Stop Management

[kweiss]

Hi -

I am developing a strategy to initially take off half of its position then use a parabolic stop to continue with the second half of position. I am using two separate entry orders (one order for each half of position) with two different fromEntrySignal names.

I plan to use a common stop upon position entry: SetStopLoss(CalculationMode mode, double value) to insure both positions are stopped out at the same time in case of loss.

I plan to use a profit target for the take off the first half of my position: SetProfitTarget(string fromEntrySignal, CalculationMode mode, double value)

Since I want to follow the second half of position with a parobolic SAR, I will not place a SetProfitTarget() on the second half of position but I will exit my position using stop management: SetParabolicStop(string fromEntrySignal, CalculationMode mode, double value, bool isSimulatedStop, double acceleration, double accelerationMax, double accelerationStep)

The documentation states:
The SetParabolicStop() method can NOT be used concurrently with the SetStopLoss() or SetTrailStop() method for the same position, if any of methods are called for the same position (fromEntrySignal) the SetStopLoss() will always take precedence. You can however, use all three methods in the same strategy if they reference different signal names.


Since I have an initial SetStopLoss() in progress, how do I transition the second half of my position from the initial SetStopLoss() to the SetParobolicStop()? Is it as simple as just issuing this command just after the first target is reached? Or must I somehow cancel the SetStopLoss command.

Thank you for your help.

[NinjaTrader_Kate]

Hello kweiss,

Thank you for your post.

You'd have to cancel the initial stop loss or the SetParabolicStop() call would be ignored.

Here's a link to an example from our help guide that shows how to cancel orders:

https://ninjatrader.com/support/helpGuides/nt8/using_cancelorder_method_to_ca.htm

You'd need to be tracking your stop losses using Order objects. This example from our help guide illustrates how to assign stop loss orders to an order object which can then be used to cancel the order:

https://ninjatrader.com/support/helpGuides/nt8/using_onorderupdate_and_onexec.htm

An example of tracking an order with an order object and cancelling it can be found in our help guide here:

https://ninjatrader.com/support/helpGuides/nt8/managed_cancelorder.htm

Please let us know if we may be of further assistance to you.