Step #3 - Testing your extension

Disclaimer: This strategy is designed to place your orders a fair distance from the current market prices. However, we can not account for every market in only a few examples, so please make sure your settings are appropriate to current market levels per market.

This test strategy will confirm that you can successfully place buys and sells as well as cancel your open orders. Of course, you will need to change things to a market where you have both coins.

This strategy assumes you already know how to create an alert, and also assumes you're using an active script similar to our...

Every Candle Script

//@version=2
study("Every Candle")
g = close > open
r = close < open
b = close == open or g or r
plot(g, "Buy", color=green)
plot(r, "Sell", color=red)
plot(b, "Both", color=black)

Poloniex Altcoin Bot Test Strategy

In this example, we are going to assume the Pinkcoin price, and highest buy order is 100 SATs. We are going to place our buy order 50 SATs under the highest buy order, which will be at 50 SATs. The minimum order size on poloniex is 0.0001 BTC. So knowing that we are placing at 50 SATs, we can buy 200 PINK. Of course, due to market fluctuations, we will allocate a little more than the minimum to make sure we don't miss an order.
All the above is translated into this command line here.

e=poloniex s=pinkbtc b=buy p=-0.00000050 q=250

Now, this alert is going to fire every minute, so we are going to want to close this order on the candle, but we also want to open one anew, so...

e=poloniex s=pinkbtc c=order b=buy

e=poloniex s=pinkbtc b=buy p=-0.00000050 q=250

Now we are opening and closing a pink buy order every minute. You getting a hang of it yet?

Now, let's say we were not way down in the books, and you actually just bought some Pinkcoin and you want to sell them for a 10% profit. We will just add a sell command to this same alert, so if there are any PINK in our balance, we will place them for 10% profit.

e=poloniex s=pinkbtc c=order b=buy

e=poloniex s=pinkbtc b=buy p=-0.00000050 q=250

e=poloniex s=pinkbtc b=sell q=100% p=10%

We can keep going, but I think you understand the capabilities of the system by now. Play around with this for a bit. Keep your orders far from the books, and use minimum quantity sizes while testing your system.

It is good to have your background page opening to watch the network tab and watch for errors while you're testing, if you're not sure where your background page is read our How do I check for errors? article.