Moving StopLoss Order & ExitLongStopMarket()

[MarkWise]

Hello all!

I'm creating a breakout strategy and have used various pieces of the strategy examples found in the "Education" section. Basically, I'm doing this:

OnBarUpdate()
If (entry signal is met) EnterLong(...);

OnExecutionUpdate()
Set stop loss order with ExitLongStopMarket(...)


My question is this...
When certain price signals occur, I want to move my stop loss order (to breakeven, etc.)

Should I subsequently use SetStopLoss() or is there a better approach to changing a stoploss price submitted through ExitLongStopMarket()?

[NinjaTrader_Jesse]

Hello MarkWise,

When trying to update an order's price, you would just need to call the same syntax once again with a new price. Using SetStopLoss would be ignored in this situation due to the internal order handling rules of the Managed approach.

Set() methods that generate orders to exit a position will be ignored if: A position is open and an order submitted by an exit method (ExitLongLimit() for example) is active

http://ninjatrader.com/support/helpGuides/nt8/en-us/managed_approach.htm

When you are ready to change the price, you would instead use ExitLongStopMarket once again with the same signal and from signal name, and the existing order would be modified.

I look forward to being of further assistance.

[jeronymite]

NT7 Answer?

In NT7, if one uses SetStopLoss to initiate the Stop Loss order, how does one subsequently update the Stop Loss price? (EnterLongStopMarket mentioned below is not available in NT7.)

Thanks.

[NinjaTrader_Jesse]

Hello jeronymite,

This would be the same process in NT7, you would need to call the same syntax once again to update the orders price from OnBarUpdate. If you are using the wizard this is not possible to do using the Set methods.

please let me know if I may be of further asssitance.

[jeronymite]

Thanks, Jesse.

I have several thousand lines of code, so no wizard.

As for calling it again, it does nothing. From your comments below: "Using SetStopLoss would be ignored in this situation due to the internal order handling rules of the Managed approach".

That is indeed what I see -- no effect after the initial call.

Your further advice most welcome.

Thanks.

[NinjaTrader_Jesse]

Hello Hello jeronymite,

Calling the order again would be to update the Stop Loss price if you are hitting managed order rules that is a different situation.

As your question pertains to NT7 I would suggest creating a new thread for this question in the NT7 forums: http://ninjatrader.com/support/forum...splay.php?f=16.

Our support would be unable to review a large file like the one you mentioned, if you are having difficulties with the managed order handling rules in your logic, I could instead suggest to either reduce the logic or create a new script that only contains the questionable logic to further test.

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

[jeronymite]

Thanks, Jesse.

The situation is fairly straightforward. I enter a trade and call SetStopLoss. I later call SetStopLoss again with a different price. The second and any subsequent calls do not change the Stop Loss. No errors reported. It's as if it is simply ignored. Why?

Thanks.

[jeronymite]

Discussion moved to NT7 Strategy Development group

New thread as suggested by Jesse: http://ninjatrader.com/support/forum...d.php?p=498427

Thanks.