hi Traders welcome back today we are going to be doing more Pine connector material in the previous video I did a simple script template for automating your Pine script strategies through Pine connector using trading view alerts in today's video we are going to be dramatically or significantly expanding on that previous script to create a very Advanced template script that will allow you to automate pretty much 99% of most systems out there all you need to do is replace my strategy code with yours and the rest of the script should work mostly out of the box now for those of you who are not familiar with what Pine connector is make sure to go and watch the previous videos in this series it's basically a metatrader Plugin or expert advisor that allows us to automate our trading view scripts using trading view alerts directly from our pinescript code so it adds full automation functionality for um mostly Forex Traders but if your broker allows you to trade other markets you can automate those markets so crypto CF C fds Commodities some Brokers offer cfds on stocks that sort of thing if your broker offers the market through your metatrader platform then you can automate it through trading view scripts so this video is going to significantly ramp up the complexity of the previous videos so if you haven't watched them make sure to go back and watch them to get Pine connector all set up properly otherwise you're going to get lost in this video with all that out of the way let's get started so here is the source code this will be available on my website check out the uh pinned comment below so we're just dealing with a very simple strategy here it's not a particularly Advanced system all it does is buy and sell overbought and oversold um conditions so the RSI 14 period RSI is overbought it will buy bullish candles if it's oversold it will short bearish candles today's lesson is not a trading strategy lesson it's purely a pine connected template um so the whole idea here is that you rip out my strategy code this bit of code here these three lines of code you change these to your systems entry criteria and then with some minor adjustments elsewhere in the code you should be able to adapt this code to work with any of your systems now there are some exceptions for certain systems but I will get to that throughout the video let's get started with breaking down the user inputs so this script comes with a bunch of strategy settings for my sort of simple template strategy we have a stoploss distance this is in Pips if ATR multiplier is set to zero so if ATR multiplier is zero then stop-loss distance Is pips based it's a fixed pip stop-loss distance now if I set this to one that will override our stoploss distance in Pips and we will be using a average true range multiplier um for our stop loss so if I set this to one then we will have a 1 ATR distance from our entry the closing price of our signal candle down to our stop loss for a long trade or up to our stop loss for a short trade we can also so change this setting here to high low and then the stop loss will be calculated from the candles high or low so those are our stop- loss settings the next few settings here are our profit risk reward profile so if this is set to one then we have a one: one risk reward from our entry so we'll have if we have a 10 pip uh stop loss then we'll have a 10 pip Target Break Even is exactly the same except this is for triggering our break even stop- loss so if I set this to one and this to two then if price hits a 1: one target from our entry our stop loss will be moved to break even and then finally we have our trailing stop distance this is the same as these two but for our trailing stop so for example if we set this to 5 to1 now we have a 5x Target from our entry so if we have 10 pip stop loss we have a 50 pip Target uh but that's obviously not going to get hit very often so maybe we want to move our stop loss to break even at 1:1 so now our stop loss will be moved to break even when price moves 1 to one in our favor and then finally if we want to start trailing our stop loss we could set this to 2: one and it's going to be hard to find a trade that actually triggers these conditions but I'm sure we'll find one I see one here here we had a trade enter nearly got stopped out then our break even Target was hit our stop loss moved up to break even and then our trailing stop Target was hit and our stop loss began trailing to lock in profit had this trade continued in our favor this stop loss would have trailed upwards to lock in profit so those are our simple strategy settings um there were two more options here for exit reasons so if I turn exit on higher close on or off now the script will um let me find an example real quick um it'll be easier if I turn these settings off to find an example here we go this will do so if I have this setting setting turned on exit on higher close lower close and I'm in a long trade as soon as our Green Line gets hit that's our take profit if I'm using an exit reason here then we don't place a fixed Target instead the script will wait for price to touch this um Target and then when our exit uh condition is detected the script will exit our trade so in this case we're waiting for a lower close so this candle closed lower than this candle after our takeprofit was hit our profit trigger was hit and then we exit the trade on the next bars open after this lower close obviously for um short trades it's the opposite so for a short trade we would be looking for a higher close so in this case here we went short and then we had a higher close we exit on the next bars open and then here we have another exit reason I just wanted to show you guys how to use multiple exit reasons with pine connector these are purely for example purposes they're very simple exit reasons they can be effective on some systems I do use these sorts of exit reasons on some of my trading systems but you probably want to add some more complexity to these a little bit more sophistication you probably want to combine indicator conditions that sort of thing with your exit reason higher close lower close is a pretty good exit reason but opposite color bars not really you'd probably want to combine that with something like a um indicator overbought over sold condition again this is example purposes this is about the pinescript template not about the system itself um so yeah this will exit an open trade based on an opposite direction higher close or lower close this will exit the trade based on an opposite direction bar in general so if we're in a long trade and we print a red bar we exit and vice versa for a short trade so those are our system settings very simple system um but again you should be able to convert most training systems that are simple the more complicated a training system is the more difficult it's going to be to plug it into this template but personally all of my systems are very simple I can copy and paste probably all of my systems into this script and get it working um so for those of you with access to the Mastery course or my indicators and strategies course um feel free to play around with any of those scripts you should be able to copy and paste the majority of them um the entry conditions you should be able to replace this with the entry conditions from any my scripts and this script will work almost out of the box you will need to tweak a few things here and there for certain strategies but should be pretty simple so that's it for our system let's go over the pine connector settings this is this is the uh point of today's lesson all of these settings below this label here so if you watch the previous lesson on my simple template you'll recognize most of these settings but there are a bunch of new ones that I've added to make this Advanced template uh useful for most Traders this should cover 90% of requirements for Pine connector if this is off and you set up your alerts then they will not be sent to Pine connector so uh but this is on by default the next setting is obviously very important that's our Pine connector license ID if we don't have the correct ID then our order will not be routed to metatrader so make sure to put in the correct ID here then we have our risk per trade again I went over these settings in the previous videos this is BAS on your Pine connector expert advisor settings so if you've set pine connector up to use Lots then this would open one standard lot if you've set it up to use a percentage of your account balance then this would risk 1% of your account on the on any trade that is open by this script entry Pips is for our entry limit order so in the previous script we used Market orders in this script we can either use Market orders or we can use um limit orders so limit order will place in the case of a long trade let's say we get our awesome looking bullish candle here and this triggers our long trade um if we set this with this turned on our alert would send a limit order let's say this is the candle's um closing price the script would send a Buy limit order 0.1 Pips below that closing price over on metatrader so whatever the price is on metatrader if we had entry Pips set to 0.1 and this turned on when we um set up our alert then we would place a buy limit order 0.1 Pips below the signals confirmed closing price if you want to just use Market orders to enter your orders immediately then leave this setting off and then this setting here is ignored spread filter is another pine connector setting this will only execute trades if the current market spread on your broker is below this pier amount um I personally leave this on in most of my scripts just to prevent my um my system from taking trades during some sort of Market Calamity like if if the spread is greater than about three Pips on my broker that I use um then something's gone horribly wrong because my spread is usually around 0.1 Pips at least on the major pairs that I trade the next setting here is our break even offset so let me show you what this does if I set what do we want here we want this I'll set this to 5:1 and my break even to 1:1 let's find an example yeah this one will do when my break even um price is hit what happens here when this order is sent to uh Pine connector is this is our signal candle the RSI my settings are different here Al So currently for testing purposes I set my RSI period to three I was a bit confused there why this was a buy signal when the RSI wasn't oversold but let me just change this to be consistent with the script so let me explain what happens here what happens here is our script detects this green candle as our entry condition when this bar closes green while the RSI is oversold we have our long conditions met when this bar closes if I have alert set up then trading view will trigger my alert and the script will send the syntax to open a trade to Pine connector so with the settings I have here we would open a market order so at Market our stop loss would be down here and our break even price would be also included in our alert to Pine connector so when Pine connector receives our alert it would receive a command telling it that we want our stop loss to be moved to break even when price reaches this threshold so this is a 1: one distance from our entry to our stop loss here 1:1 now this is a p value when it's sent to Pine connector so if I measure out roughly from our entry up to the Blue Line This is what would get sent to Pine connector so if I bring the syntax over real quick for Break Even This syntax command be trigger automatically moves the stop loss of whatever position we tell it to manage when be trigger is satisfied so in this case my script would tell Pine connector set my be trigger to 1.3 we're on a 1 minute time frame here again for demonstration purposes I don't recommend trading this time frame not even with an automated script due to all kinds of reasons mostly slippage and commission costs um but anyway that's up to you this isn't trading advice uh make sure to read the disclaimer if you haven't already um this 1.3 pip Break Even trigger would be sent in this order so when this order is sent it would be be trigger equals 1.3 then Pine connected knows that when we enter our trade if price moves up 1.3 Pips then we want our stop loss to come up to break even so our break even functionality is handled completely by Pine connector the moment our trade is opened be trigger uh sorry be offset uh this setting here is how many Pips we want to offset our break even order so if I throw an array here um so actually I had to reset my settings here because my offset wasn't accurate but anyway let me start again with this example here's our entry price the open of this red candle so that's our entry price right there if I set Break Even offset to 0.1 now our break even price will be 0.1 Pips above our entry so the point of this is really just to cover the spread so if you set this to zero and price comes down and hits your break even um technically it's not really Break Even because you've got spread to account for and commissions to account for so um if you exit the trade at exact ly the same price you bought it at you're going to take a tiny loss because you're going to take the hit from the spread and the hit from the commission so for Traders who are sensitive to that maybe your system has a very thin Edge and you don't want those trading costs to infringe on your Edge or you just don't like um losing money on a break even trade uh then that's what this setting is for I wouldn't recommend setting it too much higher than the spread so just have a look at whatever your average spread is on your um whatever Market you're trading through your broker and if you want to then that's what I would set this to I would set it to whatever the spread usually is so that's all of these settings the next few settings here are use limit order we already went over that if this is off then we send a market order if it's on we use a limit order this many Pips from our entry price our signal price the candle that triggers our order use pip based entry is recommended to be on with uh Pine connector's documentation recommends using this setting and not not using this setting so so it recommends using Market orders to enter trades and pip based um stop- loss and takeprofit for your limit orders um that's because there is a slight difference a very slight inconsistency between trading views price data and metat Traders price data it shouldn't matter on most time frames but on the lower time frames it does matter a little bit and so to keep your script as consistent as possible with metatrader they recommend Pine connector recommend using pip based orders because that way no matter what price your trade is opened at over at metatrader your orders will be exactly the same distance as they are on trading view so that should mitigate any issues with price discrepancies or inconsistencies if you're not sure what I'm talking about go back and watch the previous couple of videos in this series where we went over that in detail so use pit based entry is for our entry limit orders so let me find our debug label here it is um if I turn use limit order on then our label here will change this is what gets sent to Pine connector we are sending a buy limit on Aussie Yen and our price value is 0.1 Pips from um in this particular uh case we are looking at this trade here as our debug trade um if I was using a by limit order with these settings then we would place our by limit order 0.1 Pips below um the trigger price if I turn this off now our script is sending a price value when this updates in a moment slow today there we go now we're sending a price value instead of Pips to Pine connector now you need to make sure that whatever you've set your script up here is consistent with whatever you've set pine connector settings to be uh so if you've set your Pine connector settings to use price values then you need to ensure that your script template here is also using price values but if you're using the recommended settings for Pine connector you would would want to leave this on you would want to set pine connector up to use pip based orders and then having these settings on will ensure that your stop loss is sent in Pips your take profit is sent in Pips and your entry limit orders are sent in Pips however if you have a reason why you want to use price values and it's up to you U personally I use price values in all of my Pine connector um automation scripts and I've never had any issues but that's probably because the broker I use has very very close price data to metatrader and trading view so um it's I haven't really run into any issues where one platform had a very significant different price to the other but if you have a broker that does some Brokers do have like as much as a whole pip or even a couple of Pips difference between the two platforms that is going to be a big problem if you're sending price orders to Pine connector so if that is the case you'll want to use these settings for me through pepperstone the broker I've been using for the past year or so I haven't had any issues with that anyway let's move on to the final optional settings here um I've included a metatrader symbol override for people who use my ultimate pullback indicator they have run into issues where some markets have totally different symbols to what they're trading on trading view so for most Forex pairs the symbol will be the same on both platforms but there might be a prefix or a suffix again if you if that sounds like gibberish to you go and watch the previous videos but on my broker for example o Yen when I'm sending an order it would need to look like this AUD do uh audjpy a if I don't put a on the end of my symbol then the order will not be sent to my broker or my broker will not accept the order so in this case I I would just add a on metatrader suffix and then any order that gets sent if I look at my label here my debug label you can see that my symbol now says audjpy do a if I wanted to override the symbol entirely I would put override um whatever text I want to override it to in there and now that's what gets sent to Pine connector so there's very very rare edge cases where this would be required so I just included that in the template why not most of the time you don't want to touch this 99.9% of the time you will not want to touch this unless you really know what you're doing and you're running into that issue where the symbols don't match at all on metatrader prefix is the same as suffix but it puts it be uh before wellow can't type before so now we'll get before before our symbol so uh yeah that's pretty self-explanatory um strategy ID is for running multiple strategies on the same Market same symbol so if I'm running a hedged account account or hedging account through my broker that allows me to open long and short trades at the same time or I'm running two systems that only trade in the same direction so if I'm um trading two long only systems one on a 5 minute chart and one on an hourly chart and I want both systems to run through the same account over on my broker through metatrader I can separate the systems using a strategy ID so if I type strategy one into this box now whenever my orders get sent for this particular setup so if I set an alert right now any alerts that are triggered by the script will include this comment and this comment is how we use multi strategies so multi strategy documentation here for Pine connector says um if you want to use multiple strategies you need to include a comment and all orders with the same comment will be handled um as if they're their own system so you can trade multiple systems on the one Pine connector ID through the same broker on the same Market um using this strategy setting this is obviously for advanced Traders only if you're not particularly Advanced with trading or experienced I'd stay away from this completely and just use one um script per symbol on your Pine connector setup uh for me personally I only run one script per symbol on my Pine connector as you might have noticed by now if you've been following me for any period of time I'm a simple Trader I prefer Simplicity over complexity any day of the week if I can make a system simple even if a particularly complex system would make me more money unless it's significantly more money then I prefer the simple system because Simplicity works it's easier to work with it's less headache there's less to go wrong there's less confusion when things do go wrong um but then again I do trade a lot of markets I trade um crypto stocks and Forex if you're only trading Forex then you may want to increase the complexity of your system setup through Pine connector um but I'll leave that with you guys this isn't a trading course right now this is just teaching you how to get P connector working through your trading view scripts in the future I do plan to expand the channel to cover more broad trading Concepts and techniques that I use but uh for now um that is not what we are talking about so that's it for the settings let's briefly go over the code because the code is a bit it's just a wall of text but it all it is pretty simple it looks more complicated than it is um again you can copy all of this code into a blank script replace your strategy settings with whatever settings you like to tweak replace the um if you just a quick tip if you press crlf and type for SL SL exclamation mark this will take you to the couple of um places where you need to replace your my code with your code so this is my entry criteria for long trades and short trades I'll change this back to 14 so here we need the RSI to be under 30 and we need a bullish candle and we can't have any open trades currently so this system only takes one trade at a time it does not pyramid it does not trade in multiple directions it's just one direction at a time one trade at a time very simple entry criteria short trades are just the opposite direction you'd want to replace these conditions with your systems conditions and that's it if you want to use different exit reasons so these are my exit reasons here that we already went over then you would um add those settings up here add in your exit settings so here are my two onoff values for my exit reasons and then you would need to again come down here change these to whatever your exit inputs are and then if use exit reason is on the script will behave slightly differently based on those exit reasons and then of course you'll need to come down to where the exit reasons are also triggered so these are my exit criteria if I have higher close lower close turned on and we get a bar that closes below the previous Bar's low then we exit our trade if exit trade is triggered then Pine connector will send an alert to close any open long trades so again just really quickly if you want to change the script to work with your code change this code here to match your your entry criteria or conditions the indicators you want to use the price conditions Etc make sure to change your exit reason criteria if you're using exit reasons and that's pretty much it I mean unless you're using particularly obscure trailing stops that don't use an ATR trailing stop or or if you want to change the ATR trailing stop distance you might want to add some more inputs to this I try to keep this script as simple and stripped back as possible I could have added a lot more settings here we could have had a setting for for our ATR distance or period we could have had a uh setting for our RSI period and our overboard oversold settings but these weren't relevant to the script today so I didn't include those obviously if you're working on your own script you might want to add those user inputs uh but anyway let's just wrap up this video by going over the important stuff here so you shouldn't need to touch any of this with your scripts this just prepares some um constant variables so it prepares things like our symbol that we send to Pine connector it just sort of helps us build our string this is our text string that gets sent to Pine connector this is all handled here um and we just pass in the relevant parameters so this function here PC alert entry and in fact let me rename this I'll rename this to PC entry alert to be more consistent with the styling of the script there we go so this function here is going to terrify some of you guys especially those of you who are new to pinescript don't worry about it you don't need to know what this does you can copy this into your script and it will just work it's a it's just a function that takes a few parameters and all it's doing is building a string so it's just adding all of the text up together in such a way that um Pine connector can read so it assembles this text alert in the correct syntax to be sent to pinec connector all we need to do is pass in a direction our price entry price if we're using a limit order our stop- loss value our take profit value our break even trigger value and this truncate here is purely for the label uh for some reason with trading view scripts if you're working with float numbers so decimal numbers it will add like an extra 10 decimal numbers after the decimal place um and so to make make this label easier to read I made sure to truncate or strip out the extra decimal places um so that we don't have so many numbers in our debug label but whatever is in this label will be sent to Pine connector now as far as I know Pine connector can accept as many decimal places as you send it but um if you are running into issues with having too many decimal places in your alerts for whatever reason just change this to true and that will make sure that the alert text that gets sent to Pine connector always only contains five decimal places that should fix any issues that you encounter on any markets out there there may be some very slight rounding errors on things like crypto that have a 100,000 Satoshi decimal places but it should be fine to do that if you run into any issues um I might even leave this on by default because I can't really think of any reason why rounding to five decimal places would break any scripts as far as I know there aren't many Market out there other than crypto that have more than five decimal places in their price quote and even if they do rounding the remaining six plus decimals shouldn't really affect anything significantly so I think I'll just leave this on by default but if you're having issues play around with this uh set it to false or true um or if you're having any issues with this uh just send an email to Pine connector support team and they should be able to walk you through a solution but I haven't encountered any issues with this um function I use this in all of my automated scripts so yeah that's it uh the next thing we do is we get our pip size so for Forex one pip is 10 points so so one pip is 10 points on stocks and other markets that's usually not the case usually one point is one pip so on Forex we want to set our pip size to 10 points on other markets it should be okay as one here is where we store all of our stops and targets Break Even prices this is mostly for drawing things onto the chart so in this case um drawing our stop-loss prices and break even prices Etc um when our alerts are sent to buy connector other than a trailing stop alert everything else is sent straight up when we um enter our trade so all of these variables here are mostly just for drawing the signals onto our chart so that we can see what's happening next up we calculate our stoploss distance so if we're using an ATR we take that into account if we're not using the ATR then we just use um our stop our stop loss distance settings here converted into Pips then we have our entry conditions we have this other custom function here which takes all of our trade parameters so our Trade Stop distance or Price our profit distance it takes all of that information our stop- loss our take profit our break even distance and and it uses this function that we just went over to build a string that gets sent through our alerts to Pine connector and that's what this code here does next we check if we have a long trade conditions met if we do have a long trade then we calculate all of our strategy parameters um build all of that together into into our string and that gets sent to Pine connector if Pine connector is enabled we also have our strategy code here if we're using a limit order then we need to use a bu limit in our strategy entry to match what gets sent to Pine connector otherwise we pass in na if this setting is turned off then we don't use a b limit order this will just enter at Market through the strategy tester short trade is obviously identical but the opposite direction then here I just update my entry price from the close of the signal candle so here for example when this bar closes and we open our trade on the next bar our stop loss and take profit is calculated from the signal CLE so once our sign signal is confirmed we calculate our stop loss and take profit but for things like a trailing stop and break even price we need to calculate that information based on where our trade was opened and so this bit of code here just makes sure that our entry price is consistent with what the strategy tester is working with um next up we have our long strategy management code this is for the strategy tester when our trade is opened I already went over this the break even trigger is sent in our alert to open the trade so we don't have to send any alerts to Pine connector that's all handled by Pine connector when our trade is opened but we still need to tell the trading view strategy tester that our trades at break even and we need to draw that information so that's why this code is here next up we have our trailing stop activation code so if I turn that on uh trailing stop distance let's set that to one and set this to zero now the line will turn orange when price touches this line that triggers our trailing stop to start locking in profit so that's what this parameter does if we have a trailing stop turned on and price exceeds that um activation price then we begin trailing our stop loss we'll get to that code in a moment but next up we check our exit reason code so this is the same basically as our trailing stop activation but it's for our profit price so again if I set profit let's turn trailing stop off and set our risk reward to 2:1 now when this green line is touched by Price the script will begin looking for our exit reasons so in this case that is a lower close which we get here and our trade exits at Market on this bars open and here if we are using a limit order and price exceeds our takeprofit price that means that if our trade has not yet been filled so let's say we've set our B limit order to 10 Pips for whatever reason I wouldn't recommend it you want this as close as possible to price um but if I set this to 10 Pips we got our entry signal and our buy order was placed down here and it was never touched by price so we never got filled on our long trade but price came up and touched our takeprofit then we want to cancel this pending limit order because now we're out of sync with our strategy tester code so that's what this does if our takeprofit is hit if our would be take profit is hit and we are using a limit order then we want to cancel that pending limit order um next up we have our confirmed bar code so when a bar is confirmed so the bar closes this is where we check for our exit reasons so if our exit criteria is met then we send an alert to Pine connector to close our long trade at market and we also close our strategy test to trade to be consistent with um the strategy tester and pine connector and then finally we have our long trailing stop code so if our trailing stop is activated and our new long stop loss is greater than our current stop- loss then we want to update our stop loss so if we're using a fixed stop loss up here so this is a fixed stop loss and this is turned off then we want to Trail our stop loss the same amount of distance from whatever we've Set uh this setting to so if we set it to close then on each bar that closes we would Trail our stop loss up in the case of a long trade by 5 Pips from the closing price if we set it to high or low then it would be 5 Pips from the low and if we're using an ATR traing stop then it will obviously be an ATR distance from the close or the low in the case of a long trade and then if Pine connector is enabled then we send an alert to Pine connector to update our stop loss to do that we use the new stop-loss take profit long command and we pass in our new stop loss and also a strategy if we're working with a strategy ID and then our short management code is identical to long but obviously in the opposite direction then we have our trigger stop-loss takeprofit orders in the strategy tester so this passes in our stop- loss price and our um takeprofit price if we're not using an exit reason so if I turn exit reason off this green line just becomes our takeprofit if I have an exit reason turned on then we don't want to place a take profit because out exit reason will trigger the exit at Market when it's detected so that's what this code here does and then finally we have our debug label which just shows what is going to be sent to Pine connector if a trade is detected so the next time a trade is detected um with the settings I've just set up we would send our Pine connector ID we would buy Aussie Yen at Market with a 5 pip stop loss and a 10 pip take profit with 1% of our account balance or one standard lot with a spread filter of three so if the if the spread is greater than three then the trade will not be placed we will not buy oen at Market so the spread filter is obviously most useful with Market orders if you're using limit orders to enter your trade it's not that big a deal if the spread is elevated because you won't be filled on your trade unless price exceeds your limit order price including the spread so the spread is useful for Market orders um but any anyway that's outside the scope of today's lesson hopefully if you're using pine connector you are experienced enough with trading to know what I'm talking about um finally we have all of our plots for drawing our orders and that's it that's the script it's a long video I apologize for that but there was a lot to cover here the source code will be on my website as mentioned at the start of the video check out the pin comment below in the video description if you want to learn more about pin script or get your hands on all of my personal systems and strategy IES go and check out our website pinescript mastery.com I'll speak with you in the next video take care best of luck with your trading I'm not sure what we'll do on the next video maybe we'll apply this template to an existing system that I've already published on YouTube um that might be a good way to wrap up this sort of tutorial series to demonstrate how you can copy all of this code into a blank script and Port over one of my existing systems to use this um template and with that said I'll leave this video here thanks for watching best of luck with your trading I love you guys make sure to subscribe if you haven't already and I'll speak to you soon goodbye
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