number = highest risk
By using the WizeDec Screener, find a suitable template that works the cryptocurrency that you picked and you can simply proceed with applying the right template number to WizeDec Pro.
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 Pro" . 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.