Feature Request, Enter Order X ticks above low

[James108]

I like the ability to assign a hot key to a custom order type, but it falls short of my requirement.

The requirement is to be able to execute X ticks above the low or X ticks below the high.

So, if the market is going down and I enter a buy limit order 7 ticks above the lowest low, the order will not be placed until the market reverses 7 ticks.

Is this a feasible feature to implement? I have never seen a platform with this capability and I wonder why?

The problem with the current functionality is that I don’t know my desired entry point until the prices reverses.

Let me know

James 108

[NinjaTrader_AlanP]

Hello James108,

Thank you for your note.

So I can better answer your question could you please provide more information.

Could you provide a screen shot of a chart illustrating how you’d like this feature to behave?

You say the market is going down and you enter a buy limit 7 ticks above the lowest low, where is the current market relative to the low? Above or below?

When you are talking about market reversing, are you referring to up or down?

I look forward to your reply.

[James108]

Like this

Does this explain it better

[NinjaTrader_AlanP]

Hello James108,

You could accomplish this by creating a custom order from within Control Panel>Tools>Order Entry and creating a Sell Stop Limit or Sell Stop Market with a Price set to Minus 8 ticks.

Then when you use the hot key, a stop market or stop limit will be placed 8 ticks away from the current price, which would translate into an order submitted when the market reversed 8 ticks from the price when you hit the hot key.

I’ve attached a screen shot of how to set this up.

Please let us know if you need further assistance.

[James108]

Thanks for the follow up but I don't think this is the complete solution as this requires me to hit the hot key at the low of the move, which of course I don't know at the time it is happening.
what I am looking for is a dynamic order entry that updates the offset each time the market moves a tick lower.

Am I missing something?

[NinjaTrader_AlanP]

Hello James108,

It would not be possible to have an offset dynamically updated as you describe.

Please let us know if you need further assistance.

[James108]

Do you mean the platform does not currently do it (which I already gathered) or that the platform is limited in capability such that it could never do it?

To me this functionality appears similar to having a dynamic trailing stop which I believe can be done currently.

Please explain what is actually possible

[pmaglio]

Hi James,

It is possible to create an alert for your entry conditions. On this case when the price crosses above the High of Previous Bar + Offset.
You can make it to enter an order, send a message, show a popup, etc
And you just enable it when you think next bar may trigger a signal

On this example the Alert is triggering a long entry order when price crosses above the Max of the high made on last 2 bars

[James108]

thanks I will experiment with this method