The award-winning NinjaTrader Desktop trading platform empowers traders to place and manage trades directly within a chart. You can quickly place simple orders like limit, stop-loss, and market orders; more advanced orders like trailing stops, market if touched, and order cancels other (OCO); and other advanced automated trade management (ATM) strategies.
Chart trading offers unique benefits over using a traditional order bar or the NinjaTrader SuperDOM, including:
- Better visual alignment of orders with market data and indicators
- Less distraction from a fast-moving SuperDOM
- More efficient desktop workspace layouts
- Reduced order errors
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Enabling the Chart Trader
You can enable the NinjaTrader Chart Trader at any time by clicking on the Chart Trading icon in the chart toolbar. You can place orders and manage positions directly from the chart, allowing you to see orders and positions in context with the price action and your favorite technical indicators. (Figure 1)
Figure 1: Chart Trader Icon in the Charting Toolbar
Once you click on the icon, a dialog box will appear, giving you three choices: Chart Trader Off, Chart Trader, and Chart Trader Hidden.
Chart Trader Off: When this is selected, you will not be able to trade from the chart. This is handy for traders who prefer the NinjaTrader SuperDOM or Trade Ticket for order entry and management. Trades placed on the SuperDOM will not show up on the chart.
Chart Trader: This option enables you to trade from the chart and will open a quick-click trading panel on the right side of the chart with numerous options and features. Trades placed on the SuperDOM will now show up on the chart.
Chart Trader Hidden: This option also enables you to trade from the chart but will not open the right-hand trading panel. You can right-click the mouse button in the chart to open a pop-up menu with various order options.
Placing Trades With Chart Trading
When Chart Trader or Chart Trader Hidden are enabled, you can place trades on the chart from the right mouse click menu: Simply place the mouse cursor near your order price and left-click on the chart. This brings up the right mouse button menu, which offers four order options: Buy Limit, Sell Limit, Buy Stop, or Sell Stop. Click on the required order, and the order will become active. (Figure 2)
Figure 2: Chart Trading With Right Mouse Menu Order Options
You will now see an order flag and label; you can refine the order price by clicking and dragging the order to the new price. You can also change the order quantity by clicking on the quantity number in the flag. Click the X on the right to cancel the order.
Why Limit and Stop Orders Should Be Placed Above or Below the Market
Limit and stop orders function differently based on their purpose. A limit order is designed to execute at a specific price or better. For a buy limit order, the price must be below the current market price, as the trader is willing to buy only at that price or lower. Conversely, for a sell limit order, the price must be above the current market price, as the trader wants to sell only at that price or higher.
A stop order is used to trigger an entry or exit when the price moves to or through a certain level. A buy stop order is placed above the current market price to capture upward momentum, while a sell stop order is placed below the market to capture downward momentum. This distinction allows traders to position their orders strategically based on their expectations of price movement.
Chart Trader Right-Hand Panel
The quick-click order panel on the right presents several single-click buttons to quickly enter or add to a position, close a position, and reverse a position. You can set the account to trade, order quantity, and time in force (TIF) (day order or good till cancel [GTC]). It also allows traders to attach and place ATM strategies, like OCO brackets as well as more advanced OCO orders with multitarget brackets and trailing stops.
In addition, there is a right mouse button menu that allows for quick-click order and position handling to cancel all orders and flatten all positions. (Figure 3)
Figure 3: Chart Trading Quick-Click Panel and Right Mouse Button Menu
Chart trading with NinjaTrader provides a dynamic interactive trading environment with the ability to place, modify, and manage trades directly from the chart. Traders can seamlessly integrate market data and technical analysis in context with real-time order placement and position management. Whether you’re a seasoned trader or just starting out, the Chart Trader can help you discover the full potential of the NinjaTrader platform.
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