Webhooks
Webhooks allow us to connect our Option Alpha bots to external platforms and trigger automations using custom trading signals, technical indicators, email alerts, and more.
Integrate Option Alpha with popular external platforms
With the introduction of Webhooks, we can now link our Option Alpha automations with the indicators and signals from some of the most popular charting platforms and applications. The addition of webhooks is a solution for traders in the community who want to use more indicators, custom signals, intraday timeframes, and email-based trade alerts. So, if you want to leverage the robust charting tools of TradingView, the advanced analytics of TrendSpider, or you want to automate a trading signal from your inbox, webhooks make it simple to integrate these resources directly into your Option Alpha bot to trigger automations.
Imagine triggering an automation to enter or exit a trade based on a custom indicator from TradingView or a trendline break on TrendSpider. With Webhooks, it’s now incredibly easy to set up these – or any other highly specific scenario you can dream up. Plus, it doesn’t just stop there, because you can also use external software services like Zapier, which enables you to convert signals received by email or any number of other sources into an outgoing Webhook headed straight to your bots.
What is a Webhook?
A webhook makes it possible for two unconnected systems to communicate with each other. The webhook is the link between the platforms. For example, if something happens in 'System A' (such as a indicator-based trading signal) it can trigger something happening in 'System B' by calling the webhook (like running an automation in Option Alpha to open a position).
A Webhook allows you to trigger automations within Option Alpha from any external source you choose. This means we can now connect our Option Alpha account with other platforms like TradingView, Zapier, Python, and much more.
Trigger an automation to run inside Option Alpha from anywhere, for any reason; the possibilities are endless!
Trigger automations using indicators and charts
There are many different ways we can use automations inside our bots. We can run them at continuous intervals, schedule them for a specific date and time, and now trigger them if a webhook is called from an external source, meaning an automation can run at any time based on a wide variety of alert signals.
One of the most exciting aspects of webhooks is the ability to use any indicator available on our favorite trading platforms. We’re no longer limited to the indicators within Option Alpha; we can now leverage the full suite of tools and analytics from other services to trigger trading signals and expand our opportunities. This, of course, includes any intra-day indicators from smaller timeframe charts.
For example, if you've found a short-term moving average crossover strategy on TradingView that works well for your day trading, you can now automate it within Option Alpha. Or, if TrendSpider's candlestick patterns provide you with crucial market insights, you can set up a webhook to act on those insights automatically.
Why not harness indicators specific for options traders? It's all now possible.
How to use Webhooks in Option Alpha
Getting started with Webhooks is simple and straightforward.
Create a new webhook URL in your Option Alpha account
Schedule an automation to run when the webhook triggers
Copy/paste the unique URL into an external platform
Define the criteria to call the webhook
Create a new Webhook URL
Create and name your new webhook inside your Option Alpha Settings:
Or when creating a New Automation in a bot's Settings tab:
Schedule your automation trigger
In your bot’s Settings, add the automation you want to run when your webhook is called, and select ‘Webhook’ from the available triggers. When your webhook is called, the automation will run instantly. A webhook can trigger up to 10 automations in a single bot, and a webhook can trigger automations in multiple bots.
Copy the webhook's unique URL code to paste into an external platform.
Once your webhook is set up, you can sit back and let Option Alpha handle the execution of your trading strategy based on the real-time data from your connected sources.
Your automation can evaluate additional market criteria, position filters, opportunity checks, and more. Or, it can simply open a position. It can even run alongside other automations. You have full control to customize your webhooks and automations to accomplish your strategy goals.
Connect to an external source
Paste the custom URL to connect your Option Alpha account with the external platform of your choice. This may involve entering the URL into the webhook settings of TradingView, TrendSpider, or your email-based signal service.
Here is an example from TradingView…
Click on the Alert Button, then on the Notifications tab and paste your unique URL into the field:
Define your alert criteria
Specify the conditions under which the Webhook should trigger an automation. This could be a particular indicator crossing a threshold, a specific chart pattern being recognized, or a trade signal email being received.
For example, this webhook would be called if SPY's 9-day SMA crossed above the 21-day SMA, trigger an automation of your choice in Option Alpha:
Here is a short, step-by-step guide to follow along with as you create a new webhook in Option Alpha and connect it to an a 3rd-party platform.
How to use Webhooks: 3 examples to help you get started
Option Alpha + TradingView
Connect your Option Alpha account with TradingView alerts to trigger an automation using custom indicators.
This example highlights two ways we can use TradingView alerts to open positions. One use case focuses on a simple moving average crossover with a 5-minute chart, while the other alert uses SPY's opening range for long and short entry signals. Learn more here: Integrate TradingView Indicators and Alerts with Option Alpha.
Option Alpha + Zapier
Execute email-based trading signals with Zapier's automation
This example demonstrates how Option Alpha bots can automatically take action when we receive an email, specifically focusing on how to open a position using an email trading alert. Learn how to connect with Zapier to automate tasks:
Use Zapier to Trigger Email-Based Trading Signals (and more) in Option Alpha.
Option Alpha + Python
Learn how to write a Python script to run a custom Linear Regression Slope indicator and trigger automations in Option Alpha.
This example explores how we can expand Option Alpha's capabilities with a custom Python script using data from Tradier's Market Data API. Click here to learn how:
Use Python to Automate Custom Trading Signals in Option Alpha
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