If you're going to call it satay, please include pulverised coriander seeds, turmeric, ginger, shallots and a small amount of palm sugar or brown sugar. Blend it all together (with as much red chillies as you wish) and use it as a marinade.
Cook a separate authentic peanut sauce (to serve together with the grilled chicken pieces) for 15 minutes on medium-low heat: 200g crushed or milled peanuts, 80g palm or brown sugar, 1/3 cup water, crushed red chillies and salt to taste. Add more water if necessary to get the sauce thickness that you prefer. It's worth the bit of extra work!