Can ChatGPT AI Make a profitable Trading Bot?

so apparently we have a profitable algorithm I question that entirely and I I doubt the reality of the situation hey my name is Jason I'm from the chart guys and I've just spent the past two hours trying to comb my way through creating a training indicator with Chet GTP all right if you're watching this video chances are great your truck guys subscriber which means you're watching a lot of different types of trading content which no doubt also means you have been running into a lot of discussion about trading Bots and chat GPT and trading algorithms and frankly it's everywhere what I want to do in this video is explore the idea of using chat GTP to make trading algorithms is it even possible is it realistic what can we do with it and how can we utilize the tool to our advantage if at all but before we do that we need to take a look at what type of content is being published what are people saying about it and I'm going to go right to the source we're going to go look on YouTube and I haven't done this search for about 24 hours I'm very excited to see what sort of content has been added I'm going to bet there are some crazy faces there are some insane thumbnails probably even more insane claims about what this program can do for you but let's see what's out there let's mash the search button and what do we got all right we've got some thumbnails right under the gate 88 win rate that's impressive thousand percent pretty good but that's a thousand is nothing compared to a cool seventeen thousand percent but I think we can do better than that 20 000 a little bit better okay 273 dollars every day more real realistic for something um what else do we got 850 a day nine thousand percent again thirty thousand percent yeah that's impressive okay what's this forty two thousand if come on guys if you created a bot that can get you 42 000 returns no one is gonna make a video about that they're gonna keep it very very quiet and tell nobody so realistically what can we do with this tool we could probably leverage it in a way that allows us to create indicators if you don't know how to code Pine script you can probably based on what I'm seeing here get this chat to give you a little bit of something you can work with so that's what we're going to do in this video we're going to ask the chat bot to give us some basic Pine instructions we're gonna try and see if we can convert that into a pine script maybe just maybe we can turn it into a trading strategy and see what happens so now let's go to the bot all right we're going to run into one problem out of the gate chat jeans PT will provide us code for Pine script version four we're currently on pinescript version five so no matter what comes out of this we're gonna have some editing to do and that's going to be your first major roadblock to using anything that the AI is able to give us with that said let's get started and try to make some basic scripts all right so the next step is to ask the AI for a script so using the term scripts can be helpful otherwise you might end up with a list of trading tips for RSI pullback strategies um but let's see what we get foreign [Music] okay so the bot has given us a relatively basic strategy just what we asked for we've defined our RSI as 14 periods with oversold being sub 30 and overbought being 70 and what we're looking for are periods where we cross over so go above and back under 70 for a sell signal and when we are below 30 and crossback above 30 it's going to be a Buy Signal so let's see what we can do with this information what we're going to do is copy the code we're going to go to our trading view we're going to go to a pine editor we're going to open a brand new script we're going to copy and replace the whole lack of things because we want to go through the real experience here and the first thing that we're going to do is hit save it's going to try and compile the script and it's going to spit out a whole whack of errors to us for us Pine script version not specified okay so what are we compiling we know that this is going to be a version 4 script but we need it to be version 5 because that's what we're dealing with so if you notice that when I copy and pasted the entire thing here I replace this little code version five that is what tells trading view what type of script we're dealing with so I'm going to reincorporate that and I can hit save again it's going to try to compile but it's not chill with the word study so I'm going to change that to indicator and hopefully that it's going to satisfy some requirements onto our next argument we have to update this code to version 5 essentially so what I'm going to do is update this section with a snippet that's going to replace those pieces we're going to have overbought conditions over Soul conditions and RSI all defined so group is bringing things up to version five I'm going to hit save again it's going to go through this list and find our next issues so we've got some identifier issues colors um functions what is a crossover here's a quick example to bring this up to version five I have to add ta crossover it's a function now I've got to call it the right thing we hit save those should disappear so what I'm going to do now is just clean up the rest of the script really quick and we'll get back to it so just change color to color green now we've got an issue with green again so now it looks like it has worked for us we have an indicator uh the basics here let's see if we can add it to our chart so what we're going to be trying to plot right now is going to be our RSI it's going to be a blue line and we're also going to be trying to plot shapes we're going to have a green and red circle on overbought and oversold conditions that say buy or sell so let's add it to the chart and see what happens close our Pine editor and here we are so we have a little bit of a janky situation now what you should notice is that the green and red dots are showing up around the 4000 Mark which is right about where our price is so because we are plotting on price it's going to be skewed and what we want to do is move this chart to be an overlay rather than be on the pin below and now we've got some beautiful green and red dots right on our chart let's throw in our RSI for good measure so we know what's going on so here we can see that anytime our RSI crosses below 30 and comes back we use it by signal relatively basic overbought and we come back down short signal does this always work absolutely not but we did it all right so now we have our script we got our overlays what we want to do to turn this into an algorithm is convert it to a strategy My Hope was to ask chat GPT to try and do that but there are a lot of outages so what we're going to do is just do it ourselves so in order to do that conversion what we have to do is rename this to a strategy we have to add some conditions I have pre-made those and it's going to paste them in here and what I'm telling the strategy tester to do is if we reach a long condition which is our Buy Signal then we're going to go for a long entry and if we reach our cell condition which of course we've labeled a cell uh we're going to go short all right so once we hit save we can go over to the strategy tester and we can see that we have thanks to the million dollars in our account and a little bit of luck we've managed to turn this very simple trading strategy into a profitable one we've made a cool eighteen hundred dollars and it only took 218 trades so this is not the result I was expecting but pretty cool experience nonetheless we managed to take a very simple script and AI gave us update it to version five Shuffle it around a little bit and come up with a pretty cool strategy tester so I hope this was useful I hope it shows you the limitations of what the AI is able to do the fun you can have with it and the skill base that you will require remember this is a very simple strategy and it is only going to get more complex from here as we dig into more variables and conditions and more complex systems for your indicators or for your strategies certainly not something that I would be able to take and plug into an algo to make twenty thousand percent returns I'm surprised with 0.18 Returns on this and I just want to acknowledge this I know there are no commissions this is uh I don't think based in reality this return but thank you for watching if you have any questions about this feel free to throw them in the comments you want to make some more algo videos I will do those this is a lot of fun and until next time

Channel: TheChartGuys

Views: 8,390

Keywords: best 5 minute scalping strategy, best buy sell indicator on tradingview, best indicator for scalping, best tradingview indicator for scalping, buy sell signal indicator tradingview, chat gpt, chatgpt, crypto scalping strategy, forex scalping strategy, scalping, scalping crypto strategy, scalping trading, scalping trading strategy, tradingview best indicators, chatgpt ai, ai chatbot, advanced chatbot, chat gpt trading bot, gpt 3 ai chat, computer science

Id: 3G3bM6LZ44o

Length: 8min 42sec (522 seconds)

Published: Fri Feb 03 2023