Multiple Stop Orders

[neb1998]

Are Multiple Stop Orders Possible with a single entry order?

pseudo Code:

EnterLongLimit(price0)

ExitLongLimit(price4)
ExitLongStop(price1)
ExitLongStop(price2)
ExitLongStop(price3)

[NinjaTrader_RyanM1]

Hello neb1998,

In order to scale out of a strategy, you must first scale in with separate entry names. We have a sample scaling strategy available here:

http://www.ninjatrader-support.com/vb/showthread.php?t=3751

[neb1998]

What i want to do is enter 100 contracts with the first entry and then the 4 different exits will also exit the entire position with 1 exit order. The 4 different orders are just 4 different price points i want to assign to the single entrance order.

So not a scaling in and out strategy

[NinjaTrader_RyanM1]

It will only submit the first order received on each side. In your example you would have your first limit order and first stop order submitted. The rest will be ignored with message:
'This was an exit order but no position exists to exit'.

[neb1998]

Thanks,

If i use the unmanaged approach is it possible for these type of exits to be used?

[NinjaTrader_RyanM1]

Yes, with unmanaged strategy, none of the internal management is in place. You can submit exit orders at different price levels, although there is no built in functionality in place to cancel them once the first exit order is filled. You have to manually send CancelOrder() commands to these orders.

[neb1998]

Perfect, thank you!

I was starting to work on that but i noticed in backtesting that all 4 orders were being placed but in live testing that only 2 of them were being placed.

Converting from multiple data series in MC to ninja is not quite the same, although in MC it doesnt work in real time anyway.

[Baruch]

There is no meaning in placing several exit orders. The closest will be executed and you will be out. Why do you need more?
Maybe what you want is to change the order if some conditions are met.

Baruch

[neb1998]

I am basically accomplishing the same thing as SetStopLoss, Set profit target, and set trailing stop & and another proprietary exit all together manually. The logic that goes into how they operate is different than that of ninja's included exits. Its a MC to ninja conversion, it worked perfect in MC, just trying to port it.

Changing the order type might be one option but thats more complex code.