Difference between the TradingView Extension and the Webhook

Indeed, you can auto-trade from Tradingview using Extension or Webhook. Though TradingView Extension, very popular among the users. However, it does not require subscribing to the paid version of TradingView to Start with Algo Trading. Likewise, users, who favour broader scope of Algo Trading may prefer for Webhook setup.

Let’s learn about the differences in Extension and the Webhook setup in detail with TradingView.

Case	Webhook	Extension
Basic Difference	An alert, therefore, in which Webhook URL apply sends a signal directly to the APIBridge of that particular URL.	The extension acts as a link between APIBridge and TradingView. As, it catches the Alert Message when it pop-up, and sends it to APIBridge.
TradingView Subscription	Webhook requires the paid TradingView version.	Importantly, extension does not requires paid TradingView version.
Scope	Webhook signals can be sent to any computer, which has the APIBridge of that particular URL opened.	In contrary, extension can only send signals to that particular computer in which it is installed.
Setup	Sending signals via Webhook does not require TradingView to be opened. For instance, the user may set an alert and it will automatically send to the APIBridge.	On the other hand, extension requires TradingView to be opened throughout the trading session.
Security	If the secrecy of the webhook URL is compromised, anybody with unauthorized access can send signals.	In fact, the extension sends signals only to a computer on which it has installed. Therefore, the scope of misuse reduces.
Software	Sending signals through a Webhook can work with any software or platform that provides a webhook facility. For eg – TradingView, APITester etc.	Extention only works with the TradingView.
Button Trade	As the WebHook URL sets the Alerts, button trading cannot be performed.	With this, button trading can be done using the extension.
Parameters	A signal from the Webhook must send all the parameters required by APIBridge in the signal itself. For example, Strategy Tags, Product Type. Port Etc.	Extension provides certain features, that can be modified in the extension itself and will apply to all signals. For example, SL, TGT, QTY, Strategy Tag etc.
Multi Account Setup	A Multi-instance setup not feasible by using Webhook.	One can create a Multi-Instance setup with TradingView using Extension.

Lastly, here is an Example of the sample alert message for creating a Long Position in OPTIDX using the Webhook.

SYMBOL:NIFTY|6MAY2021|14800|CE
TYPE:LE
PRICE:0
QTY: 50
OT:MARKET|MIS
INS:OPTIDX
STAG:STG1

Need any further info simply leave us a comment.