Submitting limit + stop loss order?

[Skechers]

Hello,

I'm starting to carve out my strategy. I have the logic working as an Indicator.

I am having trouble submitting my orders, I would like to submit:
1. A limit buy order based on current price (I don't want the order floating as a market order)
2. Profit target of 4 ticks
3. Stop loss of 8 ticks.

This example shows the entry price and stop proce, but not target price.

EnterLongStopLimit(High[0] + 2 * TickSize, High[0], "SMA Cross Entry");

How can I do this?

Many Thanks, Caesar.

[NinjaTrader_Emily]

Hello Caesar,

Thank you for your note.

The example for EnterLongStopLimit() that you are looking at refers to a stopPrice as where to place the "stop" part of the Stop Limit order. This is not the same as a stop loss, like the stop loss of 8 ticks you mentioned. If you simply want a limit order for your entry, you could use the EnterLongLimit() or EnterShortLimit() order methods:

https://ninjatrader.com/support/helpGuides/nt8/enterlonglimit.htm

https://ninjatrader.com/support/helpGuides/nt8/entershortlimit.htm

When using the managed approach for your NinjaScript strategy, you could submit protective Stop Loss and Profit Target orders using the SetStopLoss() and SetProfitTarget() methods. A reference sample of how the SetStopLoss() and SetProfitTarget() methods could be used is located here:

https://ninjatrader.com/support/helpGuides/nt8/modifying_the_price_of_stop_lo.htm

In that example, you could change the StopLossTicks to 8 and ProfitTargetTicks to 4. The sample also demonstrates how to set your Stop Loss to a breakeven price after 50 ticks of profit is met; this wouldn't occur if you had the ProfitTargetTicks set to 4.

Please let us know if we may be of further assistance.

[Skechers]

Many Thanks Emily!

[Skechers]

Hello Emily,

Also when submitting EnterLongLimit ... is the price used Close[0] or Close[0] + or - TickSize (this is a Renko bar)?

Many Thanks, Caesar.

[NinjaTrader_Emily]

Hello Caesar,

Thank you for your reply.

The price used for EnterLongLimit() will depend on where you would like the limit order to be placed. Close[0] would place it at the Close price of the current bar. If you add or subtract ticks from the Close[0] then the order will be placed at a price that many ticks above or below the Close price for the current bar. If you are unsure which order type you would like to use, I suggest reviewing the blog post here for an explanation of how LImit, Stop-Market, and Stop-Limit orders function to gain a better understanding of which order type and what price you would want to utilize in your strategy:

https://ninjatrader.com/blog/3-basic-order-types-explained/

Please let us know if we may be of further assistance.