if filled then

[grany]

Is there a way to enter an "if filled, then....." order in NT7 using ATM? For instance the market is going down and you would like to enter a sell limit order. If that sell limit order gets filled, then an OCO should be automatically placed with a buy limit corresponding to the profit target and a buy stop to limit loses. You don't expect to be present by the computer during all that time waiting if the initial sell limit order gets filled. Simply placing a sell limit order followed by a couple of OCO buy orders is risky in case price keeps dropping down and hits the buy limit order first. Now instead of being flat, trader is long in a down market and the other buy stop order gets automatically cancelled (OCO) while the initial sell limit order is still hanging up in the system. It all gets neatly solved by the ability to place an order which, if it gets filled will generate and place a couple of OCO orders but nothing will happen it that initial order is not filled. Does anyone know if this can be done using the capabilities of ATM in NT7? Thanks for any help. Mil.

[NinjaTrader_Jason]

Hello Mil,

Yes, this is actually how our ATM strategies work. Once your entry order is filled, NinjaTrader will submit ATM orders - a stop loss and a profit target. The ATM orders are only submitted once your entry order fills. If the entry order does not fill, nothing happens. More information regarding ATM strategies can be found at the link below.

http://www.ninjatrader.com/support/helpGuides/nt7/advanced_trade_management_atm.htm

[grany]

Hello Jason,
thank you for the quick reply. I have been using the ATM as suggested in various instructions and videos on the ATM topic, describing BE stop, trailing stop, OCO orders etc but have not found an explicit example how to use the ATM capabilities for the situation described in the initial message. I've been entering all my orders using Chart Trader exclusively and have not seen there a feature enabling placing simultaneously an OCO order contingent upon a condition that some other, initial order has been filled. The way I attempted to enter the orders to achieve the intended result was as follows (selling in down trending market at a moment when market price is lower than desired selling price and if that limit order is filled then an OCO buy stop and buy limit order is automatically generated to close that short position either with predetermined profit or loss):
1) setting ATM strategy to "None"
2) right click on the chart and placing the initial sell limit order
3) right click on Chart Trader area and selecting "OCO Order"
4) right click on the chart and entering buy stop order
5) right click on the chart and entering buy limit order
6) right click on the Chart Trader area and de-selecting "OCO Order"

But entering the orders in this manner does not prevent the OCO buy limit order to be filled in case the price keeps going down and never reaching the initial sell limit order. This of course is not the desired result, the OCO buy stop and buy limit orders should be generated and placed only if and when the initial sell limit order is filled. Reading you reply, I must be missing the most important step - making the the OCO buy order contingent upon the initial sell limit be filled and I don't seem to be able to find that within the ATM pull down menus. Please let me know what step I am missing. Thank you in advance for your help. Mil.

[NinjaTrader_Matthew]

Hello,

You can submit entry OCO orders which each have an ATM Strategy attached to them. The key here is to make sure to re-select your desired ATM Strategy before placing the second order, otherwise an error will be generated.

You can accomplish a breakout/breakdown approach by:

• Right click in the ChartTrader and select the menu "OCO Order" to enable this function
• For your first order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to buy above the market
• For your second order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to sell below the market
• CRITICAL Right click in the ChartTrader and select the menu "OCO Order" to disable this function

For a market fade approach just substitute limit orders with stop orders.