PickMyTrade

Automating TradingView Indicator Alerts in Rithmic

10 min read

1. Introduction #

This section guides you through the process of setting up TradingView alerts to automate your trades with Rithmic via PickMyTrade. Whether you’re using indicator-based alerts or strategy alerts, this step-by-step guide will help you seamlessly connect TradingView signals to execute trades on your Rithmic account.

  1. By following these instructions, you can ensure your alerts trigger precise trade actions, improving efficiency and reducing manual intervention.

2. Generate Alert #

Navigate to the Generate Alert option from the homepage to create trade alerts.

3. Broker Selection #

  • Select Rithmic from the available options.

4. Alert Configuration #

Alert Type Options #

Alert TypeDescription
INDICATORAlerts based on technical indicators (e.g., RSI, Moving Averages).
STRATEGYAlerts based on predefined trading strategies in TradingView.

We have selected INDICATOR as our preferred alert type.

5. Symbol #

Enter Trading Symbol: This is where you tell PickMyTrade which asset you want to trade (like NQ, NDX, etc.). Filling this in is optional, but it’s needed if you want PickMyTrade to calculate stop loss and take profit based on tick size or total loss.

  • If the symbol doesn’t exist or isn’t mapping correctly: You’ll need to set it up first in PickMyTrade. Only after that will trades happen on that symbol.
  • Want to send an alert from one symbol and trade another? You can! For example:
    • You’re using NQ on your TradingView chart for the alert.
    • But you want the actual trade to happen on MNQ.
    • In this case, just enter MNQ in the PickMyTrade symbol field.
  • What if you don’t enter a symbol here? No worries — PickMyTrade will simply take the trade based on whatever chart you’ve set up in TradingView for the alert.

6. Configuring Alert Type #

Choose the type of trade action you want to automate: #

Buy: Enters a long position when the alert is triggered.
Sell: Enters a short position when the alert is triggered.
Close: Exits an existing position when the alert is triggered. If there are no open positions or orders, it does nothing.

#

7: Set Quantity Type: #

Fixed Quantity: You manually specify the number of contracts to trade.

Risk Percentage: Trade size is automatically calculated based on your position size and stop loss distance, not just your account balance.

Example: If you set 2% risk, the system adjusts the trade size so that your total risk is 2% of the position size relative to stop loss distance, not 2% of your full account balance.

Note: Stop Loss is mandatory when specifying Risk Percentage, as it determines trade size.

8.Stop Loss & Take Profit  #

  • “Do You Want Stop Loss / Take Profit?”
    • Options: YES / NO (Select YES to enable Stop Loss and Take Profit)

9. Stop Loss / Take Profit Type #

9.1 Point / Dollar (From Entry Price) #

Order Configuration:

  • Enter Stop Loss in Point / USD: Customer manually inputs the dollar amount they are willing to risk on the trade ( in this example, we’ve chosen $50).
  • Enter Take Profit In Point / USD: Customer manually inputs the dollar amount they aim to gain from the trade ( in this example, we’ve chosen $100).

How It Works:

  • Stop Loss: The specified USD amount is subtracted from the entry price to determine the stop loss level. The total loss may vary depending on the contract size and point value.
  • Take Profit: The specified USD amount is added to the entry price to determine the take profit level.

Settings and Examples:

  1. Stop Loss (Point / Dollar From Entry Price):
    • Setting: Enter the Stop Loss in USD. This amount determines how much you are willing to lose if the market moves against your position.
    • Example: Buy NQ at 21,891 with a Stop Loss at 21,841 (50 points below entry). Total loss: 50 points × 20 (lot size) x 10 (quantity) = $10,000.
  2. Take Profit (Point / Dollar From Entry Price):
    • Setting: Enter the Take Profit in USD. This amount sets your target gain if the market moves in your favor.
    • Example: Buy NQ at 21,891 with a Take Profit at 21,991 (100 points above entry). Total profit: 100 points × 20 (lot size) x10 (quantity) = $20,000.

Result Calculation:

  • Total Loss: Stop Loss × Lot Size × Quantity
  • Total Profit: Take Profit × Lot Size × Quantity

Calculation Details

Each field (Stop Loss, Take Profit, Trail Trigger, Trail Frequency) has a small question mark (?) icon next to it.

When you click the icon, it opens a “Calculation Details” popup, showing:

  • The Formula used
  • The Values Entered by the user
  • The Final Calculation result
  • Total Loss: Stop Loss × Lot Size × Quantity
  • Total Profit: Take Profit × Lot Size × Quantity

9.2 Percentage #

Order Configuration: #

  • Enter Stop Loss in %: Customer manually inputs the percentage they are willing to risk on the trade.
  • Enter Take Profit In %: Customer manually inputs the percentage they aim to gain from the trade.

How It Works: #

  • Stop Loss: The specified percentage is calculated based on the entry price and subtracted to determine the stop loss level. The total loss varies depending on the entry price and lot size.
  • Take Profit: The specified percentage is calculated based on the entry price and added to determine the take profit level.

Settings and Examples: #

  1. Stop Loss (Percentage):
    • Setting: Enter the Stop Loss as a percentage of the entry price. If the market price falls by this percentage, the trade automatically closes to limit your loss.
    • Example: Buy NQ at 21,891 (Entry Price)
      • Stop Loss: 20% below entry price
      • 20% of 21,891 = 21,891 × 0.20 = 4,378.20
      • Stop Loss Price = 21,891 − 4,378.20 = 17,512.80
  1. Take Profit (Percentage):
    • Setting: Enter the Take Profit as a percentage of the entry price. If the market price rises by this percentage, the trade automatically closes to secure your profit.
    • Example: Buy NQ at 21,891 (Entry Price)
      • Take Profit: 100% above entry price
      • 100% of 21,891 = 21,891 × 1.00 = 21,891
      • Take Profit Price = 21,891 + 21,891 = 43,782

9.3 Price #

Entry Order Details:

  • Alert Type: BUY — This means you’re placing an order to purchase.
  • Entry Order Type: MKT — This type of order buys the contracts at the current market price right away.

Quantity Settings:

Quantity Value: 10 — This means you’re buying 10 contracts in this trade.

#

Stop Loss & Take Profit  Settings  #

  • Stop Loss / Take Profit: YES
  • Stop Loss / Take Profit Type: PRICE
  • Enter Stop Loss in Price(Trading View Variable) Like {{plot_}},{{plot_1}} etc.
    • Example: If Stop Loss is 21,691, enter {{plot_1}} when creating the alert.
  • Enter Take Profit In Price(Trading View Variable) Like {{plot_}},{{plot_1}} etc.
    • Example: If Take Profit is 22,091, enter {{plot_2}} when creating the alert.

Understanding {{plot_x}} Variables in TradingView #

In TradingView, {{plot_0}}, {{plot_1}}, {{plot_2}}, etc., are placeholders that TradingView provides when you create an alert based on an indicator. These placeholders represent the different output values that the indicator shows on the chart. #

  • {{plot_0}} — The first value plotted by the indicator.
  • {{plot_1}} — The second value plotted by the indicator.
  • {{plot_2}} — The third value, and so on.

How They Work for Stop Loss & Take Profit #

Let’s say your indicator plots two important levels: #

  • Stop Loss level
  • Take Profit level

In this case: #

  • Stop Loss will be assigned to a variable like {{plot_1}}
  • Take Profit will be assigned to a variable like {{plot_2}}

When setting an alert, you don’t have to enter fixed numbers (like 21,691) manually. Instead, you just select these placeholders: #

  • {{plot_1}} for Stop Loss
  • {{plot_2}} for Take Profit

Example Alert Setup in TradingView #

When creating an alert, enter this in the message box: #

Stop Loss: {{plot_1}}, Take Profit: {{plot_2}} #

Example Scenario #

At the time of alert creation: #

  • {{plot_1}} = 21,691 (Stop Loss)
  • {{plot_2}} = 22,091 (Take Profit)

When the alert triggers, you will receive this message: #

Stop Loss: 21,691, Take Profit: 22,091 #

#

Important Note: #

  • The first plot you add in your indicator will always be accessible as {{plot_0}}.
  • The second plot becomes {{plot_1}}, the third {{plot_2}}, and so on — following the order in which they appear in the indicator’s code or settings.

9.4 Ticks #

Order Configuration:

  • Enter Ticks Value For SL: Customer manually inputs the number of ticks they are willing to risk on the trade.
  • Enter Ticks Value For TP: Customer manually inputs the number of ticks they aim to gain from the trade.

How It Works:

  • Stop Loss: The specified tick value is subtracted from the entry price to determine the stop loss level. Total loss depends on tick size, number of ticks, and lot size.
  • Take Profit: The specified tick value is added to the entry price to determine the take profit level.

Settings and Examples (Based on NQ Futures — Entry Price: 21,891, Tick Size: 0.25 points, $5 per tick, Lot Size: 10):

  1. Stop Loss (Ticks):
    • Setting: Enter the Stop Loss in ticks, which defines how far below the entry price the stop loss will trigger.
    • Example:
      • Stop Loss: 5 ticks below entry
      • 5 ticks × 0.25 points per tick = 1.25 points
      • Stop Loss Price = 21,891 − 1.25 = 21,889.75
      • Loss Calculation:
        • Each Tick Value: $5 per contract
        • Total Contracts: 10
        • Total Loss per Tick: 10 × $5 = $50
        • Total Loss for 5 Ticks: 5 × $50 = $250
      • If the price hits 21,889.75, the total loss is $250 for 10 contracts.
  2. Take Profit (Ticks):
    • Setting: Enter the Take Profit in ticks, which defines how far above the entry price the take profit will trigger.
    • Example:
      • Take Profit: 10 ticks above entry
      • 10 ticks × 0.25 points per tick = 2.5 points
      • Take Profit Price = 21,891 + 2.5 = 21,893.5
      • Profit Calculation:
        • Total Profit per Tick: $50 (10 contracts × $5 per tick)
        • Total Profit for 10 Ticks: 10 × $50 = $500
      • If the price hits 21,893.5, the total profit is $500 for 10 contracts.

Calculation Details

Each field (Stop Loss, Take Profit, Trail Trigger, Trail Frequency) has a small question mark (?) icon next to it.

When you click the icon, it opens a “Calculation Details” popup, showing:

  • The Formula used
  • The Values Entered by the user
  • The Final Calculation result

Result Calculation:

  • Total Loss: Number of Ticks × Tick Value × Lot Size × Quantity
  • Total Profit: Number of Ticks × Tick Value × Lot Size × Quantity

9.5 Total Profit / Loss #

Order Configuration:

  • Enter Total Loss value in USD for 1 contract: Customer manually inputs the total dollar amount of loss they are willing to take per contract.
  • Enter Total Profit in USD for 1 contract: Customer manually inputs the total dollar amount of profit they aim for per contract.

How It Works:

  • Stop Loss: The specified total loss in USD per contract is multiplied by the total number of contracts to determine the total possible loss before the position closes.
  • Take Profit: The specified total profit in USD per contract is multiplied by the total number of contracts to determine the total possible gain before the position closes.

Settings and Examples (Based on NQ Futures — Entry Price: 21,891, $20 per point, Lot Size: 10):

  1. Total Loss (USD per Contract):
    • Setting: Enter the total amount of loss in USD you’re willing to incur for one contract.
    • Example:
      • Total Loss: $100 per contract
      • Total Contracts: 10
      • Total Loss for 10 Contracts: $100 × 10 = $1,000
      • Point Calculation:
        • 1 point = $20 per contract
        • $100 ÷ $20 = 5 points
      • Stop Loss Price: Entry Price (21,891) − 5 points = 21,886
  2. Total Profit (USD per Contract):
    • Setting: Enter the total amount of profit in USD you’re targeting for one contract.
    • Example:
      • Total Profit: $200 per contract
      • Total Contracts: 10
      • Total Profit for 10 Contracts: $200 × 10 = $2,000
      • Point Calculation:
        • 1 point = $20 per contract
        • $200 ÷ $20 = 10 points
      • Take Profit Price: Entry Price (21,891) + 10 points = 21,901

Result Calculation:

  • Total Loss: Total Loss per Contract × Number of Contracts
  • Total Profit: Total Profit per Contract × Number of Contracts

10. Account Selection #

Would you like to add multiple accounts or select a specific account for trade execution?
Answer: YES (Upon selecting YES, additional configuration options become available.)

Update User Settings:
 Make changes to your account here. Click “Save” when you’re done.

10.1 Add Rithmic Login in Current PickMyTrade Account #

Field NameExample InputExplanation
PickMyTrade Conn. NameRITHMIC1Enter the connection name associated with this PickMyTrade account.
RITHMIC Acc. NameBG28198Enter the Rithmic account name exactly as it appears in the trading platform.
OptionQUANTITY MULTIPLIER / RISK PERCENTAGEChoose QUANTITY MULTIPLIER to adjust trade sizes or RISK PERCENTAGE to manage risk per trade.
QUANTITY MULTIPLIER1 (if selected)If a Quantity Multiplier of 2 is set, all trade sizes will be doubled.Example: If the usual trade size is 5 contracts, and a multiplier of 2 is applied, the system will place trades with 10 contracts.
RISK PERCENTAGE2% (if selected)If a Risk Percentage of 2% is set, each trade will risk 2% of the total capital in the account.Example: With an account balance of $50,000 and a 2% risk setting, the maximum risk per trade will be $1,000.

10.2 Add Rithmic Account in Another PickMyTrade Account

Field NameExample InputExplanation
PickMyTrade TokenqwertyEnter the unique PickMyTrade Token required for integration.
PickMyTrade Conn. NameRITHMIC2Enter the connection name associated with this PickMyTrade account.
RITHMIC Acc. NameBG281988Enter the Rithmic account name exactly as it appears in the trading platform.
OptionQUANTITY MULTIPLIER / RISK PERCENTAGEChoose QUANTITY MULTIPLIER to adjust trade sizes or RISK PERCENTAGE to manage risk per trade.
QUANTITY MULTIPLIER1 (if selected)If a Quantity Multiplier of 2 is set, all trade sizes will be doubled.Example: If the usual trade size is 5 contracts, and a multiplier of 2 is applied, the system will place trades with 10 contracts.
RISK PERCENTAGE2% (if selected)If a Risk Percentage of 2% is set, each trade will risk 2% of the total capital in the account.Example: With an account balance of $50,000 and a 2% risk setting, the maximum risk per trade will be $1,000.

11. Copying & Setting Up Alerts in TradingView #

Once you’ve configured your alert settings in PickMyTrade, follow these steps to generate alerts in TradingView for automated trading with Rithmic:

  1. Click “Generate Alert” in PickMyTrade.
  2. Go to TradingView and click the “+” icon to create a New Alert.
  3. Paste the copied alert code into the message box.
  4. Click “Copy Webhook URL” in PickMyTrade and paste it into TradingView’s Webhook URL field.
  5. Ensure the Webhook URL is correctly placed in TradingView’s notification settings.
  6. Click “Create Alert” to activate automated trading.

For detailed instructions on setting up TradingView alerts, please refer to the link below:

Setting Up TradingView Alerts for Automated Trading with Rithmic

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