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Strat Build how to set profit targets as market order or MIT instead of limit orders

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    Strat Build how to set profit targets as market order or MIT instead of limit orders

    Hello

    In Stops and Target section of Strategy Builder the only profit target options are limit orders, but this is a problem in the market I trade.

    I see in Conditions and Actions I can exit Long/Short with MIT but it does not give option to exit based on a profit target.. I am using percent based profit targets..

    Is it possible to setup this in strategy builder? And is it possible to set up my stop losses as MIT instead of regular stops sent to exchange?

    Thanks!


    #2
    Hello SDaCosta30,

    Thanks for your post and welcome to the NinjaTrader forums!.

    A couple of options in the strategy builder would be:

    1) Monitor price in a set and when it reaches a stop or target level to submit a market order to exit. This is basically what an MIT order does.

    2) Use "Exit long position by a market if touched order" and "Exit long by a stop Limit order", (use signal names to tie them to the entry for OCO function) however you would have to continue to submit them because limit type orders will be automatically canceled if not filled on the bar it is submitted on. Which means you would need to create addition set(s) for submitting the order while still in a market position.

    I will submit a feature request to add MIT option to the SetStopLoss and SetProfitTarget methods in the Strategy Builder. If this feature request already exists, we will add your vote to it. In either case, I will update this thread when I have the feature request number.

    Feature Request Disclaimer.
    We receive many requests and cannot reasonably implement all requested features or changes. Interest is tracked internally and if enough interest is tracked, it would be weighed against how feasible it would be to make those changes to consider implementing.
    When new features are implemented, they will be listed in the Release Notes page of the Help Guide. The ID number will be different than the internal feature request tracking ID, but the description of the feature will let you know if that feature has been implemented.
    Release Notes - https://ninjatrader.com/support/help...ease_notes.htm
    Last edited by NinjaTrader_PaulH; 05-29-2020, 07:47 AM. Reason: added welcome to forums.
    Paul H.NinjaTrader Customer Service

    Comment


      #3
      Hello PaulH

      For "Exit long position by a market if touched order" how do I set the "exit" a percentage target. For example exit long position by a market if touched when trade has 0.50% profit.

      I cannot define a price before hand and set it to that The system takes multiple trades per day at different price levels and is meant to be 100% automated

      Thanks

      Comment


        #4
        Hello SDaCosta30,

        Thanks for your reply.

        First a correction, the Strategy Builder stop loss does have the option to place the order based on an MIT functionality, you would need to select (check the box) for "Simulated stop". "If true, will simulate the stop order and submit as market once triggered" . Reference;https://ninjatrader.com/support/helpGuides/nt8/?setstoploss.htm
        I will still proceed with the feature request for the profit target orders.

        "For "Exit long position by a market if touched order" how do I set the "exit" a percentage target. For example exit long position by a market if touched when trade has 0.50% profit. I cannot define a price before hand and set it to that The system takes multiple trades per day at different price levels and is meant to be 100% automated" You would need to use a proxy for the entry price, such as Bid/ask or Close[0] and then calculate the percent from that to use for your initial stop and target. Once the entry order has filled, you could then decide if you need to adjust that further.
        Paul H.NinjaTrader Customer Service

        Comment

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