Placing straight forward set and forget bracket orders

[matt_]

Hi

Is there anyway to place a bracket order by just typing the entry/stop/target values into ninja?

Say I would like to trade ES :
buy limit @ 1600
Sell stop @ 1595
Sell limit @ 1650

Is there any way I can just type these figures into ninja? I trade a lot of markets with different tick sizes so entering different ATM strategies for each instrument with different stops/targets on each trade can be very laborious. I maybe missing something here but there doesn't seem to be any facility for this

Thanks in advance for any help
Matt

[NinjaTrader_PatrickH]

Hello Matt,

Thank you for your post and welcome to the NinjaTrader Support Forum!

There is currently no method to do this other than typing in the Price for the Stop and Target in the ATM Strategy Parameters using the Parameter Type of Price. To do this right click in your order entry window > select Properties > set the Parameter Type to Price > OK > select Custom on the ATM Strategy drop down menu > enter the prices for the Stop and Target > then submit your entry order.

I will forward your suggestion to our development team for possible implementation in a future release of NinjaTrader.

[matt_]

Thanks this will save me some time.

[NinjaTrader_PatrickH]

Hello Matt,

Thank you for your suggestion on how we can improve our product. It has been inserted into our tracking system with the unique ID # 2432.

[mkaraa]

Slippage

I have an issue with this ATM strategy, it causes large slippage with a large move. This happened to me several times. I can set an order and stop loss separately, but how can I set a STM and target? I cannot use OCO, because I do not want the target to hit first.

[NinjaTrader_PatrickH]

Hello mkaraa,

Thank you for your post.

Please provide the following details to help clarify your inquiry.

When you see the slippage, what order are you seeing it on? Is the slippage on the Entry order, the Stop Loss, or the Profit Target?
What order type is used for your Stop Loss? Stop Limit Order or Stop Market Order?

You state you can set a stop loss and an order (I assume entry order) manually but you want to see a Stop Market with a target. So does this mean the Stop Market is the entry order or the Stop Loss?
You state you can't use OCO orders because you don't want the Profit Target hit first. Can you explain this further?

[mkaraa]

Hi Patrick,
The slippage is on the stop loss limit order, as part of my ATM strategy.
As part of my trading plan, I always set the following orders (Bracket order);
Entry, Stop Loss limit, Target
In previous experience with IB and Trade Station, I was able to set this bracket order all together and I see the orders on the chart, even before the price hit my entry order, because the whole bracket order has been submitted to the exchange.

With NT, I can only do this bracket order through ATM strategy, where the stop loss and target do not get submitted until the entry is hit. When there is a large, sudden move and the price hit my entry, I get stopped out at a higher price than what I original set, because the ATM does not get activated until the entry is hit first.
What is the best way to set a bracket order, other than ATM? ATM is not a good choice in my case, it causes slippage.

Regards

[NinjaTrader_PatrickH]

Hello mkaraa,

Thank you for your response.

You would use Manual OCO orders in the case you want to the Profit and Stop Loss in place with the entry order.

Place your entry order first without OCO enabled. Then Right click in your Order Entry Window (SuperDOM or Chart Trader) > enable OCO > then place the Stop Limit and Limit orders at the necessary levels > finally disable OCO after submitting the orders - this ensures no further orders tie to these protective orders.

Keep in mind this method of submitting the protective orders before the entry order fills can result in fills at the Profit Target or Stop Loss ahead of the Entry Order depending on how the market moves. Keep an eye on the orders and I recommend testing this out several times on the Sim101 account to understand how it works.

For information on Submitting Orders and OCO please visit the following link: http://ninjatrader.com/support/helpG...ng_orders4.htm

Please let me know if you have any questions.

[mkaraa]

Patrick,

Yes, I am aware of the risk of submitting the protective stop and Target prior to entry fill. hence I do not do it. With IB and Trade station, I used to set all my order in such way and log off, bit not with NT.