Webhook page feature enhancements:
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Why do we need to have a validity of the Webhook URL in the first place?Why we cannot have just an open-ended Webhook URL without a validity?
Just like in Tradingview Alerts window they have given us an option on the settings page to choose whether an alert should be Open Ended or should be with a specific Expiry and also the ability to choose the Expiry actual expiry date of the alert if someone wants to keep the alert for limited period of time in the system.
Similarly, there should be simply an option in front of the generated Webhook URL, for the traders to choose whether they want to have an open ended Webhook URL without any expiry or they want to decide the validity of the URL with specific Expiry date.
If Tradingview can do it for its Alerts, why can’t Dhan team do it for the Webhook URL for its clients?
- Ability to decide the actual Expiry Date of the URL:
Let the traders decide what date they want their URLs to expire based on individual’s schedule as they will be able to review those alerts and resubmit the trades again according to their own convenience. That way it will also be easier for everyone to remember their own Webhook URL Expiry date and renew the URL accordingly.
The Tradingview has given an excellent feature in their Alerts window wherein we can easily manage the validity of the Alerts and obviously the orders associated with the Json that we paste in the message box. They have also given the option whether to keep the alert as open ended or to decide the Expiry of the Alert.
That means if some traders do not want accidental triggering of the trades placed through old alerts in the system, then it can be easily managed at the alert level in Tradingview with the option in the settings page of the Alert window itself where the traders can easily decide the validity of the individual Alerts and their corresponding trades based on individual’s perception and desires.
That way we have the ability to manage the Expiry of the Alert and the associated order to be submitted with the help of Json code. Then why do you want to restrict the validity of the Webhook URL?
So, if any traders who want to keep their alerts and the corresponding orders for limited time say only 24 hours or a week in the system, they can select the appropriate expiry date for their alerts from the Settings of the Alert window on Tradingview. Those who want to keep the alerts and the orders for longer periods should have the ability to keep them live for prolonged periods but this is possible only if the Webhook URL is not expiring at fixed odd intervals.
Reasons to have Open- Ended or extended validity for the Webhook URL:
Please try to understand different traders have different methods of technical analysis. Traders who are using indicators and oscillators may want to have a shorter validity of the trades but the pattern traders who trade based on certain chart patterns or price action may want to have longer validity of their trades. So, a valid trade based on Support - Resistance lines or Demand - Supply zones analysis or some kind of chart patterns and price action may remain valid for that trader even after a few months. The trader still may want to take the trade at that particular price point if the price comes at his pre-decided support or resistance level or Demand or Supply zone even after 3 months or 6 months or even after a year.
In fact, this can be a great advantage that could be possible in this Webhook URL technique of submission of trades that if we can have an open-ended URL or customized longer validity of the Webhook URL then we need not revisit the charts at too frequent intervals of every 15 days or every month periodically to check the alerts that we had created and change the URL to resubmit the orders again as the validity of URL has expired but the alert has not triggered and subsequently the trade has not executed. This can be done at longer intervals based on our own schedule and convenience.
We never know for sure that the long-term swing trades which we are planning on weekly or monthly time frames will execute in 15 days or after a month or even after 3 months. Many times, the price comes back to a certain level after a very long period of weeks or months.
As all the clients of Dhan may not be full time traders and they might remain busy in their other professional jobs or businesses and may not get the time to review the alerts in every script and its chart every month on regular basis. In that scenario they might miss some important valid trades just because of not renewing the Webhook URL Validity in time. This will be especially relevant for the Investors who might not be visiting the charts too frequently and might miss the specific Entry levels for buying particular stocks.
For the FNO traders, just like in the watchlist, when the front month contract expires, we need to change the script from the watchlist every month and select the appropriate expiry while placing the trade in our desired futures contracts. In webhook URL technique we need not revisit the chart even on expiry of the contracts as the Json code will automatically place the order in the front month futures contract even if the previous contracts have expired and rolled over to the next month. That is the main advantage many traders may want to enjoy with this technique.
To safeguard from accidental triggering of unwanted trades from old alerts the validity of the individual Alerts and the corresponding orders can be managed on Tradingview alert window itself so why are you limiting the potential advantage of the Webhook URL by giving limited options for validity for the URL.
Every time the old URL is expiring all the previously submitted alerts and the corresponding orders are getting invalidated so the traders have to repeat the entire process of planning and resubmitting the trades after every expiry of the URL. Imagine if somebody has analysed and planned trades in hundred different scripts over a period of one month. Also, each script may have more than one trade, perhaps one on sell side and one on buy side, then that trader will have to start all over again from the beginning which is really ridiculous. So even after exhaustive analysis and spending good amount of time on charts he may still miss some of his really good potentially successful trades as he may not complete the resubmission of all the alerts and the orders with a new URL on time when the price in particular stock comes to his entry point to trigger his previously submitted alert.
So, my suggestion is let the users and traders decide whether they are comfortable with the open-ended Webhook URL or if they want to set a fixed Expiry for their URL and what expiry date they want to have based on their own convenience and schedule. The Expiry of the Alerts and corresponding orders can be managed on Tradingview Alerts window. There will be many traders who may want to have longer validity of their alerts and the corresponding orders. They will have more flexibility and the freedom from revisiting the charts and the alerts every month, to revise the URL and resubmit the same orders again and again if the trades have not triggered.
I feel by restricting the options for validity of the URLs you are restricting the functionality and full-scale potential benefits of the Webhook URL feature.
Please forward this feedback to the concerned team to have a fair discussion and take appropriate decisions to enhance the Webhook URL feature.
- Choice of Front month, Next month and Far month in the drop-down menu:
For placing the trades in the Options Contracts, we get a choice to choose the expiry of the contract whereas for Futures Contracts it is by default the trade is placed in the front month or the current month contract. It should be possible even for Futures contracts to choose the contract expiry for the potential trades to be submitted when the alert triggers.
More importantly instead of giving the actual expiry date of the contract there should be a choice in terms of Front month, Next month and the Far month contract to choose from in the drop-down menu of the order planner. So that the Json should have the corresponding parameters designating Front month, Next month or Far month mentioned in its code instead of actual contract expiry date mentioned there and when the alert triggers on the chart, irrespective of the contract expiry date the Json should automatically send an order in the front month or the next month or the Far month contract as decided by the trader at the time of submission.
Even in many of the Options strategies like Horizontal Spreads the traders like to take up the trades in combination of Front month and Next month or sometimes even Far month. So, instead of mentioning the actual expiry dates in the Json code it will be better if corresponding codes are inserted designating the Front, Next or Far month contracts.
This way the traders who want to continue to keep the alerts and the corresponding trades in the system for the next month or even longer will not have to keep reviewing and resubmitting the alerts and trades at every expiry date of the F & O.
- Single click button to activate or deactivate the existing URL temporarily:
There should only be a one click button available to activate or deactivate the existing Webhook URL temporarily in Dhan platform itself so that if any trader wants to pause or stop receiving any orders temporarily for some time in his account coming through the Webhook URL he should be able to do that during certain critical situations like potential expected extreme volatility in the market when he may not get the time to review all the alerts and trades placed in Tradingview after or just before some sudden unpleasant news in the market like budget days or any other financial news affecting the stock markets overall.
It should clearly indicate the Active or Inactive status of the URL.
This button should also be available in the mobile app as well so that the trader can control the temporary pausing of the Webhook trades even from his mobile if he does not have access to the Web portal.
- Availability of Mini Contracts in MCX Commodity Trading:
In commodity trading some of the contracts like Aluminium, Lead and specially the mini contracts like Alumini, Leadmini, Zincmini, Goldmini, Silvermini, Crudeoilmini and Naturalgasmini are not available for placing the trades via Webhook feature. We are not able to use this feature for trading in these contracts.
Please note that all the traders may not have a large capital to start trading in the Commodity markets with bigger contracts. Also, they may not have such a big risk potential to trade in major contracts like Crude oil, Natural Gas and Zinc. Many traders will want to start from smaller contract size of mini contracts based on their risk appetite and the limited capital availability.
Hence, a sincere request to please make available all the mini contracts as well for all the base metals, bullions and energy contracts for trading through Webhook feature at the earliest so that more and more traders can take advantage of trading through Webhook URL. This will increase your user base also.
- Ability to drag and drop the scripts from watchlists into trade planner of Webhook page:
On the Webhook URL page, instead of searching for the script through a search box if we can just drag and drop the script from the watchlist to the order planner of the Webhook page then it will be again more convenient and faster to plan the trades. This can be possible for at least the stocks and Futures contracts that we have saved in our watchlist. For the options contracts again, we will have to search in the search box only.
Alternatively, addition of Webhook Page to the Options Trader platform also just below the strategy builder so that after planning the strategy in options trader if we want to generate the Json for the same and submit it on Tradingview through webhook we need not go back to the Web trader. We should be able to do that right from the options trader platform itself. Perhaps addition of only ‘Generate Json’ button with a box and ‘Copy Json’ button just below the Strategy builder could suffice in the Options Trader. Once we finalize the strategy and ready to submit, we can just click on generate Json button then copy Json button and paste in the Alert Message box on Tradingview Chart.
Thank you