hey what's up Traders I'm Guy Sebastian and in today's video we're going to have another look at Pine connector today we're going to break down the pine connector settings and the syntax commands for sending alerts from Trading view to metatrader to autot trade our Pine script indicators and strategies I'm going to open up the settings for this expert advisor um in the previous video I recorded on a 4K resolution so you'll notice this dashboard thing looks kind of janky in the first video of this series I'll record on 1080p for the rest of the series so this looks normal don't be alarmed by all the red in this uh dashboard I accidentally left the trade open from the last video and it racked up a pretty big loss on euro dollar but luckily this is a demo account that's why we use demo accounts for this sort of thing when we're learning and setting up um tools like this I do have pine Connector running on a live account it's running on my ultimate pullback indicator um you can get more information about that on our website pinescript mastery.com if you're interested it's um got full integration for Pine connector all you need to do is insert your license ID and any relevant parameters for Pine connector and it will automatically send any trading signals to Pine connector and it's working really well over the past few weeks so towards the end of this series after we've gone over a lot of the um core fundamentals of pine connector I'll revisit that script I'll show you what the results are and we'll break down what I've learned from that experience and what tips and advice I can give you guys um but anyway let's get into the pine connector settings if this is the first video you're watching make sure to go back and watch the first video in the series I've got an instructional video on how to set this up for metatrader 4 and 5 two different videos I'm using metatrader 5 but it shouldn't matter what platform you use the settings will be slightly different in some areas but the core fundamentals are all the same so I'm assuming you've already set up Pine connector and today we're going to open these settings to do that we can just right click our chart we come down to expert list and then click properties now again you will need to use your own license ID you can't steal mine um because it's linked to your metatrader account number so yeah don't try to use mine but the good news is you can sign up for a onee free trial if you're not confident that this is worth your money yet and you can play around with the full functionality of the tool for that full week all right so let's break down the core settings here I'll just do these quickly because in future videos we'll go over practical examples of these settings with actual scripts so obviously you need your license ID that's the most important input here if you don't put this in correctly then this tool will not work the next most important setting is our stop loss and take profit setting so by default it's set to Pips that is the recommended setting for Pine connector but there are other options here so if we set it to Pips then when we send SL and TP in our alert syntax so open up the charts these settings here and it does matter which order you put these in by the way when whenever you send an alert to Pine connector we need to first put our license ID then a buy or sell or pending limit order command then the currency we want to trade then we have our stop loss and take profit and risk if I set both of these to 50 and we open up the settings and have this set to Pips then our stop loss will be 50 Pips from the current market price when our trade is executed so we would have a 50 pip stop loss in a 50 pip take profit if I change this to price then these values need to be price values so if I wanted to put my stop loss at uh 1.58 I would type in here 1.58 and now my stop loss would be a price value but my takeprofit also needs to be a price value so we change this to 1.62 that would give us a roughly one:1 risk reward profile if our trade were to be entered at 1.06 the current market price and then the final option here is percentage that's exactly the same as Pips but obviously percentage based so most Traders probably wouldn't use this option maybe crypto Traders might uh but for Forex Traders it's unlikely you would ever use percentage based stop losses and take profits most of you will be working with pips but we do have the option for price as well if you need to use that option again the recommended option is Pips because that helps alleviate the issue of the pricing discrepancy between metatrader and trading view when your trade is entered it's entered at metat Traders price and so if you enter your stop L and take profit based on Pips that keeps everything as consistent as possible across both platforms next up we have risk so the default setting is set to Lots so if we set our risk to one and look on the left here we have these um example parameters if we set risk equals 1 in our alert then our position size will be whatever number we put here so in that example it would be one standard lot if we put 0.1 it would be one mini lot 0.01 would be a micr lot there are other options here dollar amount percentage of balance based on lots and margin available margin and then finally percentage of account balance as a loss so this is the most commonly used one I would imagine this is the one I use in all my scripts and this limits my loss based on a percentage of my account balance so if I set risk equals 1 and I have this set up in the pine connector settings then if my trade loses I will only lose 1% of my account balance now on the settings page there is more information here so under volume there is a description of each setting so go and read this if you want to know more about these middle three options but for me I will mostly be using percentage of account balance so that's what I'll leave this on for now next up we have our pending order this is our entry order so if we send an alert of buy or sell like this that's a market order but if I change this to buy limit or sell limit now we're placing buy and sell limit orders and if we are sending buy or sell limit orders this setting comes into into play so by default it's set to Pips from current market price so if we send an alert that says price equals 10 then our buy limit will be set 10 Pips below the current market price on Pine connector uh on metatrader same as our Target type so our Target type has Pips price and percentage so does our entry pending limit order Pips price and percentage most most of the time we will be using Pips um but I'll show you some examples of these others in future videos finally we have account filter basis and we have four settings here balance Equity margin percentage and free margin let's go over to the settings page and read what these do so this setting helps filter the trades that Pine connector can take so if we choose balance and we set account filter to 1,000 then the signal will only be processed if your account balance is greater than 1,000 if it's set to equity then our open Equity needs to be greater than 1,000 if we set it the free margin then our margin needs to be greater than 1,000 and margin percentage is the same as uh free margin but uh but obviously this will only be processed if your margin percentage is more than the specified number so I personally don't touch this setting in my own trading or rather I don't send this parameter in my alerts but this parameter here is there for you guys to basically control your risk that's what this setting would be mostly used for that way that way if your script goes ballistic and starts pumping out dodgy trades um you have like a a break an emergency break limit um if your account balance Falls below a certain number the expert advisor will stop taking trades or if you just have a lot of um signals being generated and you don't want to take any trades when your margin is used up for example so you're not getting margin calls anyway moving on to input so here is like a master override that you can um input so that when you're trades are received by the expert advisor these settings are used instead of whatever you send from your alert I've never used these settings um so I'm not going to go over these but this option is here for you if you need to do this for whatever reason um personally I like my script to send my trade parameters so I leave this setting as it is um so let's move on to General pyramiding so typically pyramiding is used to add to winning trades the first setting is on if you set this to on then all incoming trades will open without restrictions so if you have a hedging account that allows open long and short trades on the same symbol then any long and short trades that come in will be will be allowed to execute if you select on if symbol and direction in profit so this setting here then the trade will only open if if you have no open trades on euro dollar or your open trades on euro dollar have a profit that's Break Even or better and if we set it it to off either one buy or sell then if you have one trade open on euro dollar then a short trade will not open or if you have one uh Buy trade long trade on euro dollar another long trade will also not open and then finally we have off only one buy and one sell this will allow one long trade and one short trade to be open on the same symbol so these are advanced settings for accounts with hedging enabled um some Brokers allow you to have that setting enabled so that you can have long and short trades open simultaneously I personally have never played around with that just because it adds a lay of complexity to the back testing process that I'm not um comfortable dealing with I just can't be bothered I'd rather have a simple system that trades either long or short at any given time it's a lot easier to back test and prove that it works on historical data so I keep this um off typically so I'd usually have this off either one buy or one sell um or there's another setting down here Max open open positions per symbol I'll usually just set that to one and leave this on that way only one trade is open at a time but anyway we'll get to that next up we have close on reverse close on reverse determines the treatment of opposite signals so this is another setting that I've never played around with personally perhaps we'll cover this in a future video if you guys are interested in this but personally I leave this off and as I said I I stick to simple systems when I'm automating my trading next up we have Shadow targets I'm actually not sure what this is let's have a quick read Shadow targets hides your intended stop loss and take profit now I actually have no idea what this is we'll have to play around with this in a future video I've again I've never used this setting I'm not sure what that does Shadow targets hides your intended stop loss and take profits I'm guessing it means it doesn't enter these stop loss and take profits into the market to hide your stop- loss and take profit from your broker I'm guessing that's what this does we'll have to play around with this in a future video moving on partial close percent percentage this determines the percentage of your positions to close when using the close long percent and close short percent commands so we have three options 25% 34% and 50% this is obviously useful for scaling out of positions instead of exiting your trade entirely this is also not a setting I've ever played around with perhaps we'll cover this in a future video if you guys are interested in that uh next up we have Max open positions this defines the maximum number of positions across all of your symbols so if it's set to zero the pine connector EA will not limit your position count if it's above zero then uh Pine connector will limit how many open trades you can have accordingly so let's say you set up alerts on like 20 different markets but you only have enough money in your account to have three or four open trades you might want to set this number to three or four that way you won't be getting margin calls and trades trying to execute when you already have a lot of open trades um and then finally we have Max open position positions per symbol which does exactly what it sounds like defines the maximum number of positions per symbol um I typically set this to one um because I as I said I trade simple systems that only have one open trade per symbol I prefer to trade lots of symbols and only have one trade per symbol then have lots of Trades executing on a single symbol just makes it a lot easier to go through the strategy development process and back testing for me personally the way I do things all right let's wrap this video up with the last few settings categories here next we have dashboard that is this dashboard here and um we'll maybe break this down in a future video cuz there's a lot of information here to dissect but uh this shows you your p&l and your performance metrics for your system since um from Pine connector's perspective based on live executed trades you can see my giant loss here from the trade I left open from the previous video and if we go to the documentation here um the settings we have to work with are profit computation so by default it's set to calculate your p&l while including commission taxes and swap fees so that's really cool that gives you a very realistic portrayal of your systems performance metrics um then you also have the option to display this information without commission taxes and swap um but your results will be um better than realistic when you have this setting turned on because it's not taking into account all the hidden costs of trading in terms of system development so your back testing results will usually not show this information at least not on trading view since trading view doesn't have access to this information from your broker directly so these are the sorts of things you need to factor in during your system development and back testing process but by running your system on a demo account or a small real money account for a couple of weeks you should get a pretty realistic representation of how your system's performing with these fees um included in that performance you can also change the font size and turn the dashboard on or off um so if we go to experts properties dashboard um you have three options here Tech size on or off and the uh calculation technique then we have some risk parameters here so let's go over the documentation for these um first we have daily profit this determines your daily account takeprofit the daily recompute occurs at midnight GMT so that's important to know if you're using this set if it's off then your system will just continue taking trades regardless of how much profit you make in a day if it's below one then you're using a percentage amount so 0.1 in this parameter here would turn your system off it would stop allowing Pine connector to take new trading signals if your profit for the day exceeds this number personally I've never been a fan of limiting The Profit I make in a day but there are probably reasons to use this um especially if if you're trading a managed account and you're trying to keep your performance metrics and your Equity curve volatility in a certain range so a number below one would be a percentage amount so 0.01 would be 1% 0.5 would be 50% so on good luck making 50% in a day um but if you do more power to you if you set this setting to a number greater than one then this is a dollar amount so 100 would mean that if your account makes $100 worth of profit your um expert advisor will stop taking trades and you can check the day's profit Target using your experts log which is this setting here next we have daily loss which is exactly the same but obviously limits your daily loss which is a setting that it makes a lot more sense for me to use Um this can stop your system from going haywire if your system is taking a lot of Trades and you're racking up losses quickly um setting a daily loss limit can protect your account from that happening again if you're trading managed accounts you might want to turn this on so that you don't exceed your daily loss limit if you're a retail Trader you probably use this mostly to protect your account from something going wrong with your system or maybe you're a day trader and you want to limit your loss for the day not a bad idea to use this setting if you're trading lower time frames especially and it works exactly the same way as the daily profit limit um but obviously this is losing percentage and losing dollar figures and then we have our action so this is the action the EA or pine connector will take if one of these um thresholds are hit so halt EA will stop the EA for the day and it will restart automatically on a new day which I'm guessing is midnight GMT as it says up here so at midnight GMT your daily p&l will reset and if you have the setting turned on um the new day's p&l cumulative p&l will be acted on on accordingly you could also set it to close all positions so if your daily profit or loss is hit it exits all of your open positions or the third option is to close all positions and halt the EA so if you just have halt EA on and your daily loss limit is hit for example then all your open positions will still play out so if you've got stops and targets set the trades will play out as they were set up um but no new trades will be taken however if you set close all positions and hold EA then it will exit any open position positions and also hold the EA so you'd probably want to use this setting if you're going to use a loss limit on your uh account next up we have cumulative profit so this is like the daily p&l um setting except it's for cumulative profit since Inception so since you started running your system um this setting will add up your pnl so we open up experts properties so we have a daily profit and daily loss limit limit and an according action and then we have a cumulative profit and cumulative loss limit um and a ea action so we can hold the EA for a day we can hold the EA permanently until we turn it back on manually and then we have our same options but we close all positions or we close all positions and pause the EA for the day or we close all positions and turn the EA off until we manually override this and that's it that's the core settings for Pine connector again we'll go into more detail on these settings in future videos as we start coding scripts to send this information these parameters directly to Pine connector from Trading view alerts so that we can automate our trading um so far we've only done test alerts using uh test alert syntax in future videos we will code all of this and I'll give you a template for a script that includes all of this information so that you can set up your alerts like I have here with my UPI I can select my script select any alert function call make sure my web Hook is turned on and my license ID is inputed into the script and then whenever my script detects a training setup an alert will be generated and sent to P connector you can see here a signal is being detected if this signal closes valid so this bullish engulfing candle closes with all the conditions met in 45 minutes from now uh Pine connector will execute a trade on my Live account so really cool stuff here really powerful um it's a really powerful tool for systematic Traders I hope you found this video interesting thanks for watching I love you guys I'll speak with you in the next video where we'll start coding we'll go into more detail about the syntax so so far we've only really covered fixed profit and uh stop losses and risk in future videos we'll cover more Dynamic stuff like trailing stops how to exit trades so for example based on exit reasons so if I come up to the settings of my UPI and scroll down to um exit settings I've got the option to use a trailing stop here that will use a a trailing stop to lock in profit so once my target is hit the script will start trailing my stop loss until it's hit we can send alerts to Pine connector to update our stop loss as it changes or I can tell Pine connector to close a trade when an exit reason is detected so if I say so for example if I turn on use higher close lower close exit as soon as my target is hit and we get a candle that closes above the previous candles high I can tell Pine connector to exit that trade at Market so there's some really cool powerful combinations of settings and script parameters and code that we can use to create pretty versatile trading view systems that can be automated through our broker using pine connector that's where the fun stuff will start to happen in this series so make sure to subscribe to the channel if you haven't already and I'll speak with you in the next video take care good luck with your trading now none of this is trading advice be careful out there it is possible to lose a lot of money if you don't know what you're doing with this stuff so take it slow start with the demo account if you're going to play with this tool treat it with respect and you should do just fine have a fantastic day and I'll speak with you soon goodbye
No comments:
Post a Comment