Placement of Stop Order 5 ticks below Predefined Value

[tiffanychan887]

Dear Sir,

I have placed an Long order below using an ATM stragegy. If I want to place the stop say 5 ticks below when price has hit a certain target, is this possible? It may not be convenient to use trailing stop because the distance between the target and the entry may be different every time.

Thanks.

Tiffany

[NinjaTrader_PatrickH]

Hello Tiffany,

Thank you for your post.

This would require custom programming to develop such a custom trailing stop. If you have never created a strategy before, I would recommend starting with our point and click interface Strategy Wizard.

Please see our Help Guide articles on How to use the Strategy Wizard as well as NinjaScript Strategies. More information on these subjects can be found below:
Click here for more information on Developing Strategies with the Strategy Wizard
Click here for a Tutorial on Developing Strategies

I'm also proving a link to a recently recorded 'Automated Strategy Development Webinar' video for you to view at your own convenience: Automated Strategy Development Level 1 - NinjaTrader Training - 3/26/2013

There are a few Sample Automated Strategies which come pre-configured in NinjaTrader that you can use as a starting point. These are found under Tools--> Edit NinjaScript--> Strategy. You will see locked strategies where you can see the details of the code, but you will not be able to edit (you can though always create copies you can later edit via right click > Save as)

We also have some Reference samples online as well as ‘Tips and Tricks’ for both indicators and strategies:
Click here to see our NinjaScript Reference Samples
Click here to see our NinjaScript Tips

These samples can be downloaded, installed and modified from NinjaTrader and hopefully serve as a good base for your custom works.

Lastly, you can attend one of our live Automated Strategy Development Webinars to help you get up to speed on developing strategies:

http://www.ninjatrader.com/Webinar/Automated-Strategy-Development-Level-1.php

We also have Premium Paid Educational events where you will join a NinjaScript expert for a pair of 6-8 hour long intensive courses designed to provide you with in-depth training on how to create, test and deploy fully automated strategies: http://www.ninjatrader.com/PremiumEducation.php

If you have limited time or programming capabilities, you can discuss your requirements with any of our certified NinjaScript consultants.
Click here for a list of certified NinjaScript Consultants

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

[tiffanychan887]

Placing Stop at 5 ticks below certain Predefined Value

Dear Sir,

Does it mean that with the custom Ninja Script Strategy, it can call out the SuperDOM Window and when that particular price level is hit, it will place the stop 5 ticks below that? Can the execution of Custom Strategy be run using Hot Key. Besides, the strategy have to accept the Entry Price and Target price to activate the stop placing 5 ticks below target. Does these data need to be inputted manually. Can I click the price in the DOM interface at a certain price to input those values or are there a more convenient method?

Thanks.

Tiffany

[NinjaTrader_PatrickH]

Hello Tiffany,

Thank you for your response.

The Automated Strategies will not run based on manual input from any entry window. For information on running Automated Strategies in NinjaTrader please visit the following link: http://www.ninjatrader.com/support/h...strategies.htm

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

[tiffanychan887]

Placing Stop at 5 ticks below certain Predefined Value

Dear Patrick,

The link provided is no longer valid. Please help.

Besides, what the function of Stop Limit Order? For a long order, can I create a stop limit order at the predefined price with a numerical value of, say, 5, so does it mean that when that price is reached, a stop order is automatically placed 5 ticks below. Is my understanding correct?

Actually, what I want to achieve is this. For a long order, I want a trailing stop to be placed always 13 ticks away until target is reached. However, there is a price level below target that price may not be able to breakthrough. Hence, I want to reduce the trailing stop to say 5 ticks when price touches this level. However, if price does break through, there is a high probability that it can reach the target. Can I place a Stop Limit Order of 5 ticks at this price level to achieve this. If yes, how can I make this works together with my ATM that run with the trailing stop of 13 ticks?

Thanks.

Tiffany

[NinjaTrader_PatrickH]

Hello Tiffany,

Thank you for your response.

There are a few ways to do this. You could simply create a ATM Strategy with a Stop Strategy that adjusts the Stop to 13 and then 5 when the level is reached. You could develop a custom strategy to place these orders as well.

Please let me know which one you would like to create and I can provide instructions.

A Stop Limit Order is used to place a Stop Market Order at a certain level and when that level is reach the Stop Limit Offset places a Limit Order at the offset from the Stop Market's price.

For information on Stop Limit Orders please visit the following link: http://www.sec.gov/answers/stoplim.htm

[tiffanychan887]

Dear Patrick,

Thanks for your advice. If possible, I would like to achieve in Custom Strategy if it's simple. If not, I would like to implement this with the existing ATM. What I would like to achieve is what I've described in previous post :

"..For a long order, I want a trailing stop to be placed always 13 ticks away until target is reached. However, there is a price level below target that price may not be able to breakthrough. Hence, I want to reduce the trailing stop to say 5 ticks when price touches this level. ..."

The problem with ATM is the resistance below the target is different every time. Hence, this will be very difficult to change this every time when I place the ATM. Hence, what I'm thinking is create an ATM with a trailing stop of 13 ticks until target. Placen a Stop Limit Order at the resistance with a Limit 5 ticks below the resistance. However, if I do this, there will be two stop order running, one from the ATM with the trailing stop, one from the stop limit order. How can I solve this?

Thanks for your patience and support.

Tiffany

[NinjaTrader_PatrickH]

Hello Tiffany,

Thank you for your response.

What is the Profit Target's value for your example?

I look forward to assisting you further.

[tiffanychan887]

Dear Patrick,

Lets say, for example, we are looking at 20 ticks profit. However, there's a resistance level at 13 ticks. This may be different depending on situation, otherwise, we can just set it in the ATM. When price reaches 13 ticks, I would tighten the stop to 5 ticks below instead of the trailing stop of 13 ticks.

Thanks.

Tiffany

[NinjaTrader_PatrickH]

Hello Tiffany,

Thank you for that information.

Please reference the attached screenshot for the settings in the ATM Strategy and Stop Strategy. The Stop Strategy window has the Breakeven Profit Trigger at 13 ticks and then the Stop is moved to breakeven plus 8 ticks, so 5 ticks behind the current market (13-5=8).

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

[tiffanychan887]

Dear Patrick,

Thanks for the info. But the problem is the resistance level at 13 ticks may be differrent every time I place the order depending on market condition. There may not be enough time to change the ATM settings each time before placing order during intra day trading. I may only have time to click the price of the 13 ticks level. That's why I hope placing a stop limit order of 5 ticks at the 13 ticks price level. However, if I need a trailing stop, I may need an ATM strategy but I don't know how to combine the two together because the ATM already has a stop order running. The stop limit order will be an additiional one.

Thanks for your patience and support.

Tiffany

[NinjaTrader_CalH]

Hi Tiffanychan887,

You can use SetStopLoss and SetProfitTarget and then dynamically change them in the code based off of market conditions.

Below is a reference sample on how to modify your StopLoss and ProfitTargets and should get you started.
http://www.ninjatrader.com/support/f...ead.php?t=3222

You will need to download and import the Indicator.
To Import -

* Download the indicator to your desktop, keep them in the compressed .zip file.
* From the Control Center window select the menu File> Utilities> Import NinjaScript
* Select the downloaded .zip file
* NinjaTrader will then confirm if the import has been successful.


Critical - Specifically for some indicators, it will prompt that you are running newer versions of @SMA, @EMA, etc. and ask if you want to replace, press 'No'

Let me know if this helps

[tiffanychan887]

Dear Patrick,

Thanks for the info. This is very useful. Will modify the strategy you provide to only include the setting of SetStopLoss. In the Strategy, there are two variables, stoplossticks and profittargettticks. Are these Global Variables. Where are they set? Can it be set on the Chart using a mouse click?

Thanks.

Best regards,
Tiffany

[NinjaTrader_CalH]

Tiffanychan887,

The Stoplossticks and Profittargetticks are user defined inputs that can be modified in the strategy parameters.

Right click on the chart -> Strategies

Any added strategies will appear in the bottom left list and when selected can adjust the settings for that strategy on the right side.