Change StopLoss Position Size if I take manual target

[elcowen]

I have a hardcoded stoploss ("Set" method) however if I manually take profit the stoploss doesnt update.

Example: I'm short 2 contracts, take one off for profit but stoploss still shows contracts. ..... How do I get it to change to 1 contract (or however many I have on)?

Thank you!

[NinjaTrader_PaulH]

Hello elcowen,

Thanks for your post.

If by manually take profit you mean that you placed an order outside of the strategy, then there would be no means to change the strategy position as it will maintain what it knows it placed, regardless of any external influences. The recommendation would be to stop/close the strategy because if/when the stop loss is hit (using your 2 short contract example), the strategy would issue 1 buy order which would close the short order (in your account) but then would issue a 2nd buy order to close the other virtual position which then leaves you with1 live long contract and the strategy position would be flat meaning no protective orders.

Strategies will maintain the virtual strategy positions and if they are out of sync with their account position then you will end up with unexpected positions because the strategy continues to function as you designed. For example, continuing the example with the strategy position flat and the account position of 1 long if the next strategy order was to place an order for 2 long, the strategy position would be 2 long but the account position would not be 3 long.

If it is the strategy that is taking one off for profit then what you would need to do is create two separate entry orders with two different signal names and create two different profit targets/stops with the same entry signal names to tie them together.


.

[elcowen]

I'm not blindly running the algo. I'm turning it on and off (rather than manually entering trade). So I need to update the current position (live position) if I close half the position.

Can this be done using OnExecution? Say I close half the position, then I want the stoploss to recognize that only half the position is left and change accordingly.

[elcowen]

Maybe thats not clear... how do I get StopLoss to recognize the current position size? Maybe,..SetStopLoss(CurrentPosition,High[1])?? Thx

[NinjaTrader_PaulH]

Hello elcowen,

Thanks for your reply.

I'm not understanding. Can you clarify exactly how you are using the strategy? Are you manually (external to) the strategy closing positions?

Can you provide a step by step sequencing of what you are doing to help clarify?

[elcowen]

Sure.

Example:

Enter Short 2 contracts & stoploss == 2 contracts....then I manually take a profit target on 1 contract.

Now I'm short 1 contract & stoploss == 2 contracts



How do I get the stoploss to reflect my current market position of 1 contract??

[NinjaTrader_PaulH]

Hello elcowen,

Thanks for your reply.

The only option here would be to change your strategy to the Unmanaged Approach and use the Position.Account as a means to trigger a change to the (stop) order and use ChangeOrder().to accomplish that change.

References:

https://ninjatrader.com/support/helpGuides/nt8/?unmanaged_approach.htm

https://ninjatrader.com/support/helpGuides/nt8/?positionaccount.htm

https://ninjatrader.com/support/helpGuides/nt8/?managed_changeorder.htm

[elcowen]

To summarize: I'm need to change the StopLoss Qty to reflect my current position quantity...after I've manually taken Profit Targets.


I have the unmanaged approach working. However the ChangeOrder() isnt. I've put the code in the BarUpdate() section and tried in OnExecutionUpdate() none of which works. What am I doing wrong??

if (stopOrder != null && stopOrder.StopPrice < Position.AveragePrice)
ChangeOrder(stopOrder, Position.Quantity, Position.AveragePrice + 20 * TickSize, Math.Min(Lows[1][1], Lows[1][2]) - 1 * TickSize);


Thank you

[NinjaTrader_PaulH]

Hello elcowen,

Thanks for your reply.

I've attached a working example you can test in real-time using your sim101 account or playback with market replay data.

It will place an order quantity of 2 for the entry and generate stop/profit for 2. When you manually close 1 contract the OnAcctPositionUpdate() is triggered where the position is then checked and the stop/profit are changed.

UnmanagedExampleforelcowen.zip

[elcowen]

Last issue is when I exit last contract my stop order is still open. Is there a way to cancel all orders once I exit last position?


Here's what I tried....


Thx

[NinjaTrader_PaulH]

Hello elcowen,

Thanks for your reply.

In the example we provided, after the entry order for 2 contracts fills, when you sell 1 contract manually, the profit and stop orders are reduced to one. If the price then hits either order the position is closed and the un hit order is canceled.

Can you retest the example as we provided and advise if you see the same?

[elcowen]

I think the problem is when I take the second profit target manually the profit target and stop loss remain open.

Will I need to hit 'Close' for the last target rather than submitting a limit order (its ok if I do, just want to make sure).

Thx

[NinjaTrader_PaulH]

Hello elcowen,

Thanks for your reply.

We've updated the example in post #9, please re-download and replace the example previously provided.

[elcowen]

Perfect! You're the man and deserve a raise! Haha Thank you!!!!!!