Reset Stop Loss after Flat

[Geodepe]

Hello,

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?setstoploss.htm

The above Help Guide says

"you should always reset the stop loss price/offset value when your strategy is flat"

but nowhere does it say how to reset the stop loss.

Does anyone know?

Thanks
Geodepe

[sledge]

Call it again.

you should always reset the stop loss price/offset value when your strategy is flat otherwise, the last price/offset value set will be used to generate your stop loss order on your next open position

Hello,

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?setstoploss.htm

The above Help Guide says

"you should always reset the stop loss price/offset value when your strategy is flat"

but nowhere does it say how to reset the stop loss.

Does anyone know?

Thanks
Geodepe

[Geodepe]

Is this suggesting that in my OnBarUpdate() I should have

if (Position.MarketPosition == MarketPosition.Flat)
SetStopLoss(defaultStopLoss); //reset

in my strategy?

[sledge]

Is this suggesting that in my OnBarUpdate() I should have

if (Position.MarketPosition == MarketPosition.Flat)
SetStopLoss(defaultStopLoss); //reset

in my strategy?

It sounds like it.

It should work in OnPositionUpdate ?

Anyways, I think the issue is - if you enter a trade say at 1660.00, and you set a stop loss of 1658.00. Your stoploss or profit fires, and then you enter another trade in your strategy, the same stop loss will be initially set. So if you enter again at 1658.00, your stoploss is still 1658.00, and will probably be set off.

That's the way I'm understanding it.

I'm not sure if CalculationMode.Ticks would be at entry -2, or 1656.00.... I guess more clarification in the documentation is needed, and/or testing for sure.

[Geodepe]

Thanks for your help ... yes I think some clarification is in order.

[NinjaTrader_Bertrand]

Your understanding is correct - we've included the reset part in this reference sample on the topic - http://www.ninjatrader.com/support/f...ead.php?t=3222

[dbooksta]

I reviewed the linked sample and I still don't see any code showing how to clear a stop loss that was set using SetStopLoss(CalculationMode.Price, stopPx);

Anyone?

[koganam]

I reviewed the linked sample and I still don't see any code showing how to clear a stop loss that was set using SetStopLoss(CalculationMode.Price, stopPx);

Anyone?

The very first lines in OnBarUpdate() are:

            // Resets the stop loss to the original value when all positions are closed
            if (Position.MarketPosition == MarketPosition.Flat)
            {
                SetStopLoss(CalculationMode.Ticks, stoplossticks);
            }

IOW, you always reset the StopLoss by using CalculationMode.Ticks, as evidenced by the StopLoss adjustment uses CalculationMode.Price, thus:

            // If a long position is open, allow for stop loss modification to breakeven
            else if (Position.MarketPosition == MarketPosition.Long)
            {
                // Once the price is greater than entry price+50 ticks, set stop loss to breakeven
                if (Close[0] > Position.AvgPrice + 50 * TickSize)
                {
                    SetStopLoss(CalculationMode.Price, Position.AvgPrice);
                }
            }

[dbooksta]

But this is a kludge. There must be a way to "turn off" the stop loss. So far we've just been given hacks to continually move it far enough away that it shouldn't do any damage ... although we have to remember to "reset" it in the other direction if we enter a trade in the other direction.

[NinjaTrader_Bertrand]

Your understanding is unfortunately correct regarding the Set() methods, there's no way to cancel or unset them. For more explicit control including IOrder interface returns please check into the Exit() methods then.

[koganam]

But this is a kludge. There must be a way to "turn off" the stop loss. So far we've just been given hacks to continually move it far enough away that it shouldn't do any damage ... although we have to remember to "reset" it in the other direction if we enter a trade in the other direction.

Yes, it is something of a kludge, but it was designed to be a simple "set and forget" interface, more or less. That is also why it is best to always reset with CalculationMode.Ticks. That way you let NT take care of the direction, and need not bother whether your last trade was short or long.

If you want better control over your exits, use the Exit...() methods.