For those who do not know, API stands for Application Programming Interface and it is essentially a piece of software that acts as a middleman between your requests and the Deriv trading platform. All you have to do is customize your Deriv Robot settings using the click and select menu before enabling the bot. At this point, the automation will begin and subsequently follow your pre-set trader instructions.
The Deriv Robot is simple and efficient. All that is needed is for the trader to select their chosen asset, choose the entry/exit parameters and select a position size. Once this is complete, the Dbot will open the position automatically when the conditions are met. The trade will then be closed if the pre-selected stop loss or profit level is achieved. This means that the trader does not have the monitor the process from start to finish.
How To Use Deriv Bot
Deriv Bot was designed to be easy, with a simple configuration layout and settings/trading parameters split into four blocks.
Deriv Robot Trade Parameters
In the Dbot configuration process, the first block that needs to be filled in is the trade parameters. This is added by default when a new strategy is set up. In the trade parameter block, a trader must select:
Market – This is where the different market types and trading assets are laid out. You can choose from commodities, stock indices, forex and synthetic indices. Once chosen, you then have to select a region, for example, Europe. Finally, you can choose your preferred index.
Trade type – This is where you can choose your preferred type of trade. Options include in/out, up/down and touch/no touch. Extra requirements can also be added depending on which trade type you select.
Contract type – This can only be chosen once the previous two blocks are already configured. The choices will differ depending on your previous selections. For example, in/out trades come with options for ends between, ends outside or both.
Additional parameters – Extra options include:
- Chart timeframe
- Restart buy/sell in error (yes/no)
- Restart last trade in error (yes/no)
- Trade options – Barriers, stake, duration and prediction
Deriv Robot Purchase Conditions
Once the trade parameters have been set out, the trader can then choose their purchase conditions. This is when you tell the Deriv Roboto when to buy certain contracts. In order to do this, you can use indicator blocks and conditional blocks. You can even define your purchase conditions with multiple purchase blocks. However, it is worth noting that the purchase block is only able to be used within the purchase conditions block.
Deriv Robot Sell Conditions
Before the contract expires, you can set conditions of sale. This feature can also be used at market price.
Restart Trading Conditions
In the restart trading block, you can choose whether the Deriv Robot continues trading or not. Within the settings, you can choose parameters that automate the next trade decision. Profit settings and stop loss settings are also available. Dbot also has indicators, run-time stats, candly analysis and contract details to help aid your decisions. Strategies and settings can even be imported into the Deriv Roboto, meaning you can instantly load up your preferred restart trading conditions, as well as selling and purchase conditions.