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hello my friends and fellow traders
welcome back to another pie connector
video
in today's video we're going to be
discussing the various syntax and alert
commands that we have to work with
when sending our trading view alerts to
pine connector
if this is the first video in this
series you're watching make sure to go
back and watch the previous video
as that is where i show you how to set
up pi connector with metatrader
now pan connector is a metatrader bridge
it's an expert advisor script that runs
in metatrader
you send your trading view alerts to
that expert advisor
and then that expert advisor executes
orders based on what commands you send
it
through your trading view alerts so in
today's video we're going to discuss
the various commands we have to work
with let's get started
before we begin there will be an
affiliate link in the video description
that you can use to come to the pine
connect website sign up and create your
account
if you use that link then i receive a
commission for referring you to pine
connector at no extra cost to you so
that's just one way to support the
channel if you want to
and i would obviously greatly appreciate
it if you do use that link
if you don't use that link however
that's fine i'm probably still making
money off
your ads so thanks for supporting the
channel
regardless of how you do it unless
you've got an ad blocker like me
in which case shame on you for free
loading of my content
i'm just kidding i love you all of
course
all right so you can find this syntax
guide in
your account uh home page which can be
found by just clicking on this little
icon up here and for the first part of
this video i'm just going to go through
each of these
components or commands and explain what
they do so the first
thing we need to include in every alert
command we send to pine connector
is our license id which you can also
find on your account home page
so the way most of your alerts will look
is you'll have your id
and then a comma and then this symbol
you're looking to trade
so you're a dollar for example never
mind my fantastic
handwriting and then
obviously your buy or sell direction or
what you what you want to do with this
symbol if you want to open a buy trade
you would then write buy
or sell if you want to go short if you
want to close your loan or close your
short you would
just include that command but towards
the end of this video we'll go over some
practical examples of these commands for
now let's just go through each of these
one by one and explain them
so if we're opening a position a buy or
sell position we need to obviously
specify
what not obviously maybe but it's a good
idea to specify
a stop loss and a take profit
obviously depending on how your strategy
works so for me
all of my strategies are designed around
having a fixed stop loss
and some form of a fixed target some of
my strategies have multiple
targets maybe i'll manage my second
target
with discretion or with a exit reason
but most of my trades are going to be
opened with a fixed stop loss
and a fixed take profit in most cases
the way this works is depending on how
you've set up your expert advisor
settings
you can either specify a price for your
stop loss and take profit
or a pip amount so before we continue
let me jump over to metatrader
and show you what i mean by changing
your settings
regarding your stop loss and take profit
so here i am on
the beautiful interface of metatrader
not as slick as trading view but it'll
do the job if
i want to change my expert advisor
settings
i can just press f7 i believe
yes i have to blur out my license id
here because this is on my actual live
account
unlike the previous videos which were
under a trial account
there are only two settings here that
will affect how your alert
commands are interpreted by pi connector
and that is your target type and your
volume type i think by default this is
set to pips and this is set to
uh specified volume and if your target
type
is set to tp and sales take profit and
stop loss based on pips
then when you use this sl and tp
command in your alert syntax you need to
specify this number as a whole number
in pips so regardless of what symbol
you're on it doesn't matter how many
decimal
places are in your standard pip
calculation if you just specify a whole
number
pine connector will convert this into
the relevant
pip amount for your position so 25 here
is obviously going to be 25 pips
above or below your entry depending on
whether you're going long or short
if however i have this set to tp sl
based on price which is my preferred
method of using this
expert advisor then whatever number you
specify for your sl
or tp is a price level
so 1.2012 would set your stop loss
to this price 1.2012 and then once
you've specified your stop loss
you can then use the risk parameter to
calculate your position size
automatically again depending on what
setting you've set up in the pi
connector settings
so let's jump back over to metatrader
and i'll explain what i mean
here you can see i've set volume type to
percentage of balance this is a
percentage of my
account balance if you have this setting
set up this way
then when you use the risk parameter
you just need to specify a whole number
and this will correspond to a percentage
of your account balance
so if i have a stop loss let's say i've
set my sl and tp to
pips and i have a 25 pip stop loss and
then i set my risk parameter
in the pi connector settings to a
percentage of my account balance
and i then specify risk is two then pi
connector will automatically calculate
how many lots or many lots
whatever your broker deals in correspond
to 2
risk of your account balance based on
your stop-loss distance
whether that's in price or pips
in other words whatever you've set your
stop loss to
pi connector will calculate the distance
from your entry
to your stop loss and then
it will use the risk parameter to
calculate
in this case if we set it to 2 2 risk
from your entry to your stop loss
meaning if your stop loss is hit the
position size that you have entered on
this trade will account for a 2
loss on that trade hopefully that makes
sense if you're at all experienced with
trading
then you know exactly what i mean so
moving on the next
order or syntax command parameter
whatever you want to call it
we have to work with in part connector
is a price parameter this is for
specifying
where to put pending orders now keep in
mind some of these alerts
and the way we use them may change in
the future as pine connector is a work
in progress
when i first began using pine connector
or when the creator of pine connector
first reached out to me um alex
shout out to alex if he's watching this
uh he has been answering some of your
comments in the in the comments section
which i'm very appreciative for
as i don't have the time to help
everyone with this and he obviously has
a more intricate knowledge
of how pi connector works since he made
the thing he's been really helpful
in getting me started with this and he
seems like a top guy so
you're in good hands if you're using
pine connector don't hesitate to reach
out to him if you need any help
when he first made me aware of pine
connector pending orders were not a
thing so this was just recently added to
the pine connector expert advisor
and it's something we'll play around
with later in the video but basically if
you wanted to set a
buy stop for example above price action
say price action is in a range
and you want to buy a breakout of the
high
you could use pine connector to send a
buy stop order
just above this high and you can specify
where that order goes
using this price parameter but we'll get
to that later when we get to practical
examples
of these commands in the charts next up
we have our market order
commands so we have obviously pending
order commands or limit orders and
buy stop sell stop orders then we have
our market order commands which is just
buy or sell at market
so if you want to open a long position
you would specify
a buy command and notice that these
commands don't have an equal sign
in them there's no direction equals
so to open a long trade we would do
something like this
specify your id your symbol
and then comma buy and then
comma stop loss equals let's say 50 pips
comma risk equals let's say
one percent of our account balance
hopefully you can read this
lucky for me i'm a better trader than i
am a calligrapher
but anyway this would open a long
position if we wanted to then
close this long position we would need
to specify our license id
the symbol we want this command to be
executed on
comma and then close
long and that will close this buy
trade and obviously close short
would close a sell
or short position so these are our
market orders pretty easy to understand
pretty intuitive
next up we have our pending order
commands i'm just going to rush through
these because
they should be pretty self-explanatory
to you if you're an experienced trader
and you've used these
orders types before but a buy stop order
goes above price action
a buy limit order goes below price
action will be filled if price
comes down to it a sell stop order
it says here place above current market
price but this should be below
current market price so a sell stop
similar to a buy stop going above price
action will go below price action and
will be filled if price
exceeds that price that you've specified
for this sell stop and a sell limit
order
will be filled if price action comes up
to
the price you specify and then the final
two pending order commands we have here
is
cancel long and cancel short which as
the name implies cancels your buy stop
buy limits or your sell stop and sell
limits and i haven't mentioned this but
there are examples down the right hand
side here obviously
that demonstrate the syntax for this so
if you wanted to cancel a short position
you would just input your license id
the cancel short command and then the
symbol you want to cancel those orders
on
let's move on to our break even and
trailing commands
first up we have be trigger or break
even trigger
this will activate your break even order
it'll move your stop loss to break even
after your trade gains this number of
pips
beyond the opening price into profit
so if you set it to 30 and you have a
long position open
then when price moves 30 pips in your
favor
let's say you entered here and then
price hits a 30 pip mark
your stop loss will be brought up to
break even and then you have a be offset
or break even offset
this is how many pips to put your stop
loss above your entry price
so i'm assuming this is set to zero by
default and that means that your
stop loss will be placed to your entry
price
the reason that alex has included this
command
i would assume is because of commission
and spread issues
i know for me personally when i'm using
a break even stop i like to set my stop
loss
a few pips above
my entry price for a long or below for a
short
so that i can at least cover the
commission cost on the trade
if you set it just to your entry price
then even though your trade was exited
for break even you may have still paid
depending on your position size and time
frame your trading etc
you could pay a decent price for exiting
a trade to break even if you don't use
an offset
so in this example if price moved 30
pips
in to profit the stop loss would be
moved
five pips above or below your entry
price depending on whether you're long
or short
and there are two notes here that are
important to
address the first note is that your
break even trigger
should be a value that is minimally
um a minimal distance from your entry
price
that your broker will allow so in other
words
if you set your breakeven trigger to one
pip
and your trade goes one pip into profit
moving your stop loss to break even
might not
be allowed by your broker because it may
be triggered instantaneously and
some brokers i know oanda for example my
broker will not allow me to put a stop
loss
in a position where it will be
immediately executed it has to be some
distance away from price action
um taking into account the spread now
breakeven offset also needs to be
below or less than your break even
trigger so you can't set b offset to 30
because obviously if your entry is here
and your stop loss is 30 pips and then
your
breakeven trigger is 30 pips and you set
your offset to 30 pips then
the pi connector script will attempt to
move your stop loss
up 30 pips which is where price action
currently is since it triggered your
breakeven trigger
and this obviously will not work for the
same reasons that this warning is in
here or this
this note is in here so keep that in
mind when working with break-even
commands it should be self-explanatory
for anyone who uses break-even
stop-losses in their strategies but for
those of you who haven't used this
before those are just some things to
keep in mind
next up we have trail trig or trail
trigger
this is similar to a break even stop
loss except
that it continues moving your stop-loss
higher and higher
in the case of a long trade whereas a
break-even stop
let's say we enter here on a trailing
stop
your trail trigger let's say it's 15
pips that means that when price moves
15 pips into profit and price action
tags that level your stop loss let's say
this was your stop loss
as soon as your 15 pip trigger is hit
your stop loss will be moved
up below current price based on these
next two parameters which we'll get to
in a moment
but this trail dist is trail distance in
pips so let's say this is 10
in this example when price moves 15 pips
into your favor your stop loss will be
moved
10 pips below price action and then as
price continues to move in your favor
the stop-loss will continue to creep up
higher and higher 10 pips below
the current price obviously trailing
stops never move down
so once price action starts to trend
down your stop-loss will stay
wherever it got to and eventually price
will come down and stop you out when it
hits your trailing stop
whereas obviously with a break-even
trade if you were to enter here and your
stop-loss down here
if you had a 15-pip break even trigger
then as soon as price moved
15 pips into favor your stop-loss will
just be moved to break even
and it will not trail below price action
that should be obvious to most of you
but you'd be surprised
at how many traders don't understand
that concept
anyway the next two commands the final
two commands we have to work with here
when using a trailing stop is trail dist
and trail step
so trail dist or distance is the
distance of the trailing stop-loss from
the current price
your stop-loss will be placed at trail
distance
so this many pips from the current
closing price and then finally we have
trail step
which moves the trailing stop loss once
price moves
by a specified number of pips in your
favor
so i'm not super experienced with using
trailing stop losses
um in my automated scripts so maybe
we'll play around with this later
but i'm guessing this works like this
let's say we enter long here
price moves 15 pips into our favor then
our stop loss
is moved 10 pips below price action
the current closing price and then if
price comes down a little bit our stop
loss stays here
and then if price moves 12 pips into our
favor
from this trigger spot then our stop
loss has moved up
10 pips below price action
and again our stop loss will not be
moved until price moves another 12 pips
into our favor i believe that's how this
works we'll play around with this later
on the charts
now if you're unclear about anything
that i just covered or you want to learn
more about how this all works
just come to this alert syntax guide and
just read through some of these
scenarios and settings
and examples alex and his team have done
a great job of providing
thorough documentation on how all of
these alerts work and various examples
of how you can use them
now i'm not going to spend too much time
going over various scenarios
and use cases for all of these commands
as there are quite a few examples here
but we will jump over to metatrader and
trading view
for the remainder of this video and
we'll just try out a few test commands
and see how this all works in practice
but
but just really quickly before we do
that i think it's important to mention
this
early on in the video in case you run
into any issues if you get any errors
from the expert advisor when you try to
execute these alerts
if you get little pop-ups with error
codes come down
to this useful resources section of the
account page
and click on the errors link here and
this will give you
a list of error codes for any potential
issues you might run into with the
expert advisor
for example in the previous lesson where
i showed you how to set up metatrader5
i kept getting this error code here 4756
and the only way to fix this was to
download this alternate copy of the
expert advisor file so if you run into
any error codes jump over to this page
and just read the remarks here the
description of each code
and you should be able to work out
what's going on by reading the
description and trying what is suggested
here
if you still can't get the script to
work make sure to send the support team
a message
and i'm sure they'll get back to you as
soon as they can but anyway let's jump
over to trading view and start today's
lesson okay so here we are on the
australian dollar forex market
let's add an alert to this chart and
play around with some of the syntax
from the pine connector page so i'm just
going to right click on my chart click
add alert
i'm going to set this to a condition
that will always execute in this case
i'm going to set it to greater than zero
i'm going to turn off notify on app and
any alert sounds today we'll test
opening a short position and then we'll
test
sending a command to close that position
so before we start let's jump back over
to metatrader you'll notice i'm on
metatrader5 here in the first lesson i
was using metatrader4 the platforms
pretty much behave identically
and so i'll probably just hop between
them throughout the lesson series
depending on what i'm doing
the alert syntax is identical between
the two so before we start i want to
right click
on my chart here and come down to
expert list and then i want to click on
the point connector
ea and then click properties so before
we start sending commands to this expert
advisor we need to make sure we have our
ea settings set up correctly
i've got my target type set to tp and
loss based on price
and my volume type or risk type set to
percentage of balance
this means whatever number i send as my
risk
parameter if i bring over the alerts
guide
that's this parameter here whatever i
set this to
will be a percentage of my account
balance since i've set this setting to
that so just keep that in mind if you're
running into issues with your alerts
make sure you've set up your settings on
the expert advisor side
correctly so everything here is how i
want it click ok
close this and let's jump back over to
trading view
and send an alert to open a cell
position so before we start let's make
sure we've ticked the web hook url and
put in the pine connector
webhook url and then the very first
thing we need to do for
our alert syntax is paste in our license
id
so there's my id there for my account by
the time you watch this video
this account will have expired so don't
even bother trying to use my
license id for your alerts i just left
this in
for the first few videos to make it
easier for you guys
to follow along rather than blacking it
out or blurring it or whatever
so once we've inputted our license id
the next thing we should do is specify
which direction we want our order to be
in in this case we want to
sell aussie dollar short the next syntax
parameter
is the symbol we want to trade in this
case that's aud usd
now if you've watched the very first
video in this series you'll remember
that i had to add a dash 2
onto my symbol because of the way awanda
lists their symbols on metatrader
because i'm using metatrader5 here
through pepperstone which is a different
broker
they list their symbols differently to
orlando and in this case i do not need
to add the dash to suffix
onto the symbol name so keep that in
mind make sure you check
your symbol on metatrader to make sure
you've got the correct symbol ticker
including any prefix or suffix otherwise
the alert
will not fire and get rid of that so far
so good
now we need to specify our stop loss
because my risk is a percentage of my
account balance we need to specify a
stop loss
price before we specify our risk
remember i've set stop loss and take
profit to a price based
parameter so because we're selling short
let's add a stop loss at 765
just for demonstration purposes and then
next up is my risk
i'm going to set that to one percent of
my account balance
and remember if we want to set a take
profit as well we can just add tp on the
end here so tp equals
let's set it to the low of this pullback
which is around
748 seven four eight and
so now we're going to open a short
position on aussie dollar with a stop
loss at seven
six point five cents a risk of one
percent of my account balance
and a take profit of seven four eight
which is the low of this pullback let me
click create
and we'll see what happens there we go
the trade has opened i'm on the 30
minute chart here so i need to scroll my
chart down a bit to see our orders but
here's our stop loss and our take profit
and our entry
which was entered at market so we were
affected by the spread here and that's
something we'll cover
in a future lesson on how to mitigate
that issue but here we have an open
position
we have uh around 11 000
units sold short here we're on a ten
thousand dollar
demo account us dollar and we have quite
a wide stop-loss from our entry so our
position size is quite small since we
only risked one percent of our account
so far so good everything's working
let's try closing this trade
with a different command or different
alert
let's jump over to trading view i'm
going to open up my alerts dialog here
and just edit this existing alert let me
delete some of these old
alerts open up this scroll down
and i'm going to modify this alert to
send a
exit command to pi connector so to do
that let's
bring over our syntax guide again if we
scroll down on this page
you can see our market order commands
and in order to close a short position
we need to send
close short with the symbol name
so we need our license id just the close
short
parameter and then the symbol that we
want to close so that's easy i'm just
going to copy this
last section come over here paste that
in there
change the symbol to aussie dollar let's
save the alert
jump over to pepperstone and see if this
trade closes there we go
easy so the reason i'm showing you all
of this is because
in the next lesson we're going to
implement these commands into an actual
script a pine script in the pine editor
but before we do that we need to
understand how these commands work so
let's go through a couple more
all right so we've covered a practical
use case of opening
a short trade and closing a short trade
it's pretty much the same steps for a
long trade
so i won't go over that in today's video
i'll just quickly show you how to set up
a buy stop and then cancel that buy stop
and then we'll wrap up today's video
i would show you how to use the
breakeven and trailing stop commands
however given the fact that we have to
wait on price action to
move to trigger these commands it's
going to take all day for me to record
that
these commands should be pretty
self-explanatory anyway so we'll skip
these commands today just to save time
and maybe i'll cover them in a future
video but for today let's wrap this
video up by creating a buy stop
and then cancelling that buy stop so for
this
i'm going to use metatrader4 just
because i took a break between recording
the previous section of this video with
metatrader5
and it just so happens i have
metatrader4 set up today but this should
be a good example of how similar these
platforms behave when it comes to pi
connector
so let's jump over to trading view and
create an
alert so i am on eurodollar here so i'm
going to click
create alert scroll down turn off
notifications
turn on my web hook and clear this
message text now let's jump back over to
the syntax guide
i'm going to copy this example here and
paste it into my alert i need to replace
my id with my license id and the market
with the
correct ticker in this case it's euro
us dollar dash f now in the previous
example i just showed you
we didn't need to use the dash f suffix
because i was
dealing with pepper stone but oanda as
you can see here
have a dash f after they're 4x
instruments so i need to include that
suffix in this alert command next up we
have the price i'm going to set my buy
stop
to just above the swing high here just
as an example
let's just set it to 120 even
just to keep it simple and i'll set my
stop loss it's currently
based on price let's just set it to
below
this swing low here which would be
around um
117.5 let's call it so
1.175 comma
and then we need to specify our risk or
position size i'm going to just set mine
to 1
of my account balance now i need to copy
in my license id which is going to be my
live license id so i'll need to blur
this so that you guys don't steal my
account of course my audience wouldn't
steal my license id but this is going on
the internet and who knows
what kind of riffraff might see this
number so i need to blur that
paste that in there and now if i scroll
up to the top make sure that
this is set to greater than zero
and now when i click create this alert
should fire and we should
place a buy stop at 1.20
on euro dollar with a stop loss at 1.175
and a risk of one percent so let's click
create
jump over to oanda
see what happens there we go buy stop
placed at a dollar 20 with a stop loss
down here at 1
175 and the size down here you can see
is 0.01
that's because i'm on a live account
here i've only got 100 in this account
i'll increase this later in the series
when we start playing around with an
actual strategy script
but by default pi connector will round
your position size
up to the minimum lot size that is
allowed by your broker in this case that
is
0.01 or one mini lot but anyway the
command worked we have placed a buy stop
with a stop loss and if i had more money
in my account this
position size would equate to one
percent risk on this particular trade
so just really quickly let's see if we
can add a take profit to this
scroll down to my alert let's add a tp
equals 1.21 just to keep things simple
click save and let's see how this works
there we go buy stop entered at 120 with
our take profit and stop loss
so far so good let's now try cancelling
this buy stop so to do that we can just
copy
this here jump over to trading view get
rid of all of this
and paste this in here
get rid of that extra comma and there we
have it we've got my license id
the cancel long command and then the
symbol i want to execute this command on
let's click
save and see if that removes our buy
stop
there we go gone excellent everything is
working perfectly
and obviously to set a limit order would
be exactly the same except
instead of buy stop you would just write
buy limit or sell limit
so most of these commands are pretty
intuitive and self-explanatory
obviously the tricky part will be
implementing these into
an actual trading view script because
today's video is already quite long i'm
going to wrap this up here
and in the next video we'll jump into
the pine editor
and i will show you how to implement
these commands into your pine
code using an example strategy script
so i hope you found today's lesson
interesting if you did make sure to hit
the subscribe button so that you don't
miss the next video which will be
far more interesting than the past two
because we will actually get our hands
dirty with some code
this was all just the preliminary stuff
to get you familiar with pine connector
get you set up get to your head around
how these
commands work how the syntax works now
we can really hit the ground running and
start doing some cool stuff with this
knowledge so thanks for watching best of
luck with your trading remember there is
an affiliate link
to sign up to pine connector if you're
interested in playing around with this
expert advisor and again if you do buy a
subscription
you don't pay anything extra i just get
a cut of your
sale and that is one way to support the
channel which i would be extremely
appreciative of
if you do that but if not no hard
feelings thanks for watching i'll see
you in the next video
take care best of luck with your trading
and i'll speak with you
next week goodbye