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Definition
Generates a limit profit target order to exit a position. Profit target orders are real working orders submitted immediately to the market upon receiving an execution from an entry order.
| • | It is suggested to call this method from within the strategy Initialize() method if your profit target price/offset is static |
| • | You may call this method from within the strategy OnBarUpdate() method should you wish to dynamically change the target price while in an open position |
| • | Should you call this method to dynamically change the target price in the strategy OnBarUpdate() method, you should always reset the target price/offset value when your strategy is flat otherwise, the last price/offset value set will be used to generate your profit target order on your next open position
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Syntax
SetProfitTarget(double currency)
SetProfitTarget(CalculationMode mode, double value)
SetProfitTarget(string fromEntrySignal, CalculationMode mode, double value)
Parameters
currency
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Sets the profit target amount in currency ($500 profit for example)
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mode
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CalculationMode.Percent
CalculationMode.Price
CalculationMode.Ticks
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value
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The value the profit target order is offset from the position entry price (exception is using .Price mode where 'value' will represent the actual price)
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fromEntrySignal
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The entry signal name. This ties the profit target exit to the entry and exits the position quantity represented by the actual entry.
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Examples
protected override void Initialize()
{
SetProfitTarget(CalculationMode.Ticks, 10);
}
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Tips (also see Overview)
| • | Profit target orders are submitted in real-time on incoming executions from entry orders |
| • | A strategy will either generate a target order for each partial fill of an entry order or one order for all fills. See additional information under the Strategies tab of the Options dialog window. |
| • | If a stop loss or trail stop order is generated in addition to a profit target order, they are submitted as OCO (one cancels other) |
| • | A profit target order is automatically cancelled if the managing position is closed by another strategy generated exit order |
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