Now In Beta
TradeCopilot provides an automated approach to managing trades directly from TradingView by sending webhook messages to an external bridge application that relays orders to MetaTrader 4 (MT4). By utilizing dynamic stop-loss adjustments, take profit scaling, and position sizing, the indicator enhances trade management efficiency and minimizes manual intervention.
Features
TradeCopilot includes the following functionalities:
– Trade entry and exit alerts via webhook
– Stop-loss (SL) and take-profit (TP) management
– Multi-level partial take profits
- Interactive parameter adjustment on the chart itself. Visually adjust your entry, stop loss and targets. On the chart by dragging the lines. Finally you can adjust your trade with an intuitive interface!
– Correct position sizing calculation based on risk percentage and your base currency. Most position sizing calculators incorrectly calculate the position size without taking the currency conversion into the equation.
– Spread handling for accurate order placement. The spread is added to the entry and stop loss values as added level of precision for your trading.
– Trailing stop-loss functionality using a unique algorithm that maximizes safety by getting to break even as fast as possible
– Time-based entry conditions. Set your trades to only trigger once a specified time has occurred. This means you can setup a trade in the future if you see a pattern emerging but do not believe the current timing is correct. Maybe you want to wait for a fundie to occur or the start of a new session.
– Trade direction selection (long/short)
– Customizable label and visualization settings
– Magic number support for tracking trades
User Settings
This section is where you setup the parameters of your trade plan. The ENTRY PARAMETERS are initially set via entering the values below but are also user-adjustable and interactive on the chart.
Entry Parameters
Start Date: The time from which an entry is considered valid. Note that while you can drag this value on the chart it is not possible to interactively set it for a future date. Future time and dates must be set numerically via the settings panel.
Currency Pair: The currency pair to trade (e.g., EURUSD, XAUUSD).
Setup: The trade setup type and timeframe (e.g., S1 15, S2 240).
Entry Price: The price at which the trade will be entered.
Stop Loss: The price level at which the stop-loss is set.
Level 1 Take Profit Price: The first take profit level.
Level 1 Take Profit Percent: The percentage of position to close at TP1.
Level 2 Take Profit Price: The second take profit level.
Level 2 Take Profit Percent: The percentage of position to close at TP2. Note this is relative to the remaining position size after TP1. For example, if TP1 sold 50% of your position and TP2 is set at 50%, this will sell 25% of your original position at TP2.
Level 3 Take Profit Price: The third take profit level.
Level 3 Take Profit Percent: The percentage of position to close at TP3 relative to remaining position size after TP1 and TP2.
Spread in pips: The market spread used for adjusting entry/exit prices. When placing the order with your broker, TradeCopilot adds the spread value here to your Entry and Stop Loss values to pad the values for more accurate results.
Trade Info & Account Settings
Magic Number: A unique identifier for tracking trades with your broker. Can be left at 0 or user-defined for advanced trading purposes.
Risk Percentage: Percentage of account balance to risk per trade.
Account Currency: Base currency of your account used for accurately calculating the position size and risk management.
Account Balance: Total equity or account balance used for position sizing.
Trailing Stop Parameters
Show Trailing Stop Pivots: Toggle visibility of trailing stop labels. This is purely for user information to see how the trailing stop works.
Trailing Stop Length: Number of bars used for trailing stop calculation. The trailing stop uses an algorithm based on price action to determine when to move the stop loss. You can adjust the number of bars the algorithm uses in its analysis. 14 is recommended. Using the Show Trailing Stop Pivots setting, you can see how different Lengths affect the stop loss positions (done using historical bars).
Label Settings
Font Size: Size of text labels.
Font Color: Color of text labels.
Background Color: Color of label backgrounds.
Logic Flow
1. Trade Entry Handling
– The script checks for a crossover (long entry) or crossunder (short entry) of the close price over the entry price.
– If the condition is met, an alert is triggered with an order message sent via webhook.
– The order type (limit or stop) is determined dynamically based on price direction and spread.
2. Stop Loss and Trailing Stop Adjustments
– The stop-loss is initially set at the user-defined level in the Entry Parameters section.
– When TP1 is hit, the stop-loss is adjusted to breakeven.
-When the price reaches 2R ( 2 times the initial risk) the stop loss turns into a trailing stop loss and trails according to developing price action.
– If price reaches 4R (4 times the initial risk), the trailing stop tightens to trail 25% behind the current price. This maximizes locking in profits.
3. Take Profit Management
– The script monitors price action to detect when the take profit levels are reached.
– At each TP level (TP1, TP2, TP3), an alert is sent with the percentage of position to be closed.
– Once all TP levels are reached, the remaining position is closed entirely.
-Note each percentage closed in subsequent TP levels is relative to the current position size after previous TPs, not the original position size. For example, if TP1 sold 50% of your position and TP2 is set at 50%, this will sell 25% of your original position at TP2 (i.e. 50% of your remaining 50%).
4. Exit Handling
– If the stop-loss is hit, the entire position is exited.
– Alerts are sent for SL exits, ensuring trade execution consistency.
5. Position Sizing Calculation
– The script determines lot size based on risk percentage and stop-loss distance.
– It calculates position size considering the counter-currency of the traded pair.
– Adjustments are made for unique lot sizes of instruments like gold (XAUUSD) and silver (XAGUSD).