1. Introduction #
PickMyTrade enables traders to seamlessly automate their TradingView strategies with Tradovate, enhancing efficiency and precision in trade execution. With the latest feature, Take Profit (TP) and Stop Loss (SL) levels are automatically set as soon as an entry order is executed. This ensures improved risk management and eliminates delays that were previously encountered when manually setting exit orders. This guide outlines the process of automating TradingView strategies, with a focus on supported strategy types and setup instructions.
For a visual walkthrough, refer to the accompanying video:
2. Understanding TradingView Strategies Supported by PickMyTrade #
PickMyTrade supports three distinct strategy types for automation. The table below provides an overview of each strategy, its characteristics, and compatibility with Take Profit and Stop Loss settings in PickMyTrade.
| Strategy Type | Description | Automation Supported | Supports TP & SL? |
|---|---|---|---|
| Continuous Position Strategy | Maintains an open position (long or short) at all times. Exits the current position only when switching to a new one. Ensures constant market exposure with no downtime between trades. | Yes | Yes |
| Flat Position Strategy | Opens and fully closes a trade before entering a new one. No overlap of positions. Offers a cautious approach by ensuring previous positions are closed before initiating new ones. | Yes | Yes |
| Partial Exit Strategy | Uses multiple exit points (e.g., TP1, TP2) to scale out of a position. Partial profits are taken at different levels rather than closing the entire trade at once. Offers flexibility in volatile markets. | Yes | No (Currently Unsupported) |
2.1 Detailed Explanation of Strategies #
To generate alerts for automating a TradingView strategy or indicator, refer to the detailed setup instructions Click here. Below is a breakdown of each supported strategy type:
Continuous Position Strategy #
Maintains an active trade at all times.
When a new buy alert is received, it closes an existing sell position and opens a buy position (and vice versa).
Ideal for strategies that require uninterrupted market exposure.
Flat Position Strategy #
Ensures all positions are fully closed before initiating a new trade.
Prevents overlapping positions, reducing risk exposure.
Suited for traders who prefer distinct trade cycles without residual risk from prior positions.
Partial Exit Strategy #
Facilitates staged exits from a position using multiple profit-taking levels (e.g., TP1, TP2).
Provides flexibility to capitalize on market volatility by securing profits incrementally.
Note: Take Profit (TP) and Stop Loss (SL) management is currently unsupported for this strategy in PickMyTrade.
3. Strategy-Based Trading Setup #
This section is tailored for traders utilizing a TradingView strategy that automatically generates buy/sell signals. Follow these steps to configure automation with PickMyTrade:
3.1 Select Your Strategy #
Choose the TradingView strategy you wish to automate. This will serve as the foundation for generating trade signals.
3.2 Enter Trading Symbol #
Specify the trading asset (e.g., MNQ, NQ) in PickMyTrade. This field is required for calculations involving Stop Loss based on ticks or total loss methods.
Important Considerations:
- If the symbol does not exist or is incorrectly mapped: You must configure it in PickMyTrade before trades can execute on that symbol.
- Trading a different symbol from the alert: PickMyTrade allows flexibility. For example:
If your TradingView chart uses NQ for the alert but you want to trade MNQ, enter MNQ in the PickMyTrade symbol field. - No symbol entered: If left blank, PickMyTrade defaults to the symbol of the TradingView chart associated with the alert.
3.3 Confirm Exit Handling #
Determine how exits will be managed for your strategy:
- Multiple Exits (e.g., TP1, TP2):
- Yes: If your strategy inherently manages multiple exit levels (e.g., TP1, TP2), PickMyTrade will not prompt for additional Stop Loss (SL) or Take Profit (TP) settings.
- Automated Exits: Exits can be fully automated within the TradingView strategy.
- Attaching SL/TP to Entry Orders: If you opt to attach Stop Loss and Take Profit to entry orders in PickMyTrade, only one Take Profit (TP) and one Stop Loss (SL) per order are supported. Multiple exit levels (e.g., TP1, TP2) are not accommodated in this configuration.
- No: If your strategy does not handle exits, you must manually configure Stop Loss (SL) and Take Profit (TP) settings in PickMyTrade.
Would your strategy have multiple exits like TP1, TP2, etc.? #
No
→ Would you like to place Stop Loss and Take Profit orders in PickMyTrade with each order from your strategy?
YES
→ Stop Loss / Take Profit / BreakEven Type: (Please refer to the table provided earlier in the “Select TradingView Indicator” section for detailed explanations on each option Click here .
