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in today's video i'm going to show you
how to use auto views commands
in practice on the trading view charting
platform
so this is a theoretical lesson we are
going to be covering all of the various
trading commands that we use through
oanda to manage our forex trades
the purpose of today's lesson is to get
ourselves familiar
with autoview's oanda command so that
when it comes time
to work with the pine script coding
version
of these commands we know what we are
doing so that sounds like something you
might be interested in please hit the
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soon
with plenty more lessons covering how to
use auto view
to automate your forex trading using
trading view
strategy and indicator scripts and even
if you're not interested in it please
hit the subscribe button anyway because
it helps the channel out and i will be
back soon with other videos that you
might like
so yeah i don't know just throwing it
out there all right so before we begin
working with a few example commands
let's just quickly go over
the auto view commands for oanda from
the previous video
so here is a list of all of the main one
commands we're going to be using to
manage our positions
both on a demo account and a live
account so on a live account you would
just get rid of practice and just have
e equals oanda this would execute these
commands on your live
oanda account assuming you've connected
your account id
and api key to autoview and before we
continue i should mention that in the
previous video i forgot one of the
very important commands here which is fp
i didn't include this on the previous
video's list of commands
by accident i forgot about it it is the
command for setting your limit order
fill price so if you use
t equals limit you can use the optional
parameter fp
to set the limit order price and this is
the price that your buy or sell order
will be filled at
if you do not include fp in your t
equals limit command
then the limit order will be just placed
at the current market price
the closing price of the current bar so
now would be a good time to screenshot
this
slide or write these commands down
before we get into actually executing
alerts with these commands
and let me move on to the next slide
really quickly
these are the more secondary commands
we'll be working with
less frequently than the first list of
commands plus i couldn't fit them all on
one page so i had to write up a second
slide here and these were the commands
that i thought were going to be least
used
on a regular basis so these are our
commands let's jump over to trading view
and start playing around
with our alert syntax so here i am
on a forex market i'm just on aussie
dollar here australian dollar versus us
dollar
on the one minute chart just for testing
purposes so that we get a bit of price
action movement
just ignore all these alerts here these
are for helping my dad manage his
stock portfolio we're going to create a
new alert here
just for practice demonstration purposes
so i'm going to create a new
alert here above price action i'm just
going to click anywhere up here
we're going to click add alert i'm going
to leave everything up here as it is
we do not need to select any alert
actions these are all optional
autoview does not require any of these
in order to function or
read our alerts and act on them i will
change the alert name to order view
test all right so we're going to replace
our alert message here
with our first practice command and this
command is just going to enter
one unit going along at market
on aussie dollar so here i need to write
e
equals oanda practice for our exchange
or broker
next up we need to set the symbol so
this in this case is going to be aud
forward slash usd you could also use an
underscore here if you wanted to but
i like to use forward slashes next up we
need to set the book
or direction of our order so b equals
and here you would write long or short
for this test
initial test we're going to go long next
we need to set a quantity or a position
size
i'm just going to set this to one which
is literally one unit you could set this
to anything you wanted
10 000 would be a mini 100 000 would be
a standard lot i'm just going to go with
one for now just
to keep the alert clean and tidy later
on when we get to the code portion of
this
lesson series i will show you how to
automatically calculate your position
size based on your stop loss and risk
per trade
but for today we're just going to mess
around with a fixed position size
the final thing for this first test
command that we need to write out
is whether we're using a limit order or
a market order
so t equals stands for type our market
order type
our order type is going to be market now
i need to set my alert condition
to something that will be triggered very
easily by price action
in this case i'm just going to set it to
less than since we clicked up here
whenever price action moves around down
here that will trigger our alert
and that's perfect for testing purposes
so now if i click create
this alert should get triggered when
price action moves
the alert will fire down here in the
alerts log
and you'll see it blank up here there we
go
we have entered one contract going along
on
aud usd at market and as you can see we
were affected by the spread there
if i open up my account and go to
positions here
is our australian dollar one unit
going along so that first test command
was successful
let's add a few commands to this before
we move on
just so i can show you a few things
first of all if i set d
equals one this sets the parameter d
which stands for disabled
to turned on so what will happen when i
save this alert and the alert triggers
is this
command will be sent to autoview but
autoview will not forward it to oanda
this is just for testing purposes just
to confirm that you've got your syntax
correct so this is useful for playing
around with commands when you're brand
new to autoview
but if i click save here when this alert
triggers
autoview will receive a command to go
long but it will not fire
because we have turned the parameter d
on
or disabled on so let's wait for this
alert to be triggered there we go
so now if i come up to my order view
settings
by clicking on the order view plugin and
coming down to
change settings if i click on that you
can see at the top here
that my command we've basically just got
a debug
happening here so the command was
received d
is set to one and instead of actually
executing this command it just printed
out the json
text that would have been sent to oanda
if d had not been turned on so this is
great for debugging
and that sort of thing when dealing with
complex commands the final parameter i
want to play around with
on this particular alert before we move
on is delay
so if i set delay to five here this
market order will only be
sent to oanda after five seconds have
passed since all of you received
the alert or the alert was triggered so
if i click save here
the alert was just triggered five
seconds from now our market order will
be entered
so any second now there we go so there's
a five second delay on this market order
being
executed so this delay is your delay in
seconds
from when autoview receives your alert
or your command
from your trading view alert so that's
it for the first
practice command which is just entering
a market order without a stop loss or
take profit or any of that stuff
let's move on to the next test command
which is going to be
uh a close position command so you can
see we have one unit open
long on this market right now if we
wanted to close this position the
command to do that
is you need to reference the broker
you're using the symbol
that you want to trade on and the
command to close your position
is c equals position
so this is c stands for cancel or close
in this case you want to close our
position
and we want to close our position at the
market price at market
so now if i save this alert
it should fire as soon as price action
moves
there we go now order should disappear
there we go our order was
executed or closed at market as soon as
that alert was fired
so that's how you use the c parameter to
close positions
let's move on to opening a
order at market with a stop loss in pips
and a take profit in pips so we need to
specify the book
in this case we're going to go short
we're going to exit our position at
market
we're going to set our quantity to 1
again to one position and these
commands can be in any order by the way
there's there's no
uh priority of parameters as far as i
know you can just write these out in any
order so keep that in mind
the next thing we need to do is set our
stop loss and i'll take profit so our
stop loss
is going to be i'm going to look up here
at the atr i'm going to double this
so we're going to go with a 2 2.6 pip
stop loss to write that out we need to
type 0.00026
that gives us 2.6 pips on this
instrument
it's important to check the atr on the
instrument you're creating your
pip based stop loss or take profit order
or
command because the decimal places will
differ depending on what market you're
trading next up we need to set our take
profit
now when it comes to setting your take
profit in pips
depending on which direction you're
trading you may need to use the negative
sign
to specify whether your take profit is
above price action or below price action
and the same is true of our stop loss so
if we want to go long here
we need to tell oanda or autoview
that our stop loss is below price action
so we want to set our stop loss
negative 2.8 pips so we need to put a
minus sign in front of our stop loss
pips amount and so now if i save
this command or this alert and it fires
we should enter long with a stop loss
2.8 pips below price action
there we go we were hit by the spread
again so we are already close to being
stopped out
but that command worked so we have a 2.8
pip stop loss
from where our order was filled so if i
widen this up a bit
76012 down to 75984
is roughly 2.8 pips or exactly 2.8 pips
and we just got stopped out there by the
spread let me fire this command again
and measure our take profit distance
there we go entered long again
so 75991 down to 75963
is 2.8 pips and up to our take profit
is 5.6 pips from our
market order entry so that command is
working that is what we wrote out here
2.8 pips versus 5.6 pips
now if we wanted to go short we need to
flip this around
so going short we have a positive
stop-loss so we want our stop-loss to be
positive 2.8 pips and our take profit to
be
negative 5.6 pips so we need to put a
minus sign in front of this
a parameter here now if i save the
script and we
get out of our long position when this
alert fires we should be entered short
perfect with a 2.8 pip stop loss
to the upside roughly speaking we were
affected a bit by the spread there
and down to our take profit is about
5.3 pips so as you can see
due to slippage with these market order
commands your stop loss and take profit
will never be perfect
especially when the market's volatile
when using
pip based stop losses which brings me to
the next
command test where we can actually set
our stop loss
based on price instead of using pips
which i think is a much better way to go
about this
so what you would normally do is have
your script calculate let's say you
wanted to enter long here with a one atr
stop loss below the swing low
your script would get the closing price
of your entry candle
uh calculate the distance to the recent
swing low add on
one atr and that would give you a price
to set your stop loss order at
and you can use this next command to set
your fixed stop loss and fixed take
profit
so for a fixed price stop loss you want
to use
fsl equals and then we need to set our
stop loss so we're going short here
let's set our stop loss uh just a little
bit above this
swing high here so we're roughly at a
two pip atr right now so let's go
uh let me get rid of this and go two
pips above our swing high
would be about seven six zero five seven
so here we can write fsl equals zero
point
seven six zero five seven
whoops zero five seven and our fixed
take profit is going to be down here at
the swing low
which would be around seven five nine
eight so
zero point seven five nine eight now
when this command gets
triggered we will enter short at market
with our fixed stop loss at this price
and our fixed take profit at this price
so let's save
the alert wait for price action to move
and trigger it
there we go so now we are short and our
stop loss and take profit are exactly
where we told
oanda to place them now keep in mind we
did still get affected by the spread
so if you're using this in a script and
let's say you entered long
here at market with a one atr stop loss
below the swing low and your take profit
was one to one
up around here from your entry so let's
say you've got a 10 pip stop loss and a
10 pip target
keep in mind that if you are entering at
market you will be affected by the
spread and on a lower time frame like
this the spread can be as high as a
couple pips
depending on the time of day and which
account type how much money you've got
in your account that sort of thing
depending on a few factors your spread
could be
wider or tighter than that if you do
have a bad spread fill
your risk reward profile can be skewed
so let's say we got filled
we tried to enter long on this candle
close here but we got filled up here
now this is your potential reward and
this
is your potential risk and your risk
reward profile has been skewed massively
and it is no longer a one to one
risk profile so keep that in mind this
is something you cannot avoid even if
you're using a different programming
language like python or java
to automate your trading algorithms
you're still going to be
affected by the spread and you need to
factor that into your testing
and your strategy development both on a
script
level on a code level and on a
theoretical like planning level and just
general strategy development
when you come up with a strategy idea
keep in mind that
just because it might work perfectly
theoretically on a one minute chart
that might depend on being filled
perfectly
at your setups closing price which is
impossible
unless you use limit orders which we'll
get to in a second
but even that is not a perfect system
because quite often especially on these
lower time frames
you may not get filled on your limit
order before price action goes on to hit
your target so there are a lot of pros
and cons to weigh
when developing automated trading
strategies
but we will go over a few methods to
mitigate those
issues especially in future lessons when
we get into the coding portion
of this lesson series so today's lesson
is still
a theory lesson we're just going over
practical examples of these commands
in the video lessons to come i will go
into more detail about how to convert
this into pine script code so that you
can automate your
actual trading scripts but before we do
that we need to understand how these
commands work
so let's move on to the next example
command and dive a little deeper
into order views command syntax so
that's our
fixed stop loss and fixed take profit
order
uh type there is also the fixed
guaranteed
stop loss order type that owenda has
recently added
to the api now i did do a bit of testing
with this
earlier today and i can't seem to get it
to actually place the stop-loss order
the command goes through to oanda and
the market order is filled
but the fixed guaranteed stop-loss does
not show up on my chart so
this is a new feature that oanda
recently added to their brokerage
platform
so if you do want to work with the fixed
guaranteed stop loss
i encourage you to go and research that
in your own time
but for now we're just going to gloss
over this really quickly let's see if
the order gets filled let's
save this alert and see what happens so
that
order was not filled let's go to our log
guaranteed stop loss on fill minimum
distance
not met so we need to have a wider stop
loss
for this particular order um we're going
short
let's set our stop loss to 761
see if that changes anything so now our
stop-loss should go up here at this
price
if our order gets filled let's wait and
see what happens there we go
so our short order was triggered our
take profit order was placed but our
fixed guaranteed stop loss
does not appear to have been placed at
least it's not showing up on the chart
for open up awanda there's no stop loss
here
but if we go over to order view there's
no error here either so the command did
go through our order was placed our take
profit was placed
but our fixed guaranteed stop-loss was
not placed for some reason
not really sure why it could be that
autoview are just not sending the right
command yet
because it is a new feature recently
added to the oanda api
anyway let's move on to our next
order type which is going to be a limit
order so let me close this position
open up our alert come down here let's
change
our order type to a limit order so let's
say we want to enter short here
when price gets back up to this high so
that would be around
seven six zero two nine the first thing
we need to do is change our
market type our order type to limit
and then we can specify which price we
want that limit order to be placed at
using the fp
equals command which stands for fixed
price so we want to enter short up here
at the swing high at around seven six
zero two nine
so let's write that in 0.76029
and let's put in a stop loss as well so
we'll put a stop loss at
let's say 7606 0.7606
and i'll take profit down at these swing
lows
at seven five nine seven five zero point
seven
five nine seven five now if i create
this command a limit order will be
placed at the swing high
with a stop loss at seven six zero six
and i take profit down here
at the swing low and if price action
comes up to fill it
let's let this command get triggered
first
there we go our limit order has been
placed at the high here with our stop
loss and our take profit
so we're not going to sit and wait for
this order to be filled
because who knows if it even will but if
price action did come up to
this high and exceeded it by the spread
then we would be filled at 76029 on our
short trade
which is much better than using a market
order and being affected by
slippage so this is a great way
to be more accurate with your trading
entries
when automating your strategies the way
i use it is
when i detect a setup let's say that
this bearish engulfing candle here was
my setup
i would have the script place a sell
limit order at the closing price
of that candle with my fixed price stop
loss above the swing high
and my take profit wherever i've set it
to in the script
and that way i'm guaranteed to get a
good fill on this
setup uh the catch is this trade could
go on without me to hit my take profit
and never fill me because the spread is
so high and price action doesn't
poke high enough above my limit order to
fill it so
to mitigate that issue because keep in
mind if we
do have a situation like that unfold
and price action comes down hits my take
profit or would be take profit then
comes back up and fills me on my
limit order now i'm in an invalid trade
and i don't want to be involved in this
trade
there are a couple of ways to mitigate
this one
way is to simply set an expiry date
or time on your limit order which is
what i will show you how to do now let's
leave everything here as it is
we want to use a limit order with a
fixed price entry and a fixed stop loss
and
fixed take profit let's add on to the
end of this limit order
our date time parameter so dt stands for
date time
if you wanted to set it to a date let's
say you've got a strategy trading on the
four hour or
daily or even weekly chart but you only
want your limit order to stay
on your chart active on the markets for
one day well the way you would achieve
this is let's check the date here
it is the 12th of april 2021
so the date format is in
american style so we're doing month then
day then year
so here we would write four for april
and then
a dash and then 13 for tomorrow's day so
today's april 12th we want to set
our expiry for tomorrow and then 2021
now if i save this alert and this
alert gets fired our limit order will be
placed where it was before
but now if i open up our owner account
and we go to orders
and i scroll across here on our top
order here
you'll see that we now have an expiry
time on this limit order
for tomorrow the 13th of april at 2 pm
my time so at 2 pm tomorrow if
this limit order is not filled by that
time then it simply gets cancelled
and removed from my chart so this is
great for daily chart strategies
if you want to make sure that your limit
order doesn't stay on the
on your broker for longer than a day or
two you can use the date
expiry but on a lower time frame you may
want to use
minutes and you may want to set the
expiry uh
from a couple of hours from now for
example the way you would do that
is simply using unix time so let's
remove this order come back up
to our alert come down to dt now if we
want to set
let's say we want to set our limit order
to expire two minutes
from now if it's not filled within two
minutes then the order gets
cancelled to do that we need to know the
current unix
timestamp so that is how many
milliseconds have passed
since january first 1970. that's a
industry programming standard way
of determining the current time so let's
go over to our unix timestamp website
here
this is how many seconds have passed
since january 1st 1970
in utc this is our timestamp and it
corresponds to the exact current time of
the day
and year and all of that so if i
copy this number and i bring over my
calculator
paste it in there let's add 120 seconds
so this is in seconds not milliseconds
keep that in mind if you're familiar
with unix you know that it's normally
milliseconds but
we're dealing with seconds here so let's
add 120 seconds to this number
let's copy this number over to our alert
box paste it in there
get rid of the commas now if i create
this
alert we will have a limit order
placed on our chart with an approximate
expiry two minutes from now
and i messed something up here the time
in force is gtd but the timestamp is in
the past i don't know how that happened
so i've just refreshed
my unix timestamp and i'll do the same
thing again paste this over
into my calculator add 120
copy this number go back to my alert
paste this number in here and get rid of
the commas
save that alert and this should work now
there we go okay so the limit order is
placed
and it should have an expiry for
approximately two minutes
from now so here's the current time 12
20
roughly my time and here we go we have a
limit order set for today's date the
12th
of april at 12 22. so
in two minutes from now if this order is
not filled it will just get removed from
my chart
automatically so that's how to manage
your limit orders with a fixed price
you've got your fixed stop loss price
and take profit price and
an expiry date or time so that your
orders don't just stay on the chart
forever
so in this example here this trade is
already played out
we didn't get filled at our limit order
price price has already come down to hit
or take profit
and now this trade setup is invalidated
we miss this trade we don't want to be
involved in this trade
but if we don't set an expiry on our
limit order price section will
eventually
come up and fill us on this order and
probably stop us
out and we would have taken a loss on an
invalid trade
so the way we've set this up in a couple
of seconds
this limit order will disappear off our
chart so let's just wait and see what
happens
and this is a good way to prevent
yourself from being filled on invalid
trades
now two minutes even on a one minute
chart is a very
quick expiry there we go our limit order
is gone
i would set this to a little bit higher
on this one minute chart maybe a five
minute expiry
would be appropriate on a five minute
chart maybe a 15 minute
expiry would be appropriate etc and we
will go over the code
example of setting an expiry on your
pan scripts your indicators and
strategies there is a way to
automatically calculate
the date from x amount of days from now
and also the time from the current time
so you can automate all of this expiry
stuff on your limit order in your
scripts quite easily
which we'll go over when we get to the
coding portion of these lessons
but for now we have just a couple more
alerts i would like to demonstrate
before we move on to the coding portion
so let's move on to the next
example that i'd like to show you which
is to set
a break even command so obviously the
most valuable
thing about autoview and the most useful
application of it is to automate your
trading scripts
so automating the trade execution and
management of your strategy scripts and
indicator scripts
is the main advantage of this plugin but
one other advantage of autoview
is that you can use it to automatically
manage
your manual trading positions so for
example
let's say we enter long here on aussie
dollar
and we have our stop loss below this
swing low in here
and we are expecting price to move up
but let's say that after we enter this
position
we want to go out for lunch with our
girlfriend or boyfriend or partner
husband wife whatever and we don't want
to
have to sit and babysit this trade but
we also
want to move our stop loss to break even
when price action
hits a certain price level well of
course you could just set an alert here
you can just set a regular alert
to pop up on your phone push
notification and you can manage the
position manually but let's say this is
a really
important occasion and you don't want to
be checking your phone while you're out
or even let's say you're at a business
meeting or something well you can use
auto view
to automatically move your stop loss to
break even
when your price target is hit so let's
say at one to one
when price action gets back up to these
highs we want to move our stop loss from
down here
to the price where our trade was entered
well i'll show you how to do that now
first thing i'm going to do
is create a new order i'm going to go
along at market
there we go so we have filled at 76012
two i'm gonna put my stop loss at seven
five nine seven one seven five nine
seven
one there we go and i want my stop-loss
to be moved to break even if price
session comes back
up to these highs well the way i can do
that with auto view
is if i set an alert at seven
six zero five seven so if i just put a
horizontal line there
i can right click that line and create
an alert on this line if we come down to
the
message section what we need to do here
in order to initiate a break even stop
alert is first we need to clear our stop
loss
and then replace it with a new stop loss
so the oanda api does not allow you
to update your stop loss as far as i can
tell at least not through auto view
i haven't found a way to be able to just
update my stop loss with a command
what you need to do instead is delete
your limit order
your stop loss order and replace it with
a new stop loss order
so the way we do that is we need to
reference our exchange again
so rwanda practice we need to reference
our symbol
so i'm on australian us dollar and i
need to use the c
which stands for cancel or close and i
need to set
c equals to order so this will cancel
any limit orders i have now keep in mind
this will also cancel your take profit
so if i put a let me copy this order
really quickly
and let's put a take profit on this
trade up at these highs here
let's call it seven six one two seven
six one two
modify this position so now we have a
take profit up at seven six one two
let's create a new alert really quickly
i'll set the condition to less than just
for demonstration purposes
let's paste that command in here if i
create this alert
when this alert gets triggered it will
delete
our stop loss and our take profit so
watch this let's click create
and wait for that alert to trigger there
we go
now our stop loss and our take profit
are gone we can now use
another alert to update our stop loss
and take profit so the way we do this
the way we update our orders is i need
to change
c to position so this will now
update our position if we give new
parameters for our stop loss and take
profit
so we need to first set the book so we
are long
on this position so if i set b equals
long
i can now set a new fixed stop loss
so in the case of a breakeven trade we
would set our fsl
to 76012 but for now i'm just going to
replace the stop loss that we just
removed so let's type in
0.75971
and i will also replace our fixed take
profit
up here at let's change it to 76092
0.76092 now if i create this
alert these command parameters will
replace our fixed stop loss and our
fixed
take profit but this is how you would
move your stop loss to break even
or even create a manual trailing stop
but let's wait for this alert to be
triggered
there we go our stop-loss is back where
we wanted it i'm not sure
what happened to our take profit not
sure why the take profit was not
replaced
let me just quickly check the auto view
logs
i'm not sure why my take profit is not
being placed let me
play around with this for a minute that
seemed to work so
i guess we need to use two commands here
one for our stop loss one for our take
profit so let me change fsl
to 0.5971
let me save that delete our orders again
wait for that alert to be triggered and
see if this works there we go
so we need to separate our fsl and ftp
commands if i copy this command over
here
and paste it in now this is where i
should mention that we can
execute multiple orders in the single
alert message
so we can have multiple commands here
and what these three commands will do
is the first command will delete our
stop loss and our take profit
the second command will set our stop
loss to whichever price we want to
so in this example we're going to set
this to break even when this blue line
is hit
and then we need to replace our take
profit as well
so three different commands here to
manage our position
automatically let's copy this command
and delete this alert and add
that command to this blue line here
we need to change our stop loss to our
entry price
so fsl will now become 7601
and if i create this alert if price
action
gets up to this blue line and triggers
this alert
autoview will delete our stop loss and
our take profit
it will move our stop loss to breakeven
to the price that we entered at
and it will replace our take profit back
at 7.61
and this will all be done automatically
without us having to lift the finger
so long as you have order view running
in your browser this position will be
automatically managed so this is a great
way to use auto view in your manual
trading process
now there have been many occasions in my
career as a trader over the past four
years or so
where i've wanted to move my stop loss
to break even if a certain price is hit
but i end up going to bed and overnight
at like three in the morning
price action comes up hits where i
wanted to move my stop-loss to break
even
but i was asleep and i couldn't manage
the position and then price action has
come
back down to stop me out for a loss on a
trade that i should have been
stopped out for breakeven on but i
wasn't able to manage my position
now i can use order view to
automatically manage
my trades while i'm not at the computer
so not only can i fully automate my
trading scripts i can also
fully automate my trade management even
on the strategies that i do not
fully automate which is phenomenal and a
really powerful
aspect of auto view that even manual
click traders can take advantage of
so now i'm going to leave my screen
capture recording
for the next i don't know hour or so and
hopefully
with any luck price action will come up
and hit this blue line
and my trade will manage autoview will
auto manage this trade
will automatically move my stop-loss to
break even and
with any luck we can see this in
practice so let's wait and see what
happens and i will be back in one second
and no luck on that trade we just got
stopped out by the spread
and yet again we are stopped out i'm
going to keep trying until
we get a trade that plays out
and demonstrates this break even
technique
set our take profit to 7608
save the alert i'll put on my profit
tool
again so we can watch this play out in
real time
and we'll see what happens
here we go and success
so our stop-loss has now been moved to
break even
after price has finally come up to test
this blue line
and you have no idea how boring it was
sitting here waiting for that to happen
and while recording this i actually just
made a cheeky two percent
gain on my main account taking a
discretionary trade
because i noticed that the one minute
chart was holding this
this area down here and so i jumped over
to my main account
on my second monitor while i was
recording and threw on a trade
one percent risk stop loss below the uh
swing low of this bat pattern and hit
targets
within an hour or so nice little
profitable video to record
can't complain about that and our take
profit has been put
up here at seven six zero eight so if i
scroll up and open up the command
that did all this first we cleared our
limit orders
on this instrument then we replaced
our fixed stop-loss price to our
break-even price
and then we added back our take profit
limit order all done automatically using
the order view
plugin which is really cool stuff now i
can delete this
line and that's it for the break even
demonstration
in future lessons i will show you how to
achieve this inside your pine script
code so if you were to do this on a real
account all you will need to do is get
rid of practice
make sure that you've connected your
real account id
to autoview and make sure you have set
all of your exchange parameters
to awanda and apart from that none of
these parameters need to be changed
except if you're obviously using this on
a different market you would need to
change your symbol
to the relevant market now there are
three more practice command
demonstrations that i would like to show
you guys before we wrap this video up
the next one is how to set a trailing
stop using pips
so there are obviously two ways to trail
your stop one is to just trail your stop
loss let's say we were
let's say we went long here you could
trail your stop-loss x amount of pips
from the high of the current bar so as
price moves into your favor your
stop-loss also moves into your favor by
an equal portion
um the other alternative option is to
trail your stop loss below recent swing
high so let's say we went short up here
somewhere and as price action goes into
our favor
our stop loss follows price action until
eventually we are stopped out
by retracement to do this second version
trailing
your stop above price action is much
more complicated than using
the standard uh trailing stop provided
by most brokers
now i've written a script that
automatically trails my stop loss
using a one atr stop below or above
price action recent swing highs and lows
so it looks back
x amount of bars for the highest bar
over that period or the level spa
over that period and it trails my stop
loss below that bar until it gets hit by
price action
i'll show you a quick demonstration of
what that looks like right now
but in today's video we're not going to
be doing that because that requires pine
script
code and this is just a theory lesson
covering the command
functionality so we'll cover that in a
future lesson
today's lesson we're going to just cover
the simple
trailing stop method so let's quickly
open a trade here
looks like aussie dollars going down now
so let's uh
sell this market at market one unit make
sure i'm on my demo account
not that it matters when you're only
trading one unit and let's
set a trailing stop order so i'm going
to put my stop loss here
at around let's say 7 6
7 6 1 just to give it some breathing
room i wouldn't normally put my stop
loss there but this is just for
demonstration purposes
now i'm going to create an alert up here
i'm going to set the condition to less
than so that it is guaranteed to be
triggered
when price action moves i'm coming down
to the message box
and we need to tell all of you how to
manage our position how to manage our
trailing stop
so remember that if you have an existing
stop-loss on an open position
you cannot just update that stop-loss so
we need to wipe
our orders so let me quickly add a take
profit here we'll put a take profit down
at
7596 for demonstration purposes
um we'll create an alert up here and so
to use
a trailing stop order we need to first
clear our existing position using the c
equals order command
and then we need to pass our ts
command and if we have a take profit we
need to replace our take profit because
remember this will delete both our stop
loss and take
profit order so here i need to change my
trailing stop
the current atr is around one pip
on this one minute chart so let's set
our trailing stop to
one pip 0.0001
and we'll set our fixed take profit back
to
0.759 now for whatever reason in the
previous example we couldn't set
our fsl and our ftp in using the same
command
but from my previous testing i believe
we can
set a trailing stop and a fixed take
profit
under the same command so this command
should work all we need is two commands
here
one to delete our limit orders and one
to put in a new trailing stop
so if i click create here this alert
should get triggered
as soon as price action begins moving
there we go our order should be removed
and replaced
uh our book parameter is invalid i
forgot to specify
our book so here i need to say
which direction we're going in so where
b equals short at the moment
let me save that and see if that alert
will work
still no luck there uh trailing stop
loss on phil
price distance does not meet the minimum
allowed amount
all right let me change it to five pips
see if this works
there we go okay that worked
but we need to change this to say c
equals position
um bear with me while i play around with
this
this should theoretically work and there
we go
i'm not sure if i want to change how the
api works i doubt it maybe it's
different on a demo account but on a
live account
i'm pretty confident i was able to set
my ftp as well as a trailing stop or fix
stop loss
but it's not allowing me to do that
today so i need to separate these
commands
get rid of fcp get rid of the trailing
stop
and now this should update our position
with a trailing stop and a fixed take
profit so let me
save this and when this gets triggered
our trailing stop should be removed and
added back
there we go and it trailed with price
action i don't know if you saw that but
it just went a little lower
and our take profit is back all right so
i've got the command working now i'm
trying to fly through this
pretty quickly so bear with me if i'm
making a few mistakes here
but what we have done here similar to
our breakeven stop we had to first
clear our orders our limit orders our
stop loss and our take profit
then we had to specify a new trailing
stop
and this is in pips so 0.0005
means 5 pips on this current market
so every time price action moves 5 pips
in our favor
our trailing stock will also move five
pips to lock in profits
or minimize our losses in the case of it
being above
our entry price and then finally if we
do have a take profit set
we need to make sure to specify that uh
take profit again using the ftp command
now why am i showing you all of this
well because when we get to the pine
script
section of these video lessons we need
to
write these commands into our script
code
so it's important that we understand how
they work in theory before we get to
that
so that's the whole purpose of today's
video but given the power
of autoview and pinescript
i don't think you'll be using this
trailing stop method too often
simply because it's just not an
efficient method a more efficient method
is to trail your stop loss above
recent highs which is something that we
can do in pine script
but something which a regular standard
trailing stop
cannot do so i think we'll leave this
example
here for now since i doubt many of you
will be actually using this command
but if you do want to use it this is how
you would do it so let's see if price
action will head a little lower here and
our trailing stop will
move lower there we go just moved a
little bit lower so every time our price
action moves into our favor our trailing
stop
keeps moving into our favor too so
let me draw that in there and if price
action will cooperate today and go just
a little bit lower
we can measure here we go so price
action just moved
half a pip in our favor in the profit
and our trailing stop also just moved
half a pip
into locking in our profits so that's
how a standard awanda trailing stop
works
one way you could use this is you could
have a standard
stop loss order wherever you want it to
be let's just set it
five pips above price action and then
you could set an alert
let's say that when price gets down here
you want to remove your standard stop
loss and convert it into a trailing stop
all you would do is create an alert
there and paste in
this series of commands so that's it for
our trailing stop demonstration
let's move on to the next example and
the next example is the reduce
only order so once again i'm going to
open
a long position this time with 100 units
this time
so we'll just open these at market by
100 units
and then if i double click on this alert
that i created here
and i delete the message here if i were
to now
try to buy an extra
50 units going along on this market at
market
while ro is set to 1 this is our reduce
only parameter if this is set to 1 that
means that
only orders which reduce our open
position are allowed to be executed
so if i click save here this position
will not be affected
by this command if i open up the alert
box there we go the alert was triggered
our position is still 100 units and you
can see that our order
here to buy 50 units was cancelled by
oanda
reason for that is according to the
autoview log
there was no position to reduce what
this basically means is we do not have a
short position open and buying
more of uh this aussie dollar market
will not reduce
our position so it was not executed so
let's do exactly the same thing
but this time let's change our book
direction to short and let's set the
quantity to 150 which is more than our
open position
this will also not execute so if we save
that and the alert
gets triggered there we go our position
has not changed
and if we go back to auto views log says
position to reduce
is too small meaning that our open
position
is only 100 contracts and we just tried
to
sell 150 contracts but autoview did not
allow us to do that because
we did not have that much of a position
size open
now for the final test let's change this
to just
50 units going short so we're selling 50
units on aussie dollar we have 100 units
open long
let's save this alert when this alert
triggers the order will
be executed because it is only reducing
our
open position there we go our position
is now only 50
units and the order did in fact go
through
because it was a valid reduce only order
so that one's pretty easy to understand
now let's move on to the final
example command here which is going to
be our alias
our account alias command parameter so
back on auto view here
if i scroll down to oanda i went to
practice
click on that scroll to the top you'll
notice that i only have one account here
and by default it is just set to
asterisks this
is our account alias so for today's
demonstration purposes i'm going to
delete this account i'm going to add a
new account
so in order to set up multiple accounts
under auto view
i need to come to my oanda page
i'm now on my awanda login page on the
dashboard
if i go to add sub account all of my
various demo accounts
will be listed here here they are right
now i'm using my
auto view youtube account but let's say
i wanted to use
two different accounts in my trading
let's say i wanted to use this account
and this account and i wanted each
account to have a different
script automating the trading on that
account
well the way we would manage this is i
would copy
my account number here for my first
account that i want to add
an alias for i also need to copy my demo
account or
if i'm setting up a live account my live
accounts awanda api
key so this is the key i need to give
order view to
allow it to have permission to access my
account using the oanda api
so i need both my account id and my
awanda api key
now here we are back on oandapractice
now i need to change my account alias
this is the account
alias and when referencing this account
i need to
use the a parameter and pass it this
account
name so i'm going to call this first
account sub
1 for sub account 1. i'm going to paste
in my account id
and paste in my api key i'm going to
click test account
the credentials were successfully tested
and now i can click
add account so now i have my first sub
account
added to order view let's come up and
click add account again
go back to oanda go back to my sub
account
section click add account even though
we're not actually adding an account we
just need to see our account list
come down and click on whichever account
we
want to use in conjunction with
this first account so in this example
i'm going to click auto view test
1k click on that copy my account number
or account id paste that into notepad
and then
jump back over to order view now to add
my second account i'm going to call this
account
sub 2. i'm going to copy over my account
id and my api key click test account
all green click add account now we have
two accounts here
one called sub 1 and one called sub two
so let's jump back into the trading view
platform
and now i have already logged into both
accounts here so these are both
of my trading view accounts my demo
accounts that i want to play around with
so this is my 10k version and this is my
1k version
or roughly whichever script i last
tested did not
do too well on this account so let's go
back
to our testing account and
create a new alert so i'm going to add
an alert above here
set the condition to less than and then
come down to the
message box and we're just going to open
a
trade at market here so i'm going to
paste in
the command for opening a long position
at market
and so the only thing we need to do
differently if we're working with
multiple accounts
through order view is to specify our
account alias parameter which is a
equals
and here we type in our sub account name
so our first account was sub 1 and our
second account was sub 2.
so i'm going to copy this alert i'm
going to create
this alert and once this triggers we
should be entered long
on this account there we go so now i'm
going to create a new alert
change this to less than uh scroll down
here and paste that command in
this time we're going to go short on
aussie dollar
and i'm going to change my account alias
to sub 2
for my other demo account now if i click
create
we wait for the alert to be triggered
now if i come down to my trading panel
and i switch over to my other account
we have a short position open on this
account
and we have a long position open on my
other account
which was achieved using the account
alias
parameter very easy but very powerful
stuff
if you are trading multiple scripts on
multiple accounts
that sums up today's lesson if you would
like to learn more about this stuff
stick around hit the subscribe button
because i'll be back soon with more
lessons covering this material
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next
video
you