PickMyTrade now supports updating stop loss (SL) and take profit (TP) orders in Tradovate through alerts. This feature ensures you can adjust your risk management dynamically without manually closing and reopening trades.

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How It Works #

• Update SL (update_sl:true)
  • When enabled, all existing stop loss orders related to that symbol will be updated.
  • The system will replace your current SL with the exact new value provided in the alert.
• Update TP (update_tp:true)
  • When enabled, all existing take profit orders related to that symbol will be updated.
  • The system will replace your current TP with the exact new value provided in the alert.

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Important Notes #

1. Exact Value Updates
   • SL and TP will be updated with the exact values you pass in the alert.
   • We do not calculate in points, dollar_tp, or dollar_sl.
2. Impact on Trailing Stop Loss
   • If you are using a trailing stop loss, it might get removed when update_sl:true is triggered, because we manually overwrite SL.
3. Use Case Example
   • Current Position: Buy 1 contract of MNQ at 19,000 with SL at 18,950 and TP at 19,050.
   • Send Alert with: update_sl:true, sl:18980, update_tp:true, tp:19100
   • Result:
     • SL updates to 18,980.
     • TP updates to 19,100.

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JSON Examples #

Update TP and SL (exact absolute prices):

{
  "symbol": "MNQ1!",
  "date": "{{timenow}}",
  "data": "buy",
  "quantity": 2,
  "risk_percentage": 0,
  "price": "{{close}}",
  "percentage_tp": 0,
  "dollar_tp": 0,
  "percentage_sl": 0,
  "dollar_sl": 0,
  "token": "TOKEN_ID",
  "order_type": "MKT",
  "update_sl": true,
  "sl": 18980,
  "update_tp": true,
  "tp": 19100,    
  "multiple_accounts": [
    {
      "token": "TOKEN_ID",
      "account_id": "ACCOUNT_ID",
      "risk_percentage": 0,
      "quantity_multiplier": 1
    }
  ]
}

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Best Practices #

• Use update_sl:true only when you want to manually reset your SL levels.
• Always double-check values before sending alerts, since they are taken as final exact values.
• Avoid mixing trailing SL with manual updates to prevent conflicts.

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This feature helps you keep trades aligned with strategy adjustments in real-time while reducing manual intervention.