diff --git a/docs/autoloop.md b/docs/autoloop.md
index 63fc5bf..bc09324 100644
--- a/docs/autoloop.md
+++ b/docs/autoloop.md
@@ -23,27 +23,35 @@ Note that autoloop parameters and rules are not persisted, so must be set on
 restart. We recommend running loopd with `--debuglevel=debug` when using this 
 feature.
 
-### Channel Thresholds 
-To setup the autolooper to dispatch swaps on your behalf, you need to tell it 
-which channels you would like it to perform swaps on, and the liquidity balance 
-you would like on each channel. Desired liqudity balance is expressed using 
-threshold incoming and outgoing percentages of channel capacity. The incoming 
-threshold you specify indicates the minimum percentage of your channel capacity
-that you would like in incoming capacity. The outgoing thresold allows you to 
-reserve a percentage of your balance for outgoing capacity, but may be set to 
-zero if you are only concerned with incoming capcity.
-
-The autolooper will perform swaps that push your incoming channel capacity to 
-at least the incoming threshold you specify, while reserving at least the 
-outgoing capacity threshold. Rules can be set as follows:
+### Liquidity Targets
+Autoloop can be configured to manage liquidity for individual channels, or for
+a peer as a whole. Peer-level liquidity management will examine the liquidity 
+balance of all the channels you have with a peer. This differs from channel-level
+liquidity, where each channel's individual balance is checked. Note that if you
+set a liquidity rule for a peer, you cannot also set a specific rule for one of
+its channels.
+
+### Liqudity Thresholds 
+To setup the autolooper to dispatch swaps on your behalf, you need to set the 
+liquidity balance you would like for each channel or peer. Desired liquidity 
+balance is expressed using threshold incoming and outgoing percentages of 
+capacity. The incoming threshold you specify indicates the minimum percentage 
+of your capacity that you would like in incoming capacity. The outgoing 
+threshold allows you to reserve a percentage of your balance for outgoing 
+capacity, but may be set to zero if you are only concerned with incoming 
+capacity.
+
+The autolooper will perform swaps that push your incoming capacity to at least 
+the incoming threshold you specify, while reserving at least the outgoing 
+capacity threshold. Rules can be set as follows:
 
 ```
-loop setrule {short channel id} --incoming_threshold={minimum % incoming} --outgoing_threshold={minimum % outgoing}
+loop setrule {short channel id/ peer pubkey} --incoming_threshold={minimum % incoming} --outgoing_threshold={minimum % outgoing}
 ```
 
-To remove a channel from consideration, its rule can simply be cleared:
+To remove a rule from consideration, its rule can simply be cleared:
 ```
-loop setrule {short channel id} --clear
+loop setrule {short channel id/ peer pubkey} --clear
 ```
 
 ## Fees
diff --git a/release_notes.md b/release_notes.md
index 9a87269..aaab42e 100644
--- a/release_notes.md
+++ b/release_notes.md
@@ -15,6 +15,11 @@ This file tracks release notes for the loop client.
 ## Next release
 
 #### New Features
+* Autoloop can now be configured on a per-peer basis, rather than only on an
+  individual channel level. This change allows desired liquidity thresholds 
+  to be set for an individual peer, rather than a specific channel, and 
+  leverages multi-loop-out to more efficiently manage liquidity. To configure
+  peer-level rules, provide the 'setrule' command with the peer's pubkey. 
 
 #### Breaking Changes