Dynamic profit target

[ashmanz80]

Hello everyone,

I've been trying to come up with a dynamic profit target for my script when using range bars. ATR doesn't do a great job when using non-time based charts. I've been thinking of a few options such as including volume analysis of the current bar vs. previous but that also hasn't been great. The PT should be dynamic in the sense that if volatility is low it doesn't shoot off very far and if its high it keeps going till it flat.

Any recommendations are highly appreciated!
Thanks in advance..

Ash

[NinjaTrader_Jim]

Hello ashmanz80,

Thanks for opening the thread.

It is possible to create a dynamic profit target and dynamic stop loss using the Managed Approach's SetStopLoss() and SetProfitTarget() methods inside of OnBarUpdate().

You could place a check using the Volume Series object that can trigger a different SetProfitTarget() if the volume is above or below a certain amount.

I would not be able to provide trade advise for what you should do. If you opened this thread looking for that kind of input, perhaps other members would like to share their advise.

As for dynamic profit targets and using the Volume Series object, the documentation on these items can be found below:

SetProfitTarget() - http://ninjatrader.com/support/helpG...ofittarget.htm

Volume Series - https://ninjatrader.com/support/help...ies_volume.htm

Please let me know if I can be of further help.

[ashmanz80]

Thanks Jim. Appreciate your feedback. I was just thinking of ideas ..I have no issue placing dynamic profit and stop orders. I actually have a dynamic stop loss order which does a good job. The issue is profit targets.. can't think of something that is truly smart for profit targets to make it work properly with different market conditions (flat vs trending). Any ideas are welcome from the community.

[ashmanz80]

its dead silent here.. anyone bother to bounce ideas here? if its good I can share the code with the best idea.

[suroot]

Hi,

Tried using ROC or when price get's far away from mean etc.?


br,
Chris

[ashmanz80]

Hi Chris,

I've settled on ATR for (n) periods. Seems to be doing ok for now. I still use some discretion on exits..
appreciate the feedback though!

[suroot]

No worries!

I'm actually trying to accomplish something similar, as "visual backtesting" seems to work best with ATR as TP & SL.

I'm however having trouble with getting ATR as a TP or SL in my strategy. I have tried to "SetProfitTarget("",CalculationMode.Pips,ATR(Close ,14)[0]; in the strategy builder, stops and targets but it doesn't work.

How did you get this working?

br,
Chris

[ashmanz80]

I used this

SetProfitTarget("",CalculationMode.Price, Position.AveragePrice - ATR(ATRPeriod)[0]);

[suroot]

Thanks!

I guess it should be Position.AveragePrice + ATR(ATRPeriod) and not Position.AveragePrice - ATR(ATRPeriod) , right?

br,
Chris

[ashmanz80]

depends on the initiated position really (short vs.long)