Stop Loss and Profit Target

[symphys]

How can I add Stop Loss and Profit Target without ATM?

I rather have those than a only an order buy/sell order to get out of the position...

[NinjaTrader_Kyle]

Hello symphys,

Thank you for your note.

If you have an open position without any stop loss or profit target orders protecting it you can easily add these exit orders.
Please see a post in our support forum that outlines how to accomplish protecting an open position.




Note that these orders will need to be placed manually.

[trader1512]

stop loss execution

If I enter a trade manually and set a "STOP LOSS" manually or through an atm strategy to set an initial “STOP LOSS” and subsequent trailing stop loss does that mean that if the market touches and is not executed and then passes through the STOP LOSS target a market order is immediately initiated. Understanding that there will be slippage and potentially significant differences between the STOP LOSS and the actual filled order.
Obviously after Thursday of last week that concern came up.
Also, if I hit the “CLOSE” button on the dom will that immediately issue a market order to close the position.
What safeguards if any do you have in place if a trade is a runaway?
i have read the definition of close in help but am trying to get as much clarity as i can.

[NinjaTrader_Jason]

Hello trader1512,

You can submit your stop loss as either stop limit or stop market order. Please right click in the SuperDOM and select Properties. Check what setting is used for 'Use stop market for stop loss order' and read the description at the bottom once you have selected this row.

When you submit your stop loss as stop limit order, it will use an offset of 20 ticks, so your order will always fill. You can experience slippage, which is a risk we cannot exclude.

Please see the link below for information regarding the Close button and what will happen.

http://www.ninjatrader-support.com/HelpGuideV6/ClosingAPositionStrategy.html

In addition, please see the following link as well regarding the risks of electronic trading.

http://www.ninjatrader-support.com/HelpGuideV6/RisksOfElectronicTradingWithNinjaTrader.html

[trader1512]

more confusion than information

i dont know if it is you have canned responses based on keywords or you just dont read the question thouroughly but your answer and worse the properties description did nothing for me. so let me restate it in the hope that you will provide valuable input.

The description in properties is this.

“strategies will submit stop market order for stop loss otherwise a stop limit is used".

If I set the stop market for stop loss as true. What happens? What triggers it?

If I set the stop market for stop loss as false. What happens? What triggers it?

[NinjaTrader_Kyle]

Hello trader1512,

Sorry to hear of your frustration.

If you set this property to 'True', a Stop Market order will be submitted as your stop loss order when using ATM strategies.

If you set this property to 'False', a Stop Limit order with a 20 tick offset will be submitted as your stop loss order when using ATM strategies.

So, in summary, what you are setting with this property is the type of order that you want to use as your stop loss in ATM strategies.

Please let me know if you require further clarification.

[trader1512]

maybe i am just dense

what does it mean.

stop loss as market, what happens. if the stop loss target is hit will it immediately set a market order and then that market order could be satisfied above or below the target if it isnt satisfied at the target. meaning if my stop loss is 54.75 and it hits it but not satisfied a market order is issued and immediately executed at market regardless of what side of the target the new price is?

stop loss order as stop limit. if stop loss is triggered and not satisfied you set a 20 tick offset. does that mean the order will execute at the next available price up to 20 ticks? what happens if it blows past the 20 tick?

it appears to me the safest way to submit is with a stop loss at market set to true

[NinjaTrader_Kyle]

Hello trader1512,

With a stop market order, you are essentially sending a market order when the stop price is hit.

With a stop limit order, the order will execute at the limit price or within the 20 tick offset range. If the market price moves past your offset quickly, there is a chance that the order will not be executed.

With the stop market order, you would be filled regardless of how quickly the market is moving - however, you will be filled at what ever the market price may be.

[trader1512]

thanks

thank you. that is the clarity i was hoping to receive.

why do you have an offset as opposed to an open ended stop loss ladder?

[NinjaTrader_Kyle]

Hi trader1512,

The offset is set to a wide range of 20 to ensure that most orders will fill, even if the market is moving quickly.

With that said, I will forward your comments on to my development team for further consideration.

[trader1512]

you might want to check

the offset for stop limit by default is set to false in the dom properties. given that what does it mean, the only order will be the actual stop limit target and if it isnt filled and bypasses it no further fills will take place unless it comes back to that number?

it appears you can set the offset to any number. so if i set the initial stop limit to 65.25 and i set the offset to 40 ticks in the dom properties, does that mean from 65.25 to 55.25 is the range for a fill to occur at the soonest point it can be filled.

[NinjaTrader_Kyle]

Hi trader1512,

When the 'Stop Limit Offset' property is set to 'False', you will be prompted to set the offset when placing a stop limit order.

If you set a value in the 'Stop Limit Offset' property, your stop limit orders will use the number of ticks in the offset to determine their limit price.

So, in your example where a Stop Limit order is placed with a 40 tick offset, the order is using a stop price of 65.25 and a limit price of 55.25 - the order will then be filled within that range when executed.

[trader1512]

not in my version

not knowing it to be the case, i have never changed the properties to anything other than the default false. i have hundreds of orders placed with atm strategies for both target and stop loss.

not once has it asked me to input an offset number, it asks me to confirm the order only and then the atm strategy kicks in and places the profit target and stop loss.

the first response you guys had was it defaulted to 20. which is it? the default is false and there has never been a question asked for an offset. please provide more detail on why either the default of 20 or the prompt to enter would not occur.

[NinjaTrader_Kyle]

trader1512,

1.) Stop Limit Offset:
To be clear this property applies to manually placed stop limit orders only (not those placed by ATM).

For example, in the DOM your stop limit offset is set to false.
You then middle mouse click in a cell in the DOM to place your stop limit order.
Upon doing so, you would see a text box and two buttons (an X and a check mark) appear.
Your stop limit offset would be set in the text box and confirmed by pressing the check mark button.

2.) ATM Strategies:
Stop Limit orders acting as stop loss orders that were automatically placed by ATM strategies will always use a 20 tick offset.

[trader1512]

we are getting closer

yes i see that box and have just tested it. hopefully this thread will provide others with the clarity necessary to safely place an order.

the offset in properties is for the placement of the manual order and that offset is how far away from your target entry price you are still willing to enter the trade if it does not at the entry target.