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Trigger Guide 

Welcome to our Trigger Guide! In this guide we want to elaborate on the function of triggers as wel give an example how to set up triggers. For the example we use our recommendations for Template Switches. 

General Information About Triggers 

Triggers allow you to build safety nets or to enable automatic actions for your Hopper. For example, you can create a trigger that switch your Hopper on/off when certain criteria are met. You can even create a (very strict) trigger that enables to sell everything - Panic Mode when a crash occurs or when there is on a larger time frame confirmation the market enters for a longer period of time a bearish sentiment. This can be useful for people with high exposure of their funds.

 

The Triggers Config exists out of three sections.

 

The Trigger: what should happen for your trigger to be, well, triggered?

 

The Action: what should happen when a trigger fires? T

 

The Cooldown: how long should the Trigger be disabled after it fires before it can trigger again?

 

We will first explain the different Trigger settings.

 

Name: Give your trigger a name.

Enabled: Enable or disable the trigger.

Select exchange: Which exchange’s data do you want to use?

Select market: You can create triggers for a specific coin, group of coins, or hopper template. The market can be your quote currency or a specific trading pair.

Candle size: Determine which candle size you want to use for your indicator(s).

Select indicator(s): Cryptohopper supports 13 triggers:

 

 

It’s possible to use multiple indicators that need to be triggered at the same time before executing an action.

 

Actions

  • Load template: Allows you to switch between different templates for different market situations. You can “overwrite/reset triggers” and use the triggers of the newly loaded template or continue using the triggers of the current template by selecting “Do not overwrite/reset triggers”

  • Set buying status: Enable or disable buying.

  • Set selling status: Enable or disable selling.

  • Hold positions: Select the coins you want to hold. These won’t be sold when your trigger gets triggered.

  • Unhold positions: Select the coins that the Hopper should stop holding and make available again when your selling requirements are met.

  • Set take profit: Change the Take profit of selected coins when your trigger gets triggered.

  • Buy: Buy selected coins when your trigger gets triggered.

  • Sell: Sell selected coins when your trigger gets triggered.

  • Open short: Sell selected coins (when in open positions), reserve the funds of the quote currency, and buy back the coins when your shorting requirements are met.

  • Close short: Buy back your open shorts when your trigger gets triggered.

  • Sell everything/Panic mode: When your trigger gets triggered, the Hopper will sell all your open positions and disable buying. You can select the option to use Market orders for faster order execution.

  • Send email: Receive an email when your trigger gets triggered.

 

Let's create a trigger! To create your first trigger, go to Config and click on the Triggers tab. On the left side, you will see how many triggers you can still create and how many you have left. Every subscription has a maximum amount of triggers that you may have.

 

Click “New” to create a new trigger. First things first, give your trigger a name.

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Template Switches 

 

Get started with triggers and get inspired through by our recommended Template Switches. Designed to work together with our strategies. Disclaimer though: We are not liable for bad effects from using the examples provided as is. It is your responsibility to configure the triggers correctly!

 

NOTE: We are not liable for bad effects from using the examples provided as is. It is your responsibility to configure the triggers correctly!The values given are our recommendations. Please do your own research and make your own choices. There are no ''golden settings''. For every market condition and every personal strategy different values would be ideal.

We will start with the bullish trigger: We have named our trigger Bullish Trigger/Buy on. We have selected Binance as our exchange, and BTC/USDT as our market (you can select another exchange and stable coin if you wish). We have selected the EMA as our indicator, and the candle size of 1 day. Our trigger point, in this case, is when the EMA signals a buy. We have set the EMA short period to 8 and the long one to 20.

 

For the "Action", we have chosen "Set buying status" and then set the status to "enabled". For the cooldown period, we have chosen 1 hour because in this example we want to have a longer cooldown period. 

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In order to disable buying in a bearish market, you can create a new trigger with the same settings. The only differences would be Trigger when EMA: “Signals a sell” and Set Buying Status: “Disabled”.