About ExitLongStopLimit()

[nordseven]

Hello.
I have few questions about ExitLongStopLimit().

http://ninjatrader.com/support/helpG...ancelorder.htm

Parameters and questions:

signalName - can be the same as EnterLong("signalName") ?
fromEntrySignal - can be the same as "signalName" & EnterLong("signalName") ?
limitPrice - most important question for me, Whats mean limit price? This is like "take Profit" price?
stopPrice - simple "stop order" executed by market?
quantity = 1 /*no questions*/
liveUntilCancelled = true - If i'm right understand and ExitLongStopLimit() place on market two orders - 1. "Limit order" (profit price) and 2. stop order (stop lose price). If one of them executet, second order stay on market and i need use "CancelOrder()" OR second order automaticaly will be canceled?
barsInProgressIndex = 0 /*no questions*/


Thank you for help

[NinjaTrader_ChelseaB]

Hello nordseven,

Yes, you can name your entry order's signal name anything you want. "signalName" is a valid string and thus is a valid name. "Hello" would also work just as well.

Your exit order's from entry signal must match the entry's signal name. If you use "signalName" as the signal name, the from entry signal must also be "signalName".

A limit order is an order that will fill at the specified price or better. The limit price is the price the limit will be placed at. A limit order can be used to enter or exit the market. A profit target, for example SetProfitTarget() will place a limit order. This means that while yes profit targets are limit orders, limit orders can also be entry orders as well.
Below is a link to Investopedia on limit orders.
http://www.investopedia.com/terms/l/limitorder.asp

A stop order will become a limit or a market order depending on if it is a StopLimit order or a Stop (market) order. The stop price will be the price the stop will be placed at.
Below is a link to Investopedia on StopLimit and Stop (market) orders.
StopLimit - http://www.investopedia.com/terms/s/stop-limitorder.asp
Stop (market) - http://www.investopedia.com/terms/s/stoporder.asp

The liveUntilCancelled bool will cause the order to either be cancelled if the order is not filled by the time the bar it was submitted on closes when false, or will keep the order alive until it fills when true.

[nordseven]

Hello NinjaTrader_ChelseaB, thank you for explanation.

I'm read everythig and still don't understand what doing ExitLongStopLimit().

If i need create simple "stop loss" market order i think i choose ExitLongStop() function.
If i need buy in long i choose EnterLong or EnterLongLimit

If Making Stop-Limit orders?
I think i must set prise for "stop limit order" where i want sell my long position. I think this price must call "stop price". Then i'm confused for what "limit price" here? Add-on for better life?


For example
i'm buyed in Long. My current price 8.0 $ Can i set StopLimit order (add liquidity) for sale my long position by 7,98$ And if price goes to 7,97 $ some one execute my order (remove liquidity)?

How to do this?

[NinjaTrader_ChelseaB]

Hi nordseven,

From Investopedia:
"A stop-limit order is an order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will be executed at a specified price (or better) after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better."
http://www.investopedia.com/terms/s/stop-limitorder.asp

This means that there will be two prices a stop price and a limit price. The order will initially be a stop. When the stop price is touched, the order will become a limit at the limit price. The limit will then fill at the specified limit price or better.

If you are in a long position any exit order would be a sell order. A sell StopLimit would be placed with the stop price below the current bid price. Once the order becomes a limit, the limit price if placed below the stop price would cause the order to fill if the market price is above the limit price. If the limit price is above the market price, the order will sit in a working state and wait for the market price to rise above the price of the limit.

[nordseven]

Thank you, now i'm understand!