"Limit stop" orders?

[adamus]

Hi,

I thought I had a really simple and common question but looking through the forum and the help makes me think otherwise.

Sometimes I want to catch the market on a dip, i.e. buy just below the current level, but only when price ticks back up. In other words, I want to set a limit order that will transform into a stop order when hit.

Is this possible? Or is there another name for this that I haven't found? It seems to be the opposite of the stop limit orders that NT has.

[NinjaTrader_PatrickH]

Hello Adamus,

Thank you for your post.

Using a Stop Limit order with a negative offset you can automatically submit a Simulated Stop order. This allows you to place orders that trigger at a break out price but try to fill you at a better price.

For more information on how to submit a Stop Limit order please visit the following link: http://www.ninjatrader.com/support/h...es/nt7/sub.htm

Please let me know if I may be of further assistance.

[adamus]

Hi Patrick,

that's for going long when the market moves up to your price...... I want to go long when the market moves down to my price - and then moves back my way again, i.e. I submit my order on a limit, and when hit, the order becomes a stop.

So I want to do that for this reason: if the market ticks down 5 ticks, hits my limit and then comes back, I want a position! If the market ticks down 5 ticks but never comes back, I don't want a position. Do you see?

[NinjaTrader_PatrickH]

Hello Adamus,

Thank you for that information.

This is not possible without custom programming. NinjaTrader is extensible in that you can use NinjaScript, which is based on the modern C# programming language, to create custom indicators and strategies.

For information on programming in NinjaScript, please visit the following link: http://www.ninjatrader.com/support/h..._resources.htm

There is a growing library of user submitted custom strategies and indicators that can be downloaded from our support form. Please look in the NinjaScript File Sharing section of our support forum as you may find what you are looking for there.

If you have limited time or programming capabilities, you can discuss your requirements with any of our NinjaScript consultants.

Please visit the following link for a list of certified NinjaScript Consultants: http://www.ninjatrader.com/partners#...pt-Consultants

Please let me know if I may be of further assistance.

[koganam]

Hi Patrick,

that's for going long when the market moves up to your price...... I want to go long when the market moves down to my price - and then moves back my way again, i.e. I submit my order on a limit, and when hit, the order becomes a stop.

So I want to do that for this reason: if the market ticks down 5 ticks, hits my limit and then comes back, I want a position! If the market ticks down 5 ticks but never comes back, I don't want a position. Do you see?

You would have to manually code that. You just have to decide at what point you will start counting/waiting for the decline, then once you dip below the offset, place an EnterStopLongLimit() order for where you want to be triggered in. As this is dynamic, you may want to have COBC = false.

[adamus]

hi koganam,

how do it work with code? How do you turn it on when you need it? I've used ninjascript in indicators and strategies, but to trade, I only use Chart Trader and ATM strategies.

[NinjaTrader_PatrickH]

Hello adamus,

Thank you for your response.

For information on using a custom automated trading strategy please visit the following link: http://www.ninjatrader.com/support/h...ed_strateg.htm

For information on developing custom automated trading strategies please visit the following link: http://www.ninjatrader.com/support/h...strategies.htm

Please let me know if I may be of further assistance.

[adamus]

Patrick, my reply was mainly aimed at koganam. The links you gave are for automated trading strategies that you can run in the Strategy Runner or on a chart. When you are running a strategy on a chart, can you interact with it? I only want to script the small logic that koganam mentioned. I would not be able to script all the mental analysis that I do myself which would be the trigger.

[koganam]

Patrick, my reply was mainly aimed at koganam. The links you gave are for automated trading strategies that you can run in the Strategy Runner or on a chart. When you are running a strategy on a chart, can you interact with it? I only want to script the small logic that koganam mentioned. I would not be able to script all the mental analysis that I do myself which would be the trigger.

You cannot manually interact with a Strategy on a chart, though I believe that once a position is entered, you could probably manually move the stops and targets.

However, I do not understand what you mean about "... the small logic that koganam mentioned ...". The logic starting from where?

• Has your code determined that you have a valid setup, and you want to set up the entry logic?
• Are you looking for code to determine your setup?

[NinjaTrader_Brett]

Hello,

With the typical NinjaTrader automated strategy you would need to know your entry conditions beforehand to tell NinjaTrader when you want your order placed.

What you could do is have a strategy that simply buys when it goes below a price you set with a parameter and then only goes long if it goes a set amount of ticks up from the dip price. You would simply turn it on when you were ready for the trade logic to start.

This could be done and would require you turning on and turning off a strategy to achieve this and then you would manually plug in the values in the parameters for the strategy or have someone create a more advanced NinjaScript strategy were you could use some Drawn Lines to specify the entry and confirmation point. This is a less then ideal solution however but would get the job done.

[canaussieuck]

This is brilliant, i too was looking for the solution to this issue.

Thanks adamus and Patrick!

CanOz

[adamus]

Hi

can somebody make sure that this idea is put forward for inclusion in NT8?

I would love to have the functionality described - limit order which morphs into a stop a few points back when hit - but never had the chance to learn how to code it myself.

[NinjaTrader_Bertrand]

Thanks adamus, we have this enhancement idea tracked for consideration under #2356.