When automating your TradingView Strategy/Indicator to ByBit using the TradingView To Anywhere tool, you may opt to enter the market via pending orders. The good news is you can now send your TradignView alerts as buy and sell limit orders to ByBit.
To convert your market order to a limit order, simply add the parameter P= in the syntax of your commands. The P represents the price at which you would like to place your buy or sell limit order. Your limit order is filled immediately price retraces back to your specified level of price in the command.
Example:
The current price of BTCUSDT by the time of this article was 21400.50.
Buy BTCUSDT Q=0.01 P=21000 places a buy limit order at the 21000 price level.
Sell BTCUSDT Q=0.02 P=22000 places a sell limit order at the 22000 price level.
When automating your TradingView signals to ByBit as limit orders, you can include a take profit and stop loss. The take profit and stop loss can be passed as either a percentage or the actual price.
Example:
Buy BTCUSDT Q=0.01 P=21000 TP=2% SL=1% places a buy limit order at the 21000 price level with a 2% take profit and a 1% stop loss.
Sell BTCUSDT Q=0.02 P=22000 TP=2% SL=1% places a sell limit order at the 22000 price level at the 21000 price level with a 2% take profit and a 1% stop loss.
Buy BTCUSDT Q=0.01 P=21000 TP=22000.01 SL=20000.50 places a buy limit order at the 21000 price level with a take profit at 22000.01 price level and stop loss at 20000.50.
Sell BTCUSDT Q=0.02 P=22000 TP=21000 SL=22500 places a sell limit order at the 22000 price level with take profit at the 21000 price level and a 22500 price level stop loss.
Please note that to place limit orders successfully, the price must be within the maximum range allowed by ByBit otherwise you will face the FAILED ExchangeError ByBitOrder price is out of permissible range.
It is also important to note that the TradingView To Anywhere Bot currently doesn’t support stop orders and such orders will be executed immediately as market orders.