How to submit 4 types of Orders in NinjaTrader

[mohi4u]

Hello,

I am the owner of NinjaTrader Multi Broker License. I have the following 4 queries, on how to enter the below 4 types of orders. The below 4 types of orders are available in Tradestation, CQG and ESignal and I am eager to know how to place the below orders in NinjaTrader.

1- How to I enter a FAK (Limit Fill And Kill) order => (Order that is executed against any existing orders at the stated price or better, up to the quantity of the order. Any residual/ remaining quantity from this order is then immediately cancelled (i.e. killed).

2- How do I enter a FOK (Limit Fill or Kill) Order => (Order that is either completely filled at specified price (or better), or is cancelled (killed) by the exchange.

3- OCOLmtStp Order (Once order Cancels the other)
This is a two leg order (stop vs limit) where profit target is set with a limit order, while a stop order provides protection from losses.

4- MIT! Order (Market if touched)
This is similar to a limit order, in that a specific price is placed on the order. However, a MIT order becomes a market order once the limit price is reached ('touched'). A buy MIT is placed below the market price and a sell MIT is placed above the market price.

I am eagerly looking forward to hearing from you.

Thanks & Regards,
Mohi

[NinjaTrader_Jason]

Hello Mohi,

Please see my response as per the same email you sent to support. Please try to avoid sending an email and posting a message for the same question.

Unfortunately we only support OCO orders from the 4 order types you list. You can use them in different ways in NinjaTrader. For example, our ATM strategies use OCO orders as well. More information regarding ATM strategies can be found at the link below.
http://www.ninjatrader.com/support/helpGuides/nt7/advanced_trade_management_atm.htm



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 forumthat outlines how to accomplish protecting an open position.



One of the great features of NinjaTrader is its ability to submit two entry orders, one which will cancel if the other is filled.
You can accomplish a breakout/breakdown approach by:

• Right click in the SuperDOM 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 SuperDOM and select the menu "OCO Order" to disable this function

For a market fade approach just substitute limit orders with stop orders. This entry technique is demonstrated in our free ATM Level I training class that we hold several times per week.
Click here complete schedule of our various free training sessions
Click here for more information on submitting orders in the SuperDOM

[mohi4u]

Jason,

The steps you have mentioned do not look correct. NinjaTrader does not accept these orders. When I enable OCO Orders and try to place a stop loss order below the market price (to limit my losses), I get error message "Limit price can't be smaller than current bid: affected Order: Sell 10000 Limit@ 0.99185.

Please note that NinjaTrader only allows sell the order at a price, higher then the market price, but it does not allow a sell stop and I get the below error message. Kindly advice how to resolve this NinjaTrader issue.

Thanks,
Mohi

[NinjaTrader_Jason]

Unfortunately, this is as expected. You cannot submit buy stop orders below the market and vice versa - sell stop orders cannot be submitted above the market.

If you like to submit a buy order below the market, please submit a limit order instead.

[koganam]

Jason,

The steps you have mentioned do not look correct. NinjaTrader does not accept these orders. When I enable OCO Orders and try to place a stop loss order below the market price (to limit my losses), I get error message "Limit price can't be smaller than current bid: affected Order: Sell 10000 Limit@ 0.99185.

Please note that NinjaTrader only allows sell the order at a price, higher then the market price, but it does not allow a sell stop and I get the below error message. Kindly advice how to resolve this NinjaTrader issue.

Thanks,
Mohi

If you want to use a Limit order for a stop, you need to use a StopLimit order. Sell StopLimit below the market or a Buy StopLimit above the market. This has nothing to do with NT: the exchanges will not let you place a Sell Stop above the market or a Buy Stop below the market.