Can I create orders on a chart that don't get immediately sent to the exchange?

[kebabman]

On Interactive Brokers charts I can create several orders on the chart that do NOT get transmitted to the exchange. I can then cancel them or modify them and then transmit them to the exchange. Can I do this with Ninjatrader please?

[NinjaTrader_Marco]

Hello,

Thanks for writing in today.

Orders held locally on your PC are also available in NinjaTrader, such as the Simulated Stop.

Simulated Stop Orders allow you to place orders that trigger at a specific price but try to fill at a better price. To submit a Simulated Stop order, you must enable Simulated Orders via the right click menu and select the Simulated Order menu item, or use a user-defined Hot Key. All stop orders placed while this setting is enabled will be submitted as a Simulated Stop order.

Notes: •This applies to entry and exit orders specifically, NOT Stop Loss orders; simulated Stop Loss orders are enabled via a stop strategy •When a Simulated Stop order is displayed in the chart panel via Chart Trader, it's line and type/quantity label will be colored yellow by default to differentiate it from a Stop Limit order

One of the powerful features of Simulated Stop orders is that you can submit a "negative limit stop-limit" order. This means that you can place an order in which the Limit price is better than the Stop price. As an example, you may want to buy on strength indicated by a move up to a particular price. Once that occurs, you want to enter at a better price using a limit order several ticks below the stop price. Any stop-limit order submitted with a negative limit offset automatically becomes a simulated order and will be held on your PC until the stop is triggered or canceled.


More information can be found below in our Help Guide article regarding this topic:

https://ninjatrader.com/support/helpGuides/nt8/?submitting_orders4.htm#UnderstandingSimulatedStopOrders

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

[kebabman]

Many thanks for your reply.
With Interactive Brokers charts I can click on a user created button such as "Buy Limit" when none of the buttons have been "armed". Then when you hover over the actual chart area a line shows that can be moved up and down. When you actually click on the chart an order is created at that price level. But as the buttons are not armed you then have the option to transmit the order to the exchange or to cancel the order.
I was wondering if that kind of feature can be done in Ninjatrader. Can the simulated order setting do this, I am just trialing the simulated account at the moment obviously. If I got the live licence and was linked up to IB live trading I was keen to know if several orders can be setup to not go through to the exchange?

[NinjaTrader_Melissa]

Hello,

Thank you for the reply.

This exact functionality you are describing would not be possible in NinjaTrader.

A Simulated Stop order is similar, but it will only be triggered to be sent to the exchange once a specific volume and price trigger are met rather than through manual input by the user.

Please let us know if you have any further questions.