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AutoPilot | Fractalyst

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What’s the purpose of this indicator?

The AutoPilot indicator automates the management of your active trades by:

Breaks Even: Moves the stop-loss to the entry price once the trade reaches a 1:1 risk-reward ratio.

Closes Trades: Automatically exits trades when trailing stop-losses are triggered.

This automation is facilitated through PineConnector and TradingView webhook integration, allowing traders to manage multiple positions across various markets effortlessly without any manual intervention.

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How does this indicator trail stop-loss using market structure?

The AutoPilot indicator utilizes an advanced market structure trailing stop-loss mechanism to manage trades based on market dynamics and probabilities.

Here's how it works:

Market Structure Identification: The indicator first identifies key market structures such as higher highs, lower lows.
These structures are pivotal points where the market has shown a change in direction or momentum.

Probability-Based Trailing: Once a trade is active, the stop-loss isn't just set at a fixed distance or percentage but is dynamically adjusted based on the probability of the market structure holding or breaking.

This involves:

Trend Continuation Probability: If the market structure suggests a strong trend continuation (e.g., a series of higher highs in an uptrend), the stop-loss might trail closer to the price, but with a buffer calculated by the probability of the trend continuing versus reversing.

Reversal Probability: Conversely, if there's a high probability of a trend reversal based on recent market structures (like a significant lower high in an uptrend), the stop-loss might be adjusted to a point where the market structure would need to break to confirm the reversal, thus protecting potential profits or minimizing losses.

Dynamic Adjustment: The trailing stop-loss adjusts in real-time as new market structures form. For instance, if a new higher high is formed in an uptrend, the stop-loss might move up but not necessarily to the exact previous swing low. Instead, it's placed at a level where the probability of the next swing low not breaking this level is high, based on historical price action.

Risk Management: By using market structure and probabilities, the indicator aims to balance between giving the trade room to breathe (allowing for normal market fluctuations) and tightening the stop-loss when the market behavior suggests a potential trend change or continuation with high confidence.

This approach ensures that the stop-loss isn't just a static or simple trailing mechanism but a sophisticated tool that adapts to the evolving market conditions, aiming to maximize profit while minimizing the risk of being stopped out prematurely due to market noise.
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How are the probabilities calculated? What are the underlying calculations?

The probability is designed to enhance trade management by using buyside liquidity and probability analysis to filter out low/high probability conditions.
This helps in identifying optimal trailing points where the likelihood of a price continuation is higher.

Calculations:
1. Understanding Swing highs and Swing Lows
Swing High: A Swing High is formed when there is a high with 2 lower highs to the left and right.
Swing Low: A Swing Low is formed when there is a low with 2 higher lows to the left and right.
2. Understanding the purpose and the underlying calculations behind Buyside, Sellside and Equilibrium levels.

3. Understanding probability calculations
1. Upon the formation of a new range, the script waits for the price to reach and tap into equilibrium or the 50% level. Status: "⏸" - Inactive
2. Once equilibrium is tapped into, the equilibrium status becomes activated and it waits for either liquidity side to be hit. Status: "▶" - Active
3. If the buyside liquidity is hit, the script adds to the count of successful buyside liquidity occurrences. Similarly, if the sellside is tapped, it records successful sellside liquidity occurrences.
5. Finally, the number of successful occurrences for each side is divided by the overall count individually to calculate the range probabilities.

Note: The calculations are performed independently for each directional range. A range is considered bearish if the previous breakout was through a sellside liquidity. Conversely, a range is considered bullish if the most recent breakout was through a buyside liquidity.

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What does the automation table display?

The automation table in the AutoPilot indicator provides a summary of user-defined settings crucial for automated trade management through PineConnector and TradingView integration. It displays:

PineConnector License ID: This ensures that the indicator is linked to your specific PineConnector account, allowing for personalized and secure automation of your trades.

Order Type (Buy/Sell): Indicates whether the automation is set for buying or selling, which is essential for correctly executing your trading strategy.

Chosen Symbol: Specifies the trading pair or symbol in your broker's platform where the trade management commands (like closing orders) will be executed. This ensures that the automation targets the correct market or asset.

Risk Per Trade: Shows the percentage or amount of your capital you're willing to risk on each trade, helping you maintain consistent risk management across different trades.
Comment: A field for you to input notes or identifiers, particularly useful when trading across multiple markets or instruments. This helps in tracking and managing trades across different assets or strategies.

Comment: A field for you to input identifiers, particularly useful when trading across multiple timeframes or different enries.
Allowing users to manage specific comments for each previously taken entry, facilitating precise management of multiple trades with unique identifiers.

This table serves as a quick reference for your current settings, ensuring you're always aware of how your trades are being managed automatically before any adjustments are made or alerts are triggered.
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How to use the indicator?

To use the AutoPilot indicator:

Purchase a License ID: Acquire a license ID from PineConnector.

Setup PineConnector EA: Install and configure the PineConnector Expert Advisor on your MetaTrader platform.

Input Settings: Enter your PineConnector license ID, choose the order type, set your risk per trade, add the order comment, and select the trading symbol in the indicator's settings.

Create Alert: Right-click on the automation table, and set up an alert with the provided webhook to connect with PineConnector.

Automatic Management: Once set, your active trades will be automatically managed according to the alert conditions you've set.

This setup ensures your trades are managed seamlessly without constant manual intervention.
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What makes this indicator original?

Integration with PineConnector: The AutoPilot indicator's originality lies in its integration with PineConnector, which allows for real-time trade management directly from TradingView to your MetaTrader platform. This setup is unique as it combines the analytical capabilities of TradingView with the execution capabilities of MetaTrader through a custom indicator, providing a seamless bridge between analysis and action.

Market Structure-Based Trailing Stop-Loss: Unlike many indicators that might use fixed percentages or ATR (Average True Range) for stop-loss adjustments, the AutoPilot indicator uses market structure (higher highs, lower lows) to dynamically adjust the stop-loss.

Probability-Based Adjustments: The indicator doesn't just trail stop-losses based on price but incorporates the probability of market structure holding or breaking. This probability-based trailing mechanism is innovative, aiming to balance between giving trades room to breathe and tightening when market behavior suggests a potential reversal or continuation.

Customizable Automation Table: The automation table within the indicator allows for detailed customization, including setting specific comments for trades. This feature, while perhaps not unique in concept, is original in its implementation within trading indicators, providing users with a high degree of control and personalization over trade management.

Real-Time Trade Management Alerts: The ability to set up alerts directly from the indicator to manage trades in real-time via webhooks to PineConnector adds a layer of automation that's not commonly found in standard trading indicators. This real-time connection for trade management enhances its originality by reducing the lag between analysis and trade execution.

User-Centric Design: The design of the AutoPilot indicator focuses heavily on user interaction, allowing for inputs like risk per trade, specific order types, and comments. This user-centric approach, where the indicator adapts to the trader's strategy rather than the trader adapting to the tool, sets it apart.

External Integration for Enhanced Functionality: By leveraging external services like PineConnector for execution, the indicator extends its functionality beyond what's typically possible within TradingView alone, making it original in its ecosystem integration for trading purposes.

Practical Implication: This means if you're in a trade and the market structure suggests the trend is continuing (e.g., making higher highs in an uptrend), your stop-loss might trail closer to the price but not too close to avoid being stopped out by normal fluctuations. If the structure breaks (e.g., a lower high in an uptrend), the stop-loss could adjust more aggressively to protect profits or minimize losses, anticipating a potential trend change.

This combination of features creates an original tool that not only analyzes market conditions but actively manages trades based on sophisticated market structure analysis.

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User-input settings and customizations

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Terms and Conditions | Disclaimer
Our charting tools are provided for informational and educational purposes only and should not be construed as financial, investment, or trading advice. They are not intended to forecast market movements or offer specific recommendations. Users should understand that past performance does not guarantee future results and should not base financial decisions solely on historical data. By utilizing our charting tools, the buyer acknowledges that neither the seller nor the creator assumes responsibility for decisions made using the information provided. The buyer assumes full responsibility and liability for any actions taken and their consequences, including potential financial losses. Therefore, by purchasing these charting tools, the customer acknowledges that neither the seller nor the creator is liable for any unfavorable outcomes resulting from the development, sale, or use of the products.
The buyer is responsible for canceling their subscription if they no longer wish to continue at the full retail price. Our policy does not include reimbursement, refunds, or chargebacks once the Terms and Conditions are accepted before purchase.

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リリースノート

Introduced two new trailing stop-loss strategies: Aggressive and Conservative.

- Aggressive Trailing Stop-Loss: This option adjusts the trailing stop-loss more aggressively based on lower-timeframe market structure. It is designed for traders looking to capture gains quickly in fast-moving markets.

- Conservative Trailing Stop-Loss: This option sets the trailing stop-loss based on higher-timeframe market structure, allowing for a more measured approach. It aims to minimize the risk of being stopped out during normal fluctuations in volatile markets.