PickMyTrade Advanced Trading Features: TP/SL, Reverse, Partial Close

8 min read

1. Introduction #

This guide introduces advanced trading features in PickMyTrade, including multi-level TP/SL, reverse action per account, same direction ignore, and targeted partial close — all designed to enhance automated trading precision.

advance_tp_sl(Multiple TP/SL): Assign different take-profits and stop-losses to portions of a single trade, enabling scaling out strategies.
reverse_action: Reverse trade direction for selected accounts in a multi-account setup, ideal for hedging or split strategies.
same_direction_ignore: Prevent duplicate orders in the same direction if an order or position is already active.
Targeted Partial Close using comment: Selectively close specific orders by matching the comment field used during entry. Ideal for granular control when managing multiple open trades.

All features are optional and currently in beta. We strongly recommend testing thoroughly in demo environments before enabling in live trading accounts.

Table of Contents #

Table of Contents
What Is advance_tp_sl(Multiple TP/SL) and How It Works
Multi-Account Trade Management Using reverse_action
Avoiding Duplicate Orders with same_direction_ignore
Targeted Partial Close Using comment and close1
Integration Notes for Existing Users

2. What Is `advance_tp_sl` and How It Works #

advance_tp_sl (Multiple TP/SL) – This feature allows you to assign individual take-profit, stop-loss, breakeven, and trailing stop settings to different portions of your position, all within a single TradingView alert.

This setup is ideal for traders who scale in and out, manage partial profits, or need more precision over risk on futures contracts like MNQ (Micro Nasdaq Futures). These TP/SL enhancements are a core part of PickMyTrade’s advanced trading features, enabling precise trade scaling and risk management.

2. Trade Setup & Execution Logic (Screenshot-Based Example) #

The following configuration is taken directly from the interface shown in the screenshots and demonstrates how the system executes trades based on multi-leg logic.

2.1 Order Parameters #

Instrument: MNQ1! (Micro Nasdaq Futures)
Direction: Buy
Order Type: Market
Total Quantity: 7 contracts

PickMyTrade advanced TP/SL configuration

After selecting Quantity, you’ll see the Risk Settings section.
To unlock multiple exit logic, simply toggle “Enable Multiple TP/SL” — this will activate individual SL/TP settings for each contract group.

Once enabled, you’ll be able to configure:

Do You Want Stop Loss / Take Profit? → YES
SL / TP / BreakEven Type → Point / Dollar (From Entry Price)
Stop Loss & Take Profit inputs (per group)
Real-time display of Total Loss and Total Profit calculations across all 7 contracts

This lets you fully customize how each segment of your position is managed.

Splitting Position Using Multiple TP/SL Blocks #

Once you enable the “Multiple TP/SL” option, the system will automatically allocate the entire quantity (e.g., 7 contracts) under the First TP/SL section by default.

To split your position into separate exit levels:

Adjust the TP/SL Quantity
Change the quantity in the First TP/SL block (e.g., from 7 to 3).
Unlock Additional Allocation
Once the total quantity is no longer fully allocated, an “Add Another TP/SL” button will appear at the top right.
Create Additional Exit Blocks
Clicking this button opens a new TP/SL block, where you can assign the remaining quantity (e.g., 4 contracts) with its own:
- Stop Loss
- Take Profit
- Breakeven logic
- Trailing stop configuration

This allows you to build layered exit logic, where each segment of your position follows a distinct risk-reward structure—perfect for scaling out or partial risk management.

2.2 Position Allocation #

2.2.1 Multiple SL/TP #

Exit Level	Quantity	Stop Loss (SL)	Take Profit (TP)
First	3	$5	$10
Second	4	$6	$30

Each group of contracts uses distinct SL and TP levels.

2.3 Breakeven Protection #

2.3.1 Activation Thresholds #

Exit Level	BreakEven Enabled	Trigger Threshold
First	Yes	$3 profit
Second	Yes	$4 profit

2.3.2 Behavior #

When price reaches the trigger threshold, the stop loss is moved to entry price, converting the position into a zero-risk trade.
This helps protect early gains while keeping upside potential open.

2.4 Trailing Stop Logic #

Each TP/SL group has its own trailing stop configuration for dynamic risk adjustment.

2.4.1 Configuration #

Exit Level	Trail SL Distance	Trail Trigger	Trail Frequency
First	$4	$15	$3
Second	$5	$20	$4

Trailing Type: Dollar-based from entry price
Trigger Activation: Trail becomes active once the market reaches the specified profit level.
Distance & Frequency: Defines how far behind price the SL trails and how often it updates.

2.4.2 Example (First Exit Group) #

Entry Price: $100
Trigger at $115: Trailing stop activates
Initial SL = $115 – $4 = $111
Price rises to $118:
- SL updates to $118 – $4 = $114
Price rises to $121:
- SL becomes $117
Price drops to $117:
- Position exits
Locked Profit:
- ($117 – $100) × 3 = $51 total profit

2.5 Risk Management Methods #

2.5.1 Supported Types #

Method	Example	Use Case
Dollar	SL = $5 per contract	Straightforward fixed risk
Percentage	TP = 5% of entry price	Adaptive in volatile assets
Ticks	20 ticks = $10 (1 = $0.50 MNQ)	Precise futures management

2.5.2 Trailing Formulas #

Trigger Threshold (Total Movement):
Example: $20 × 4 contracts = $80 required move to activate trailing
Risk Buffer Calculation:
Example: $5 trailing distance × 4 contracts = $20 max buffer

Need a Detailed Breakdown? #

If you’d like a complete, technical breakdown of how each parameter works. Please refer to our official documentation:
PickMyTrade Docs – Automated Trading Setup

Another powerful part of the PickMyTrade advanced trading features is multi-account reverse action, useful for hedging or split strategies.

3. Multi-Account Trade Management Using `reverse_action` #

The reverse_action flag allows you to invert the trade direction for specific accounts within a multi-account configuration.

JSON Example: #

"multiple_accounts": [
  {
    "account_id": "demo124",
    "token": "xxx",
    "reverse_action": true
  },
  {
    "account_id": "demo459",
    "token": "yyy"
  }
]

Explanation: #

Let’s say you’re trading NQ (Nasdaq Futures) and your TradingView alert sends a Buy signal.

You have two accounts connected:

Client 1 (demo124) should take a Sell
Client 2 (demo459) should take a Buy

In this case, apply reverse_action: true for demo124.

Result:

demo124 will place a Sell
demo459 will place a Buy

This setup is useful when testing opposite strategies, running hedged positions, or balancing exposure across two different clients or firms.

Important Notes: #

reverse_action only works inside the multiple_accounts array.
It does not apply to single-account setups.
This feature is currently in beta, monitor execution closely before using it in Live accounts.

4. Avoiding Duplicate Orders with `same_direction_ignore` #

The same_direction_ignore feature helps prevent duplicate orders in the same direction when there’s already an open position or active order, especially useful to stop repeated entries from overlapping signals or rapid re-alerts.

How It Works:

"same_direction_ignore": true

Example Scenario: NQ (Nasdaq Futures) at 20,173

Let’s say the current market price of NQ is 20,173, and your TradingView strategy sends a Buy alert:

A Buy market order is sent and remains open.
A few seconds later, a second Buy alert is triggered possibly due to indicator overlap or recalculation.

Since same_direction_ignore is enabled, this second Buy alert will be ignored, because a Buy trade is already active.

Now, let’s say the next alert is a Sell:

The Sell alert is allowed and will be executed, because it is in the opposite direction.

Similarly, if a Close alert is sent:

It will close the existing Buy position, regardless of direction.

Behavior Summary:

Alert Type	Status	Explanation
First Buy	Executed	No position exists — trade is placed
Second Buy	Ignored	Same direction — already active
Sell	Executed	Opposite direction — allowed
Close	Executed	Closes the current position

Best Practice:
Always add a 2-second gap between alerts to avoid duplicate triggers or execution clashes.

Ignored Alert Message:

Alert Ignored, Same Direction Found on (Open Order/Position)

5. Targeted Partial Close Using `comment` (Indicator Alerts Only) #

This feature is specifically designed for indicator-based alerts — not strategy alerts — to let you selectively close individual open positions by matching the comment used at the time of entry.

How It Works #

When your indicator sends a Buy alert, you include a unique comment for each contract or order:

{
  "symbol": "NQ1!",
  "data": "buy",
  "comment": "buy1",
  "quantity": 1,
  "order_type": "MKT",
  ...
}

{
  "symbol": "NQ1!",
  "data": "buy",
  "comment": "buy2",
  "quantity": 1,
  "order_type": "MKT",
  ...
}

Later, to close only the second Buy order, send a close alert with the same comment:

{
  "symbol": "NQ1!",
  "data": "close",
  "comment": "buy2",
  "full_closed": false,
  "quantity": 1,
  "price": "19950",
  "order_type": "MKT",
  "stp_limit_stp_price": 19950,
  "tp": 0,
  "sl": 0,
  "risk_percentage": 0,
  "dollar_tp": 0,
  "dollar_sl": 0,
  "percentage_tp": 0.2,
  "percentage_sl": 0.2,
  "trail": 0,
  "trail_stop": 0,
  "trail_trigger": 0,
  "trail_freq": 0,
  "gtd_in_second": 0,
  "same_direction_ignore": false,
  "advance_tp_sl": [],
  "update_tp": false,
  "update_sl": false,
  "reverse_order_close": false
}

In this case, only the position with comment: "buy2" will be closed. The other open Buy orders remain untouched.

Closing the Entire Position #

To flatten all open Buy positions (regardless of comment), use:

"full_closed": true

This will close the entire position in the same direction, even if multiple entries exist.

Important Setting #

Always use:

"reverse_order_close": false

This ensures the system targets the order with the matching comment. If set to true, the system will ignore the comment and instead close the most recent position first.

Behavior Summary #

Use Case	`comment` Value	`full_closed`	Effect
Close 1st Buy order only	`"buy1"`	`false`	Closes only the Buy order with comment `buy1`
Close 2nd Buy order only	`"buy2"`	`false`	Closes only the Buy order with comment `buy2`
Close all Buy orders entirely	(any or none)	`true`	Closes all Buy orders regardless of comment

6. Integration Notes for Existing Users #

Final Notes #

Since all features are in beta, we strongly recommend:

Testing on Demo accounts first
Monitoring execution carefully
Reporting bugs or feedback directly to our support team

Email: [email protected]
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