I got an Allen & Heath Xone:K2 MIDI controller last week and realised that Ableton does not recognise MIDI release commands as a separate signal and that the main ways to do this involve Bome's MIDI Translator (expensive), Max for Live (expensive), by buying a special template from Ill Gates (expensive) or somehow using MIDIPipe (Free but undocumented x complicated) and I wanted a way to do this natively inside of Ableton without third party software.
I spent all day researching on the internet to find that this was a well requested feature and entirely without response from the community.
Everyone called me crazy but I knew in my heart that it could be done.
In the end I managed to refine the method down to a single dummy clip.
>Now you can easily Hold down a midi note to turn on your effect and let go of the note to turn it back off!
So, without further tl;dr I present you with the free
PunchFX rack
The trick was to forget all about MIDI release recognition and focus on the Input signal.
I've done it by having a dummy clip with launch quantization of 1/32 with repeat mode on and loop off.
The first half of the clip sends CC 'on' signal and the second half sends CC 'off' to the beat repeat.
It's constantly being launched before getting to the second half so the beat repeat only knows on until you let go of the clip and it plays out to the end.
The really great thing about this method is that because it uses CC to modify the values so you can assign another MIDI note to the same parameters as the dummy clips and have two separate controls for the same effect.
I've got it set up so that the dummy clips change the beat divisions as well as a knob for MAXIMUM control!
Hope this helps everyone a little bit
Enjoy
Edit- you will need the IAC bus driver turned on for this to work.