Placing sell stop order after a price level is touched

[emilien]

I want to place a sell stop order only if a market reaches a certain price first. For example, XYZ is currently at $98. If it goes up and hits $100, I want to place an order to short if it falls back down to $99. I want to do this automatically so that I do not have to watch and put in an order manually.
How can I do that with NinjaTrader ?
Thank you.

[NinjaTrader_JessicaP]

Hello emilien, and thank you for your question.

For this to be automatic, you will have to use a custom strategy, rather than an ATM strategy. I am including a video on custom strategy development here,

https://www.youtube.com/watch?v=MaaqCBoqYxI&list=PL4D56536A44DD7105&index=13

In your case, on the "Stops and Targets" screen of the strategy wizard, you will want to select "add", then add a "Profit Target Total Position (cash)" of 100.0, and a "Stop Loss Total Position (cash)" of 99.0, with "simulated stop" set to "false", pressing "ok" when finished each time.

Please let us know if you have any other questions.

[emilien]

Thanks for your reply.
However I'm not sure how that will work. It's not that I have a long position and want to set a stop loss when a profit target is reached.
I want to INITIATE a short position if the stock drops to $99 AFTER it runs to $100. Basically I need NT to monitor the price of the stock to see if it reaches $100 yet. When that happens, place a Sell Stop Market order at $99.
I use NT 8.

Emilie.

[NinjaTrader_JessicaP]

I think I understand a little more clearly. I believe this is still possible without using NinjaScript directly. However, I would like to provide a link to the Help Guide section on Managed Order Entry in case you decide you would like to implement a more complicated strategy.

http://ninjatrader.com/support/helpGuides/nt7/managed_approach.htm

I believe you can accomplish this on the Condition Builder page of the Strategy Wizard. I am including a short video where I put together a strategy I believe will meet your goals.

http://screencast.com/t/Perdb0Nb3T

[jaf1984]

Did this ever get resolved as I don't think that video explained what he/she meant? If able to do it this way, would the variables need to be changed for every position? Also, I trade crude and it trades in .00 format and the variables seem to always round up or down. This is also how I like to enter, in the case of a sell I would have a price I want to trade but I would like it to pass that price by a tick or two, then place stop order, so I enter the market in the opposite direction as it goes back down. Kind of like a breakout/fade type of a strategy. Can you let me know if I can accomplish this. Thanks, have a great day!

[NinjaTrader_JessicaP]

Hello jaf1984,

First, welcome to the NinjaTrader support forums

If you would like to enter at a different point, for instance, the crossover point of another indicator, you can modify the conditions where I have "EntryPosition" and "StopPosition" on the right hand side of a condition in condition builder. You can change this to any user variable, price, indicator crossover point, or any other selection other than "User defined inputs" as I have done for this customer.

If you need more help, you can reach out to us directly at platformsupport[at]ninjatrader[dot]com, or you may start a new support thread here on the forums.