1. Introduction #
This guide provides a step-by-step setup for automating equity options trading using TradingView alerts, routed through PickMyTrade, and executed in TradeStation. It covers everything from broker selection to strike and expiry settings, SL/TP configuration, and multi-account trade execution.
2. Broker Selection #
- Broker: Select TradeStation from the PickMyTrade broker list.
- Ensure your TradeStation account is connected and authorized via secure login or API credentials.
3. Alert Type #
Alert Type Options # #
| Alert Type | Description |
| INDICATOR | Alerts based on technical indicators (e.g., RSI, Moving Averages). |
| STRATEGY | Alerts based on predefined trading strategies in TradingView. |
We have selected INDICATOR as our preferred alert type.
4. Instrument Type #
Select the appropriate instrument type based on what you’re trading:
- Stocks – For equity shares like AAPL, MSFT, etc.
- Futures – For standard futures contracts like MNQ, ES, etc.
- Options – For equity options like AAPL Calls and Puts.
In this setup, we are selecting Options because we are automating trades for AAPL options.
5. Option Type #
| Setting | Explanation | Example |
| Call | Expecting the stock price to rise. | Buying an AAPL Call when the stock price is at $150, expecting it to go higher. |
| Put | Expecting the stock price to fall. | Buying a TSLA Put when the stock price is at $700, expecting it to drop. |
6. Order Strike Away #
Strike Price Settings (Updated for AAPL @ $212.15) #
| SETTING | EXPLANATION | EXAMPLE (AAPL @ $212.15) |
|---|---|---|
| Strike Away | Defines how far the strike is from the market price. | Strike Away: 2 → Call strike: 214.15, Put strike: 210.15 |
| At-the-Money (ATM) | Strike price is closest to the market price. | Call & Put strike: 212.5 |
| In-the-Money (ITM) Calls | Strike below the market price (option has intrinsic value). | ITM Call strikes: 210, 207.5, 205… |
| In-the-Money (ITM) Puts | Strike above the market price (option has intrinsic value). | ITM Put strikes: 215, 217.5, 220… |
| Out-of-the-Money (OTM) Calls | Strike above the market price (no intrinsic value). | OTM Call strikes: 215, 217.5, 220… |
| Out-of-the-Money (OTM) Puts | Strike below the market price (no intrinsic value). | OTM Put strikes: 210, 207.5, 205… |
Visual Reference (from screenshot):
- AAPL Last Price: 212.15
- Closest strike: 212.5
- Call Bid/Ask at 212.5: 2.61 / 2.64
- Put Bid/Ask at 212.5: 2.13 / 2.16
7. Option Expiry Date #
Select relative expiry using the current date for reference (e.g., May 14, 2025):
8. Option Expiry Date # #
| Expiry Type | Easy Explanation | Example (AAPL Call Option, Today is May 14, 2025) |
|---|---|---|
| Current Day | Ends today, May 14, 2025. | Buy call option, expires at close of May 14, 2025. |
| Next Day | Ends tomorrow, May 15, 2025. | Buy call option, expires at close of May 15, 2025. |
| Day After Tomorrow | Ends in 2 days, May 16, 2025. | Buy call option, expires at close of May 16, 2025. |
| Current Week | Ends this week, May 16, 2025. | Buy call option, expires at close of May 16, 2025. |
| Next Week | Ends next week, May 23, 2025. | Buy call option, expires at close of May 23, 2025. |
| Current Month | Ends this month, May 30, 2025. | Buy call option, expires at close of May 30, 2025. |
| Next Month | Ends next month, June 28, 2025. | Buy call option, expires at close of June 28, 2025. |
8.TradingView Symbol (Optional) #
- TradingView Symbol:
AAPL - Use Case: Only required when your Stop Loss type is based on:
- Ticks
- Total Loss
- This field connects your TradingView strategy to the correct instrument for SL calculations.
9. Alert Type #
| Setting | Explanation | Example |
| Buy | Opens a long position when the alert is triggered. | Buying a Call option on AAPL |
| Sell | Opens a short position when the alert is triggered. | Buying a Put option on TSLA |
| Close | Closes an existing position if one exists. | Closing a previously bought Call/Put |
10. Quantity & Risk Management #
Option A: Quantity #
- Quantity Type: QUANTITY
- Quantity Value: 1
Defines a fixed number of contracts for each trade.
Option B: Risk Percentage #
- Quantity Type: RISK PERCENTAGE
- Value: e.g., 2%
Dynamically calculates contract size based on account balance and defined stop loss.
11. Stop Loss / Take Profit Type #
- Point / Dollar (From Entry Price)
Order Configuration:
- Stop Loss in USD: Customer manually inputs the dollar amount they are willing to risk on the trade ( in this example, we’ve chosen $50).
- Take Profit in 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 number of shares.
- Take Profit: The specified USD amount is added to the entry price to determine the take profit level.
Settings and Examples:
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 AAPL at $239.07 with a Stop Loss at $189.07 ($50.00 below entry). Total loss: $50.00 × 1 (lot size) × 10 (number of shares) = $500.
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 AAPL at $239.07 with a Take Profit at $339.07 ($100.00 above entry). Total profit: $100.00 × 1 (lot size) × 10 (number of shares) = $1,000.
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:
Stop Loss Calculation:
- Formula: Stop Loss × Lot Size × Quantity
- Values Used:
- Stop Loss: $50
- Lot Size: 1
- Quantity: 10
Final Calculation: $50 × 1 × 10 = $500
Take Profit Calculation:
- Formula: Take Profit × Lot Size × Quantity
- Values Used:
- Take Profit: $100
- Lot Size: 1
- Quantity: 10
- Final Calculation: $100 × 1 × 10 = $1,000
- Percentage
Order Configuration:
- Stop Loss in %: Customer manually inputs the percentage they are willing to risk on the trade (in this example, we’ve chosen 20%).
- Take Profit in %: Customer manually inputs the percentage they aim to gain from the trade (in this example, we’ve chosen 100%).
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:
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 AAPL at $239.07 (Entry Price)
- Stop Loss: 20% below entry price
- 20% of $239.07 = $239.07 × 0.20 = $47.81
- Stop Loss Price = $239.07 − $47.81 = $191.26
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 AAPL at $239.07 (Entry Price)
- Take Profit: 100% above entry price
- 100% of $239.07 = $239.07 × 1.00 = $239.07
- Take Profit Price = $239.07 + $239.07 = $478.14
- Ticks
- AAPL Market Price: $239.07
- Tick Size: $0.01 (since AAPL trades in cents)
- Quantity: 10 contracts (I’m assuming each contract represents 1 share of AAPL — let me know if that’s different!)
Now for the Stop Loss & Take Profit:
- Stop Loss:
- Ticks: 100
- Tick Size: $0.01
- 100 ticks × $0.01 = $1.00
- Stop Loss Price: $239.07 − $1.00 = $238.07
- Total Loss Calculation:
- Loss per Tick: $0.01
- Quantity: 10 contracts
- Total Loss: 100 ticks × $0.01 × 10 = $10.00
- Take Profit:
- Ticks: 200
- Tick Size: $0.01
- 200 ticks × $0.01 = $2.00
- Take Profit Price: $239.07 + $2.00 = $241.07
- Total Profit Calculation:
- Profit per Tick: $0.01
- Quantity: 10 contracts
- Total Profit: 200 ticks × $0.01 × 10 = $20.00
So your numbers actually make total sense!
- Total Loss for 10 Contracts: $10.00
- Total Profit for 10 Contracts:$20.00
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
Formula for Stop Loss:Stop Loss Amount = Stop Loss Ticks × Lot Size × Min Tick × Quantity
Values:
Stop Loss Ticks: 100
Lot Size: 1
Min Tick: 0.01
Quantity: 10
Final Calculation:
Stop Loss Amount = 100 × 1 × 0.01 × 10 = 10.00
Formula for Take Profit:Take Profit Amount = Take Profit Ticks × Lot Size × Min Tick × Quantity
Values:
Take Profit Ticks: 200
Lot Size: 1
Min Tick: 0.01
Quantity: 10
Final Calculation:
Take Profit Amount = 200 × 1 × 0.01 × 10 = 20.00
- Total Profit / Loss
Order Configuration:
- Total Loss per Contract: The total dollar amount of loss you’re willing to take per contract.
- Total Profit per Contract: The total dollar amount of profit you’re aiming for per contract.
AAPL Market Price: $239.07
Lot Size: 1 (1 contract = 1 share)
Quantity: 10 contracts
Total Loss (USD per Contract):
- Example: Let’s say you’re willing to lose $50 per contract.
- Total Contracts: 10
- Total Loss for 10 Contracts: $50 × 10 = $500
- Stop Loss Price Calculation:
- AAPL moves in $0.01 increments (min tick).
- $50 per contract ÷ $0.01 tick size = 5,000 ticks.
- Stop Loss Price: $239.07 − ($0.01 × 5,000) = $189.07
Total Profit (USD per Contract):
- Example: Let’s say you’re targeting $100 per contract.
- Total Contracts: 10
- Total Profit for 10 Contracts: $100 × 10 = $1,000
- Take Profit Price Calculation:
- $100 per contract ÷ $0.01 tick size = 10,000 ticks.
- Take Profit Price: $239.07 + ($0.01 × 10,000) = $339.07
Formula for Total Take Profit:Total Profit Amount = Total Profit per Contract × Quantity
Values:
Total Profit per Contract: $100
Quantity: 10
Final Calculation:
Total Profit Amount = $100 × 10 = $1,000.00
Formula for Total Take Profit:Total Profit Amount = Total Take Profit per Contract × Quantity
Values:Total Take Profit per Contract: $100
Quantity: 10
Final Calculation:Total Profit Amount = $100 × 10 = $1,000.00
12. Account Selection and Configuration for TradeStation #
Once your alert and SL/TP settings are configured, the next step is selecting the trading account for execution. PickMyTrade supports both single-account and multi-account execution for TradeStation, with options for position sizing via Quantity Multiplier or Risk Percentage.
Would you like to add multiple accounts or select a specific account for trade execution?
Answer: YES
Upon selecting YES, additional configuration fields appear to let you connect your TradeStation accounts and define execution parameters.
12.1 Add TradeStation Account in Current PickMyTrade Account #
Use this configuration if you’re adding a TradeStation account to the PickMyTrade account you’re currently logged into.
| Field Name | Example Input | Explanation |
|---|---|---|
| PickMyTrade Conn. Name | TRADESTATION1 | Choose the correct connection name from the dropdown. It must match what you configured in PickMyTrade. |
| TRADESTATION Acc. Name | SIM155568455M | Select your TradeStation account. This must be linked to your current TradeStation login. |
| Option | QUANTITY MULTIPLIER | Choose your preferred position sizing method. |
| Qty Multiplier | 1 | A multiplier of 2 will double your trade size. E.g., 5 contracts × 2 = 10 contracts. |
Ensure the TradeStation account is already connected and synced within your PickMyTrade dashboard.
12.2 Add TradeStation Account to Another PickMyTrade Account #
Use this configuration if you’re managing multiple PickMyTrade logins and want to execute trades in a TradeStation account from a different PickMyTrade account (not the currently active one).
| Field Name | Example Input | Explanation |
|---|---|---|
| PickMyTrade Token | abcd1234xyz | Enter the token from the target PickMyTrade account you want to send trades to. |
| PickMyTrade Conn. Name | TRADESTATION1 | Define the connection name. It must match the TradeStation connection inside the target PickMyTrade account. |
| TRADESTATION Acc. Name | SIM155568455M | Enter the exact TradeStation account name as it appears in the terminal. |
| Option | QUANTITY MULTIPLIER | Choose your preferred position sizing method. |
| Qty Multiplier | 1 | A multiplier of 3 will triple your trade size. E.g., 2 contracts × 3 = 6 contracts. |
Make sure the PickMyTrade Token is valid and that the TradeStation connection exists in the destination account, or execution will fail.
