--- title: Setting Up Automated Trading for TradingView Indicators slug: automated-trading-tradingview-indicators date: 2025-03-13 modified: 2026-09-04 author: Bhavishya Goyal excerpt: "" meta_description: "Automated trading for TradingView indicators made easy. Follow this complete guide using PickMyTrade to streamline trades, risk, and multi-account setups." focus_keyword: Automated Trading for TradingView Indicators canonical_url: "https://docs.pickmytrade.trade/docs/automated-trading-tradingview-indicators/" og_title: Setting Up Automated Trading for TradingView Indicators og_description: "Automated trading for TradingView indicators made easy. Follow this complete guide using PickMyTrade to streamline trades, risk, and multi-account setups." og_image: "" schema_type: FAQPage categories: [] tags: [] reading_time: 21 word_count: 5024 robots: "index, follow" lang: en-US --- # Setting Up Automated Trading for TradingView Indicators **Last Updated:** September 4, 2026  |  **Published:** March 13, 2025 ## 1. Introduction to Automated Trading for TradingView Indicators This guide explains how to automate trading signals generated by **TradingView indicators** using **PickMyTrade**. By connecting indicators like RSI, Bollinger Bands, or Moving Averages to automated trade execution, you can streamline your process and remove manual delays. **Ready to automate this with PickMyTrade?** Connect TradingView to Tradovate and start executing trades automatically — no coding required. [Start Free Trial →](https://app.pickmytrade.trade/?register=true) ## What This Is (and Isn’t) - **Indicators** generate signals (buy/sell conditions) - **PickMyTrade** turns those signals into real trades - No coding required - Works with Tradovate via webhook alerts > If your indicator can trigger an alert, it can be automated. --- ## Before You Start You’ll need: - TradingView **Pro / Pro+ / Premium** (webhook alerts required) - Tradovate account connected to PickMyTrade - A TradingView indicator with alert conditions - PickMyTrade webhook URL - Demo account (recommended) --- ## Basic Workflow Overview ![TradingView indicator automation workflow showing alerts sent via webhook to PickMyTrade for automatic trade execution on Tradovate ](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-135.avif) **TradingView Indicator** → **Alert Triggered** → **Webhook Sent** → **PickMyTrade** → **Tradovate Order** TradingView decides _when_ to trade. PickMyTrade decides _how_ the trade is placed. We’ll cover everything from trade logic and alert configuration to order types and multi-account execution. If you’re looking for a **video tutorial**, you can also check out: For a visual walkthrough, refer to the accompanying video: ### 1.1 Reverse Order and Pyramid Settings PickMyTrade gives you flexible control over how trades behave when signals repeat or reverse. The following table explains how existing trades are handled based on two key toggles: | Reverse Order Close | Pyramid | What Happens to the Existing Position (If the Same Signal Is Received) | What Happens to the Existing Position (If the Opposite Signal Is Received) | What Happens to the New Signal? | | --- | --- | --- | --- | --- | | True | False | It would be closed | It would be closed | A new signal would open a position if it’s not a close trade. | | True | True | It would not be closed | It would be closed | A new signal would open a position if it’s not a close trade. | | False | N/A | It would not close the trade | It would not close the trade | A new signal would open a position if it’s not a close trade. | ### 1.2 Note on TP, SL, TP1, and TP2 - **TP (Take Profit):** This is a predefined price level at which a trader decides to close their position to secure profits. When the market reaches this level, the position is automatically closed, locking in the profit. - **SL (Stop Loss):** This is a predefined price level where the trader exits a position to limit losses. If the market price moves unfavorably and reaches the SL level, the position is closed to prevent further losses. - **TP1, TP2 (Take Profit Levels):** These are multiple take profit levels used in a Partial Exit Strategy. Instead of closing the position entirely at one level (TP), a trader can set different profit-taking points. For example, TP1 might be set at a moderate level to secure part of the profit, and TP2 can be set at a higher level to capture further potential profits while still leaving part of the position open. --- ## 2. Selecting Your Trading Setup for Automation ### 2.1 Choosing Your Trading Setup Before automation, decide whether you are using an **Indicator-Based** or **Strategy-Based** approach. **Indicator-Based Trading Setup** _(Ideal for traders using RSI, Bollinger Bands, or other indicators to trigger trades.)_ - **Select Your Indicator:** Choose a TradingView indicator to automate (e.g., RSI, Moving Averages). ![Dashboard showing symbol input field for selecting the futures or market instrument to trade automatically.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-159-1024x591.avif) --- ## 3. Configuring PickMyTrade for Automated Trading ### 3.1 Enter Trading Symbol Specify the asset (symbol) to trade using PickMyTrade. This step is **optional**—but **required** if your stop loss/take profit needs to use tick size or dollar value logic. **If the symbol doesn’t exist or isn’t mapping correctly:** You’ll need to set it up first in PickMyTrade. Only after that will trades happen on that symbol. **Want to send an alert from one symbol and trade another?** You can! For example: - You’re using NQ on your TradingView chart for the alert. - But you want the actual trade to happen on MNQ. - In this case, just enter MNQ in the PickMyTrade symbol field. **What if you don’t enter a symbol here?** No worries — PickMyTrade will simply take the trade based on whatever chart you’ve set up in TradingView for the alert. ![PickMyTrade setup screen where users choose an indicator-based automation workflow.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-161-1024x473.avif) --- ## 4. Alert Configuration for TradingView Indicators ### 4.1 Select Alert Type Choose the type of trade action you want to automate: - **Buy Alert:** - Cancels any open positions and open orders. - Opens a new buy position. - **Sell Alert:** - Cancels any open positions and open orders. - Opens a new sell position. - **Close Alert:** - Closes all open positions and open orders. - Does not open a new position. ![PickMyTrade interface displaying Buy Alert, Sell Alert, and Close Alert options for indicator signals.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-162-1024x621.avif) --- ## 5. Supported Order Types in PickMyTrade Trading automation depends on how you enter the market. Here’s how each order type works: ## Order Type Comparison | Order Type | Best For | Execution | Risk | | --- | --- | --- | --- | | Market | Immediate entry | Guaranteed fill | Slippage possible | | Limit | Precise price | May not fill | Missed trades | | Stop | Breakout entries | Triggers at price | Gap risk | | Stop Limit | Precise breakouts | May not fill | Combined risk | --- ## ### 5.1 Choose Entry Order Type - **Market Order:** - **Definition:** A market order is an order to buy or sell immediately at the current market price. - **Example:** If NQ is at 21,891, and you place a market order to buy, it will execute immediately at or very close to 21,891. The order gets filled right away without waiting for any price changes. ![Order entry page showing market order selected for immediate execution when an alert is received.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-163-1024x607.avif) - **Limit Order:** - **Definition:** A limit order is an order to buy or sell only when the price reaches a specific level you set. If the price doesn’t reach that level, the order won’t be filled. - **Example:** If you want to buy NQ at 21,850, you set a limit buy order. This order will not execute unless the price of NQ drops to 21,850. If the price stays above 21,850, your order won’t be filled. - **Note:** We use TradingView’s `{{close}}` placeholder to set the limit price. ![PickMyTrade alert settings showing Alert Type BUY and Entry Order Type LIMIT with quantity configuration](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/Screenshot_2-1024x356.avif) - **Stop Order (also called Stop Loss or Stop Entry):** - **Definition:** A stop order becomes a market order when the price reaches a specific trigger price. It’s often used for stop loss (to limit losses) or stop entry (to enter the market when a certain price is reached). - **Example:** If NQ is at 21,891, and you place a buy stop order at 21,950, the order won’t execute until the price reaches 21,950. Once it does, the stop order becomes a market order and buys NQ at or near 21,950. - **Note:** We use TradingView’s `{{close}}` placeholder to set the stop price. If needed, you can replace it with any other available placeholder variable to suit your strategy. _(Placeholder Explanation: https://pickmytrade.trade/pages/generateAlertGuild.html#placeholderDetails_[Click here](https://docs.pickmytrade.trade/docs/setting-up-automated-trading-for-tradingview-indicators/#50-toc-title)_)_ ![Order settings displaying stop entry configuration triggered when price reaches a defined level.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-165-1024x511.avif) - **Stop Limit Order:** - **Definition:** A stop limit order triggers a limit order when the stop price is reached. It gives you control over both the trigger price and the execution price. - **Example:** If NQ is at 21,891, and you place a buy stop limit at 21,950, a limit order to buy is triggered once the price hits 21,950. The actual fill will only happen at 21,950 or better. - **Note:** We use TradingView’s `{{close}}` placeholder to set the stop limit price. If left blank, the system will automatically use the same value as the price field. This works even if both `stp` and `stplmt` fields are blank. - **Use Case:** More control than a stop order; helps avoid slippage by specifying a max acceptable price. - **More Info:** _[_(Placeholder Explanation:_](https://docs.pickmytrade.trade/docs/setting-up-automated-trading-for-tradingview-indicators/#50-toc-title)_https://pickmytrade.trade/pages/generateAlertGuild.html#placeholderDetails_[Click here](https://docs.pickmytrade.trade/docs/setting-up-automated-trading-for-tradingview-indicators/#50-toc-title)_)__ ![PickMyTrade order settings with Entry Order Type STOP LIMIT and a Stop Limit Price field](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/Screenshot_3-1024x353.avif) --- ### GTD Orders (Tradovate) **Known Issue:** Tradovate has confirmed a platform-side issue where time-based GTD expiration may not work correctly. As a result, orders using `gtd_in_second` or GTD expiration may remain active past their intended expiry time. Tradovate has acknowledged the issue and is working on a fix. Until then, please monitor GTD orders manually. ## 6. Setting Quantity and Position Sizing Choosing the right **quantity type** is essential for aligning your trade size with your risk management plan. PickMyTrade supports two main types: - **Fixed Quantity:** You manually define how many contracts to trade. Use this when you want **full control** over size and are not adjusting based on account balance or risk exposure. ![Risk management screen displaying SL and TP inputs for automated indicator trades.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-167-1024x350.avif) ![Example setup using point or dollar distance from entry for stop loss and take profit calculations.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-168-1024x653.avif) - **Risk Percentage:** When using **Risk Percentage**, the system calculates your trade size so that your **maximum loss equals a fixed percentage of your total account balance**, based on the stop-loss distance. - A **stop-loss is required**, because it defines how much you’re risking per trade. **Example:** If your account balance is **$100,000** and you set a **2% risk**, the system ensures your **maximum possible loss is $2,000** on that trade. ![Trade configuration page showing stop loss and take profit based on percentage of entry price.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-169-1024x450.avif) ### 6.1 Position Sizing Calculation for NQ Futures Position sizing is a critical part of risk management in futures trading. It ensures every trade aligns with your risk tolerance and helps preserve account capital over the long term. This section outlines the steps to calculate the proper position size when trading NQ (Nasdaq-100) futures. ### 6.1.1 Defining Account and Risk Parameters Before placing a trade, define your account size and the percentage of capital you’re willing to risk on a single trade: | Parameter | Value | | --- | --- | | Account Balance | $10,000 | | Risk Percentage Per Trade | 2% | | Maximum Risk Amount | $250 | **Formula:** Maximum Risk Amount = Account Balance × Risk Percentage **Example Calculation:** $10,000 × 2% = $250 The total allowable risk for this trade is **$250**. ### 6.1.2 NQ Contract Specifications Understanding contract specifications ensures accurate position sizing: | Specification | NQ Contract Value | | --- | --- | | Point Value | $20 per point  per contract | | Minimum Tick Size | 0.25 points ($5) | ### 6.1.3 Trade Setup Example Let’s consider a hypothetical trade with the following parameters: | Parameter | Value | | --- | --- | | Current NQ Price | 20,653.25 | | Stop-Loss Distance | 10 points from the entry price | | Take-Profit Target | 20 points from the entry price | ### 6.1.4 Risk Per Contract Calculation The dollar risk per contract is calculated by multiplying the stop-loss distance by the point value: Risk Per Contract = Stop-Loss Distance × Point Value Example Calculation: 10 points × $20 per point = $200 Hence, the risk per NQ contract is **$200**. ### 6.1.5 Position Size Calculation The number of contracts to trade is determined by dividing the maximum risk amount by the risk per contract: Position Size = Maximum Risk Amount ÷ Risk Per Contract Example Calculation: $250 ÷ $200 = 1.25 Since futures contracts can’t be traded in fractional amounts, the position size is **rounded down to 1 contract**. ### 6.1.6 Additional Considerations - **Lower Risk Percentages:** Reducing the risk percentage (e.g., to 1%) decreases the risk amount: $10,000 × 1% = $100 With a **$200 risk per contract**, the calculated position size would be **0.5 contracts**, which isn’t feasible. You’d either need to increase your risk percentage or account size to place the trade. - **Minimum Position Size:** If the calculated position size is less than one contract, the trade can’t be executed. Ensure your account size and risk settings allow at least one contract for NQ futures. ### 6.1.7 Conclusion Effective position sizing ensures you stay within your defined risk per trade. By factoring in account balance, stop-loss distance, and contract value, traders can maintain consistency and long-term capital preservation. --- ## 7. Stop Loss and Take Profit Settings in Automated Strategies Stop Loss and Take Profit orders are **non-negotiable tools** for disciplined trading. These exits help lock in gains and cut losses—without emotional interference. ### 7.1 Stop Loss A Stop Loss is a predefined price level at which a position is automatically closed if the market moves unfavorably. This helps limit potential losses by exiting the trade once the price reaches a specified point. **Example:** Suppose a trader buys NQ at 21,891. They set a Stop Loss at 21,841. If the market drops to 21,841, the position will automatically close, capping the loss at that point. ### 7.2 Take Profit A Take Profit is a predetermined price level at which a position is automatically closed when the market moves favorably. This order locks in profits once the price reaches the target set by the trader. **Example:** A trader buys NQ at 21,890 and sets a Take Profit at 21,991. When the market rises to 21,991, the position automatically closes, securing the profit. Using Stop Loss and Take Profit orders helps traders manage both risk and reward effectively, ensuring a systematic approach to closing trades. ### 7.3 Enable Stop Loss & Take Profit Select Yes to activate risk management settings. ![Setup screen using TradingView placeholders such as {{plot_1}} and {{plot_2}} for dynamic stop loss and take profit values.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-170-1024x452.avif) ## 8. Risk Management Types for Automated Trading When setting stop loss (SL) and take profit (TP) orders, different methods can be used to determine the exit points of a trade. Each method offers a unique approach to managing risk and locking in profits, based on factors like price movement, percentage, or total value. Here’s a clear explanation of each type: ### 8.1 Dollar (from entry) This method sets the stop loss or take profit based on a fixed dollar amount from the entry price. It’s a straightforward way to manage trades in terms of actual monetary risk and reward. **Example:** If a trader enters a position at $21,000 and sets a stop loss $500 below the entry price, the position will automatically close if the price falls to $20,500. Similarly, a take profit set $1,000 above the entry price would close the position at $22,000. ### 8.2 Percentage Here, the stop loss and take profit are calculated as a percentage of the entry price. This method keeps risk and reward proportional to the market price, making it useful for different price levels. **Example:** If the entry price is $21,000 and the stop loss is set at a 2% decrease, the position will close if the price drops to $20,580. A take profit set at a 5% increase would close the position when the price reaches $22,050. ### 8.3 Price This method sets stop loss and take profit at specific price levels. These price levels are often chosen based on technical analysis, such as support and resistance zones. **Example:** A trader entering a long position at $21,000 may set the stop loss at $20,800 (a support level) and the take profit at $22,200 (a resistance level). ### 8.4 Ticks A tick is the smallest possible price movement for a futures contract. Using this method, stop loss and take profit levels are set based on a specific number of ticks away from the entry price. This is especially useful in fast-moving markets. **Example:** In NQ futures, one tick equals 0.25 points and is worth $5. A stop loss of 20 ticks would represent a $100 risk, while a take profit of 40 ticks would equal a $200 gain. ### 8.5 Total Profit/Loss This approach closes a position when a specific total profit or loss amount is reached, regardless of the price level. It’s often used when focusing on overall account balance or total monetary outcome. **Example:** A trader might set a total loss limit of $500 and a total profit target of $1,000. Once either of these thresholds is met, the trade automatically closes — no matter where the market price is at that time. Each of these methods offers flexibility in managing trades and helps you align your strategy with your risk tolerance and goals. Choosing the right approach depends on your trading style, market conditions, and how you prefer to manage risk and reward. ![Trading setup showing stop loss and take profit configured using tick values for futures trading.](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-171-1024x426.avif) ## 9. Detailed Breakdown: Stop Loss, Take Profit & BreakEven All the Stop Loss, Take Profit, and BreakEven types share the same TradingView symbol — NQ. This section covers different methods for managing trades and risk in detail. ## 9.1 Dollar (From Entry Price) #### 9.1.1 Entry Order Details - **Alert Type:** BUY — This means you’re placing an order to purchase. - **Entry Order Type:** MARKET — Buys contracts at the current market price. #### 9.1.2 Quantity Settings - **Quantity Type:** QUANTITY — Specifies the number of contracts directly. - **Quantity Value:** 10 — You’re buying 10 contracts in this trade. #### 9.1.3 Risk Settings - **Stop Loss / Take Profit Type:** Point / Dollar (From Entry Price) #### 9.1.4 Stop Loss & Take Profit Calculation for 10 Contracts - **Stop Loss:** 10 Points → $2,000 total loss for 10 contracts - **Take Profit:** 20 Points → $4,000 total profit for 10 contracts #### 9.1.5 Example - Buy NQ at 21,891 - Stop Loss: 10 Points below entry → New stop loss at 21,791 - Take Profit: 20 Points above entry → New take profit at 22,091 ![Exit and Protection Settings with Stop Loss Distance 10 points and Take Profit Distance 20 points](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-172-1024x555.avif) #### 9.1.6 BreakEven Settings - BreakEven activates after a 2-Point price movement in favor - BreakEven triggers at 21,893 (after a 2-Point move = $400 total profit for 10 contracts) - Once triggered, the stop loss moves to the **entry price (21,891)** plus a **BreakEven Offset of 1 Point**, moving the new stop loss to **21,892** — locking in a $200 total profit (for 10 contracts). ![BreakEven Settings panel with Auto Break Even enabled, Trigger at 2 points, Offset of 1 point](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-173-1024x551.avif) #### 9.1.7 Calculation Details Each field (Stop Loss, Take Profit, Trail Trigger, Trail Frequency) has a small question mark (?) icon next to it. When you click the icon, it opens a “Calculation Details” popup, showing: 1. The Formula used 2. The Values Entered by the user 3. The Final Calculation result Stop Loss in USD: 1. Formula: Result = Stop Loss USD * Lot Size * Quantity 2. Example Calculation: (Same numbers for illustration) 5 * 20 * 10 = 1000.00 USD ![Calculation result panel showing Stop Loss in USD example: 5 times 20 times 10 equals 1000.00 USD](https://pickmytrade.trade/assets/doc_v2-80.png) Take Profit in USD: 1. Formula: Result = Take Profit USD * Lot Size * Quantity 2. Example Calculation: 10 * 20 * 10 = 2000.00 USD ![Calculation result panel showing Take Profit in USD example: 10 times 20 times 10 equals 2000.00 USD](https://pickmytrade.trade/assets/doc_v2-81.png) ## 9.2 Percentage #### 9.2.1 Entry Order Details - **Alert Type:**  BUY — This means you’re placing an order to purchase - **Entry Order Type:** MARKET— This type of order buys the contracts at the current market price right away #### 9.2.2 Quantity Settings - **Quantity Type:** QUANTITY — You’re specifying the number of contracts directly - **Quantity Value:** 10 — This means you’re buying 10 contracts in this trade ![Quantity Settings panel with Quantity Type set to QUANTITY and Quantity Value set to 10](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-174-1024x172.avif) #### 9.2.3 Risk Settings - **Stop Loss / Take Profit Type:** PERCENTAGE #### 9.2.4 Stop Loss & Take Profit Calculation (Percentage-Based) - **Stop Loss:** 20% of 21,891 = 4,378.20 - **Stop Loss Price** = 17,512.80 - **Take Profit:** 100% of 21,891 = 21,891 - **Take Profit Price** = 43,782 ![Exit and Protection Settings in PERCENTAGE mode with Stop Loss Distance 20 percent and Take Profit Distance 100 percent](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-175-1024x513.avif) #### 9.2.5 BreakEven Settings BreakEven activates after a 2-Point price movement in favor - Buy NQ at 21,891 - BreakEven triggers at 21,893 (after a 2-Point move = $400 total profit for 10 contracts) - Once triggered, the **stop loss moves to the entry price (21,891)** plus a **BreakEven Offset of 1 Point**, creating a **new stop loss at 21,892** — locking in a **$200 total profit** for 10 contracts instead of just breaking even. ![Percentage-based exit settings with BreakEven Settings enabled, Trigger 2 points and Offset 1 point below](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-177-1024x637.avif) ## 9.3 Price ### 9.3.1 Entry Order Details - **Alert Type:** BUY — This means you’re placing an order to purchase. - **Entry Order Type:** MARKET — This type of order buys the contracts at the current market price right away. ### 9.3.2 Quantity Settings - **Quantity Type:** QUANTITY — You’re specifying the number of contracts directly. - **Quantity Value:** 10 — This means you’re buying 10 contracts in this trade. ### 9.3.3 Risk Settings - **Stop Loss / Take Profit:** YES - **Stop Loss / Take Profit / BreakEven Type:** PRICE ### 9.3.4 Stop Loss & Take Profit **Stop Loss (Auto-Filled Price):** Enter the stop loss price from your TradingView indicator. Use TradingView variables like `{{plot_1}}`, `{{plot_2}}`, etc. _Example:_ If Stop Loss is 21,691, enter `{{plot_1}}` when creating the alert. **Take Profit (Auto-Filled Price):** Enter the take profit price from your TradingView indicator. Use TradingView variables like `{{plot_1}}`, `{{plot_2}}`, etc. _Example:_ If Take Profit is 22,091, enter `{{plot_2}}` when creating the alert. ![Exit and Protection Settings with Stop Loss and Take Profit Mode set to Price from TradingView variable](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-178-1024x535.avif) ### 9.3.5 **Understanding `{{plot_x}}` Variables in TradingView** In TradingView, `{{plot_0}}`, `{{plot_1}}`, `{{plot_2}}`, etc., are placeholders that TradingView provides when you create an alert based on an indicator. These placeholders represent the different output values that the indicator shows on the chart. - `{{plot_0}}` — The first value plotted by the indicator. - `{{plot_1}}` — The second value plotted by the indicator. - `{{plot_2}}` — The third value, and so on. **How They Work for Stop Loss & Take Profit** Let’s say your indicator plots two important levels: - Stop Loss level - Take Profit level In this case: - Stop Loss will be assigned to a variable like `{{plot_1}}` - Take Profit will be assigned to a variable like `{{plot_2}}` When setting an alert, you don’t have to enter fixed numbers (like 21,691) manually. Instead, you just select these placeholders: - `{{plot_1}}` for Stop Loss - `{{plot_2}}` for Take Profit **Example Alert Setup in TradingView** When creating an alert, enter this in the message box: ``` Loss: {{plot_1}}, Take Profit: {{plot_2}} ``` **Example Scenario** At the time of alert creation: - `{{plot_1}}` = 21,691 (Stop Loss) - `{{plot_2}}` = 22,091 (Take Profit) When the alert triggers, you will receive this message: ``` Stop Loss: 21,691, Take Profit: 22,091 ``` **Important Note** The second plot becomes `{{plot_1}}`, the third `{{plot_2}}`, and so on — following the order in which they appear in the indicator’s code or settings. The first plot you add in your indicator will always be accessible as `{{plot_0}}`. ### 9.3.6 Break-Even Settings PickMyTrade calculates the **point distance** between the alert’s entry price and the provided Stop-loss price. This distance is then applied dynamically from the actual fill price. This ensures accurate break-even behavior even if the actual fill price differs from the alert’s entry price. ### 9.3.7 Trail Stoploss Settings PickMyTrade calculates the **point distance** between the alert’s entry price and the provided SL/TP values. These distances are then applied dynamically from the actual fill price. This approach ensures accurate trailing stop behavior even if the fill price differs from the alert price. For details, refer to: [Trailing Stop Loss Using Price Values from TradingView – PickMyTrade](https://docs.pickmytrade.trade/docs/trailing-sl-from-tradingview-price/) ## 9.4 Ticks ### 9.4.1 Entry Order Details - **Alert Type:** BUY — This means you’re placing an order to purchase. - **Entry Order Type:** MARKET — This type of order buys the contracts at the current market price right away. ### 9.4.2 Quantity Settings - **Quantity Type:** QUANTITY — You’re specifying the number of contracts directly. - **Quantity Value:** 10 — This means you’re buying 10 contracts in this trade. ### 9.4.3 Risk Settings #### 9.4.3.1 Stop Loss (SL) Calculation - **Stop Loss Type:** TICKS - **Stop Loss Value:** 5 ticks below entry **Example Calculation:** - **Entry Price:** 21,891 - **Tick Size:** 0.25 points per tick (For NQ futures) - **5 Ticks Movement:** 5 × 0.25 = 1.25 points - **Stop Loss Price:** 21,891 – 1.25 = 21,889.75 **Loss Calculation:** - **Each Tick Value:** $5 per contract - **Total Contracts:** 10 - **Total Loss per Tick:** 10 × $5 = $50 - **Total Loss for 5 Ticks:** 5 × $50 = $250 So if the price hits 21,889.75, the total loss is $250 for 10 contracts. #### 9.4.3.2 Take Profit (TP) Calculation - **Take Profit Type:** TICKS - **Take Profit Value:** 10 ticks above entry **Example Calculation:** - **Entry Price:** 21,891 - **Tick Size:** 0.25 points per tick - **10 Ticks Movement:** 10 × 0.25 = 2.5 points - **Take Profit Price:** 21,891 + 2.5 = 21,893.5 **Profit Calculation:** - **Total Profit per Tick:** $50 (10 contracts × $5 per tick) - **Total Profit for 10 Ticks:** 10 × $50 = $500 So if the price hits 21,893.5, the total profit is $500 for 10 contracts. ![Exit and Protection Settings in TICKS mode with Ticks Value for SL 5 and Ticks Value for TP 10](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-179-1024x536.avif) ### 9.4.4 Calculation Details Each field (Stop Loss, Take Profit, Trail Trigger, Trail Frequency) has a small question mark (?) icon next to it. When you click the icon, it opens a “Calculation Details” popup, showing: - **The Formula Used** - **The Values Entered by the User** - **The Final Calculation Result** **Stop Loss Calculation:** - **Formula:** Result = Stop Loss Ticks × Lot Size × Min Tick × Quantity - **Example Calculation:** 5 × 20 × 0.25 × 10 = $250.00 ![Calculation Details popup showing Stop Loss ticks formula with values 5, 20, 0.25, 10 giving final result 250.00](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-35.png) **Take Profit Calculation:** - **Formula:** Result = Take Profit Ticks × Lot Size × Min Tick × Quantity - **Example Calculation:** 10 × 20 × 0.25 × 10 = $500.00 ![Calculation Details popup showing Take Profit ticks formula with values 10, 20, 0.25, 10 giving final result 500.00](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-36.png) ### 9.4.5 BreakEven Settings #### 9.4.5.1 BreakEven Activation Calculation - **BreakEven Triggers After:** 2 ticks in profit - **BreakEven Stop Loss Adjustment:** Moves stop loss to **entry price (21,891)** plus a **BreakEven Offset of 1 tick** **Example Calculation:** - **Entry Price:** 21,891 - **Tick Size:** 0.25 points per tick - **BreakEven Activation Price:** 21,891.5 (after a 2-tick move) - **BreakEven Offset:** 1 tick = 0.25 points **Profit at 2 Ticks:** - 2 ticks × $5 per contract = $10 per contract - For 10 contracts = $100 total profit **New Stop Loss Price After Activation:** - 21,891 (entry) + 0.25 (1-tick offset) = **21,891.25** So once the price reaches **21,891.5**, the stop loss automatically moves to **21,891.25**, locking in a **$125 total profit** (10 contracts × $1.25 per tick equivalent), instead of just breaking even. ![Ticks-based Stop Loss and Take Profit settings with BreakEven Trigger 2 ticks and Offset 1 tick](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-180-1024x526.avif) ## 9.5 Total Profit / Loss ### 9.5.1 Entry Order Details - **Alert Type:** BUY — This means you’re placing an order to purchase. - **Entry Order Type:** MARKET — This type of order buys the contracts at the current market price right away. ### 9.5.2 Quantity Settings - **Quantity Type:** QUANTITY — You’re specifying the number of contracts directly. - **Quantity Value:** 10 — This means you’re buying 10 contracts in this trade. ![Alert Type BUY, Entry Order Type MARKET, and Quantity Settings with Quantity Value 10](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-181-1024x361.avif) ### 9.5.3 Risk Settings #### 9.5.3.1 Stop Loss Calculation - **Stop Loss / Take Profit Type:** TOTAL PROFIT / LOSS - **Stop Loss:** $100 per contract **Example:** - **Buy NQ at:** 21,891 - **Total Loss for 10 Contracts:** $100 × 10 = $1,000 **Stop Loss Price Calculation:** - **1 Point Value:** $20 per contract - **Points to Stop Loss:** $100 ÷ $20 = 5 points - **Stop Loss Price:** 21,891 – 5 points = 21,886 #### 9.5.3.2 Take Profit Calculation - **Take Profit:** $200 per contract **Example:** - **Buy NQ at:** 21,891 - **Total Profit for 10 Contracts:** $200 × 10 = $2,000 **Take Profit Price Calculation:** - **1 Point Value:** $20 per contract - **Points to Take Profit:** $200 ÷ $20 = 10 points - **Take Profit Price:** 21,891 + 10 points = 21,901 ![Exit and Protection Settings in TOTAL PROFIT/LOSS mode with 100 USD loss and 200 USD profit per contract](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-182-1024x538.avif) ### 9.5.4 BreakEven Settings **BreakEven Activation Price Calculation:** - **Buy NQ at:** 21,891 - **1 Point Value:** $20 per contract - **Points to BreakEven Activation:** $50 ÷ $20 = 2.5 points - **BreakEven Activation Price:** 21,891 + 2.5 points = 21,893.5 - **Breakeven Offset:**1 Point **Total Profit to Trigger BreakEven:** - **Profit per Contract:** $50 - **Total Contracts:** 10 - **Total Profit:** $50 × 10 = $500 **Stop Loss Adjustment:** Once the price reaches **21,893.5**, the stop loss moves to the **entry price (21,891)** plus a **BreakEven Offset of 1 point**, creating a new stop loss at **21,892**. This locks in a **$200 total profit (10 contracts × $20 per point)**, instead of just breaking even, providing a small profit cushion in case the market reverses. ![TOTAL PROFIT/LOSS exit settings with BreakEven Trigger at 50 USD profit and Offset 1 point](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-183-1024x538.avif) ### 9.5.5 Calculation Details Each field (Stop Loss, Take Profit, Trail Trigger, Trail Frequency) has a small question mark (?) icon next to it. When you click the icon, it opens a “Calculation Details” popup, showing: - **The Formula Used** - **The Values Entered by the User** - **The Final Calculation Result** **Total Profit in USD Calculation:** - **Formula:** Total Profit (USD) = Total Take Profit × Lot Size × Quantity - **Values Used:** - Total Take Profit: 10 - Quantity: 10 - **Final Calculation:** 10 × 10 = $100.00 ![Calculation Details popup showing Total Take Profit formula with values 10 and 10 giving final result 100.00](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-45.png) **Total Loss in USD Calculation:** - **Formula:** Total Loss (USD) = Total Stop Loss × Lot Size × Quantity - **Values Used:** - Total Stop Loss: 5 - Quantity: 10 - **Final Calculation:** 5 × 10 = $50.00 ![Calculation Details popup showing Total Stop Loss formula with values 5 and 10 giving final result 50.00](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-46.png) --- ## 10. Trailing Stop Loss Settings for Automated Trading _(Common for Dollar (From Entry Price), Percentage, Ticks, Total Profit/Loss)_ ### 10.1 Symbol and Quantity - **Symbol:** NQ - **Quantity:** 10 Contracts ### 10.2 Trailing Stop Loss in Point / Dollar (From Entry Price) #### 10.2.1 Trail Stop Loss Configuration - **Do You Want Trail Stop Loss?:** - **Option:** YES / NO - **Purpose:** Enables or disables the trailing stop loss feature. - **Trail Stop Loss Type:** - **Type:** Point / Dollar (From Entry Price) - **Trail Stop Loss Value:** - **Value:** Points / USD below the current price after the trailing stop activates **Example:** - **Current Price:** 100 - **Trail Stop Loss Value:** 20 points - Once activated, the stop loss will always stay 20 points below the current price. - **Trail Trigger Value:** - **Value:** How much the price must move in your favor before the trailing stop activates **Example:** - **Trail Trigger Value:** 5 points - Price must reach 105 (100 + 5 points) for the trailing stop to activate. - **Trail Frequency Value:** - **Value:** How much the price must move in your favor for each trailing stop update **Example:** - **Trail Frequency Value:** 2 points - Once the trailing stop activates at 105: - At 105: Stop loss sets to 105 – 20 = 85 - At 107: Price moves up 2 points → Stop loss adjusts to 107 – 20 = 87 - At 109: Another 2-point move → Stop loss updates to 109 – 20 = 89 - If the price reverses and hits 89, the position closes and locks in the profit/loss. ![Trailing Stop settings in Point Dollar mode with Distance, Trigger, and Frequency each set to 2 points](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-184-1024x347.avif) ### 10.3 Calculation Details for Point / Dollar Each field (Stop Loss, Take Profit, Trail Trigger, Trail Frequency) has a small question mark (?) icon next to it. When you click the icon, it opens a “Calculation Details” popup, showing: - **The Formula Used** - **The Values Entered by the User** - **The Final Calculation Result** **Trail Trigger in USD Calculation:** - **Formula:** Result = Trail Trigger USD × Lot Size × Quantity - **Example Calculation:** 2 × 20 × 10 = $400.00 ![Calculation Details popup showing Trail Trigger formula with values 20, 2, 10 giving final result 400.00](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-49-edited.png) ### 10.4 Trailing Stop Loss in Ticks #### 10.4.1 Trail Stop Loss Configuration - **Do You Want Trail Stop Loss?:** - **Option:** YES / NO - **Purpose:** Enables or disables the trailing stop loss feature. - **Trail Stop Loss Type:** - **Type:** TICKS - **Trail Stop Loss Value:** - **Value:** Number of ticks below the current price after the trailing stop activates **Example:** - **1 Tick Value:** $10 per contract - **Trail Stop Loss Value:** 8 ticks - Once activated, the stop loss will always stay 8 ticks below the current price. - **Total Loss for 10 Contracts:** 8 ticks × $10 × 10 = $800 total loss - **Trail Trigger Value:** - **Value:** How much the price must move in your favor (in ticks) before the trailing stop activates **Example:** - **Trail Trigger Value:** 10 ticks - The trailing stop will only activate when the price moves 10 ticks in your favor. - **Total Profit for 10 Contracts:** 10 ticks × $10 × 10 = $1,000 total profit - **Trail Frequency Value:** - **Value:** How often the stop loss updates in ticks (i.e., how much price must move in your favor for each trailing stop adjustment) **Example:** - **Trail Frequency Value:** 2 ticks - Once the trailing stop activates: - At 10 ticks in profit: Stop loss sets to Current Price – 8 ticks - At 12 ticks in profit: Price moves up 2 ticks → Stop loss adjusts by 2 ticks - At 14 ticks in profit: Another 2-tick move → Stop loss updates again - If the price reverses and hits the adjusted stop loss → The position closes, locking in the profit or loss - **Example Profit:** 2 Ticks = $100 total profit for 10 contracts ![Trailing Stop settings in TICKS mode with Distance, Trigger, and Frequency each set to 2 ticks](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-185-1024x357.avif) ### 10.5 Calculation Details for Ticks Each field (Stop Loss, Take Profit, Trail Trigger, Trail Frequency) has a small question mark (?) icon next to it. When you click the icon, it opens a “Calculation Details” popup, showing: - **The Formula Used** - **The Values Entered by the User** - **The Final Calculation Result** **Trail Trigger Calculation:** - **Formula:** Result = Trail Trigger × Lot Size × Min Tick × Quantity - **Example Calculation:** 2 × 20 × 0.25 × 10 = $400.00 ![Calculation Details popup showing Trail Trigger ticks formula with values 2, 20, 0.25, 10 giving final result 100.00](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-51.png) ## Pyramid Mode for Multi-Position Management ## By default, Pyramid Mode is False, meaning: 1. If a buy alert comes and there is already an open buy/sell position, it will cancel the existing position before opening a new one. 2. If a sell alert comes and there is already an open buy/selll position, it will cancel the existing position before opening a new one. ## If Pyramid Mode is True: 1. Buy alerts will not cancel existing buy positions. 2. Sell alerts will not cancel existing sell positions. 3. Allows stacking positions in the same direction. ![PickMyTrade Pyramid Setting and Same Direction Ignore dropdowns both set to NO](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-187-1024x169.avif) ## 11. Account Selection and Multi-Account Trading ### 11.1 Enable Multi-Account Trading: Select Yes if you want to execute trades across multiple accounts. ![Multi-Account Trading table with Token, Account Name, Risk Percentage, and Quantity Multiplier columns and an Add Account button](https://docs.pickmytrade.trade/wp-content/uploads/2025/03/image-188-1024x195.avif) ### 11.2 Add Multiple Accounts for Trade Execution | Setting | Explanation | Example | | --- | --- | --- | | Add Account | Select Yes if you want to add multiple accounts for trade execution. This allows you to execute trades across different accounts. | Example: If you have two Apex accounts (e.g., Apex_123456 and Apex_789012), you can add them here to execute trades on both accounts simultaneously. | | Token | Enter the PickMyTrade Token for the account. This is a unique identifier required for integration with PickMyTrade. | Example: The token could be a unique string such as 41f3653d565f1aadbe8y for your first account and 41f3653d565f1aadbe8g for your second account. | | Account Name | Enter the account name exactly as it appears in your trading platform (e.g., Apex account names). | Example: You can name your accounts Apex_123456 for your primary account and Apex_789012 for your secondary account. | | Risk Percentage | Enter the Risk Percentage for the account. This sets the percentage of your capital to risk for each trade on this account. | Example: Setting a risk percentage of 2% for Apex_123456 and 1.5% for Apex_789012 means that each trade will risk 2% of your total capital in the first account and 1.5% in the second account. | | Quantity Multiplier | Enter the Quantity Multiplier. This value allows you to adjust the number of contracts based on the account’s configuration. | Example: If your multiplier is 1.5 for Apex_123456 and 1.0 for Apex_789012, then your first account will trade 1.5 times the default contract size, while the second will trade the standard amount. | ## Quick Decision Guide: Which Settings Should I Use? ### Are you new to automated trading? → **Yes:** Start with: - Market orders - Fixed quantity - Single TP & SL --- ### Do you want automatic position sizing? → **Yes:** Use **Risk Percentage** → **No:** Use **Fixed Quantity** --- ### Do you want to scale out of trades? → **Yes:** Enable **Multiple Take Profits (TP1, TP2)** → **No:** Use **Single TP** --- ## Best Practices - Always test in **Sim first** - Start with **one indicator** - Avoid overlapping alerts - Use realistic stop losses - Monitor execution logs early --- ## FAQ’s **Can I automate TradingView indicators with PickMyTrade?** Yes. If your TradingView indicator can generate alerts, PickMyTrade can receive those webhook alerts and convert them into live or simulated trades automatically. **What’s the difference between an indicator and a strategy in TradingView?** Indicators generate signals based on chart conditions, while strategies also simulate entries, exits, and performance testing. This guide is specifically for **indicator-based alerts**. **Which indicators work with PickMyTrade?** Most indicators that support alerts can be automated, including RSI, Bollinger Bands, Moving Average crossovers, MACD, Supertrend, and many custom indicators. **Can one indicator alert trade multiple accounts?** Yes. Multi-account execution is supported, allowing one TradingView indicator alert to place trades across multiple connected Tradovate accounts. [Get PickMyTrade → Automate Your TradingView Strategies](https://pickmytrade.trade "PickMyTrade - Automated Trading") Last updated: **September 4, 2026** For AI tools & developers:[View Markdown →](https://docs.pickmytrade.trade/docs/automated-trading-tradingview-indicators.md)