Linked order

[ryebank]

Hi,

I'm looking to create an order management action, for buy/sell stop loss and limit orders orders.

Example

I execute a market order to buy 3 ES contracts at 2114
I then set a sell stop at 2110 for all three contracts.
I also set sell limits as follows; 1 at 2116, 1 at 2118 and 1 at 2120
Each time a sell limit is hit it needs to be subtracted from the sell stop at 2110.

How do i go about setting this up?


Regards

[NinjaTrader_PatrickG]

Hi ryebank,

Thanks for the post.

By default NinjaTrader ATM strategy parameters are set in ticks. You may change it to price by right-clicking on the SuperDOM/Chart Trader > Properties > Parameter Type to "price" , but this will be a limitation for the strategy if that is not the exact price of the market. I have provided a guide with the use of ticks. Please see the link below for a screenshot of your desired settings:

http://screencast.com/t/mIdDj6xUhR58

You will need to select the "3 target" option so that we may set parameters for the three contacts separately. The stop loss for all three targets will be 16 (2014-2010=4 points =16 ticks). Profit target 1 is 8 ticks (2016-2014=2 points=8 ticks). profit target 2 is 16 ticks (4 points) and profit target 3 is 24 ticks (6 points).

Once the profit target is hit for each of the contracts, the stop loss for that contract will automatically cancel, as all orders submitted via ATM strategies are OCO (One Cancels Other).

[ryebank]

Is there anyway to link the stop loss to a strategy?

[NinjaTrader_PatrickG]

When you submit an ATM strategy, the stop loss is part of that strategy and is an OCO order with your profit target.

[ryebank]

is is possible to create this strategy by right clicking on the chart and entering orders at different levels?

[casnova]

Thanks, in advance, for any info.
Very interesting thanks for sharing.




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[NinjaTrader_PatrickG]

ryebank,

Can you please clarify: Do you mean you wish to manually place the orders that would normally be submitted automatically by the ATM strategy setup below? Or are you wanting to place an order with an attached ATM strategy at a certain price point on the chart?

[ryebank]

Say I've just opened a position is it then possible to create a stop loss and profit targets associated with the current open position buy clicking on the chart or do the stop loss and profit targets have to be placed at the same time a position is opened?

Regards

[NinjaTrader_PatrickG]

Ryebank,

You could manually place OCO orders above and below your entry price/the market to accomplish the same function as an ATM strategy would normally, but there is no way to "associate" it with the initial order as it has already filled and you are now in an open position.

For example, lets say you are long 1 contract. With OCO enabled, you could place a sell limit order above your entry price/the market (profit target) and a sell stop limit or sell stop market below your entry price/the market (stop loss), . You would have now manually created exactly what an ATM strategy does automatically.

[ryebank]

if i do that how do i set it so that if the price hits a profit limit it reduces the total number of positions to close in the stop loss?

[NinjaTrader_PatrickG]

Ryebank,

This is why I mention having OCO (One Cancels Other) enabled when placing these orders manually.

You would place the orders in this manner:

Enable OCO > place your "profit target" order > place your "stop loss" order > Disable OCO.

The actual order in which you place the profit target or stop loss is irrelevant as long as your are enabling OCO just before and then disabling just after you place the two orders. With OCO enabled it will ensure that when one order is executed, the other order is cancelled.

Please see the video below for more information on OCO orders:

Help Guide Video - OCO