How to enter OCO sell stop & buy stop?

[asalada]

How to enter OCO sell stop & buy stop on chart trader?
Thanks

[NinjaTrader_Jason]

Hi asalada,

Please right click in ChartTrader and enable OCO Order.

Right click in the chart at the price you like to submit your sell or buy stop order. I suggest to use the Cross Hair as your cursor, so it is easier to see at what price your cursor is located.

Do the same for the other stop order.

Note, do not forget to disable OCO Order once finished.

[asalada]

it says: you cant submit an exit order to a strategy until any of its entry orders has been filled

[NinjaTrader_Jason]

Hi asalada,

If you use ATM strategies attached to your stop orders, you will need to reselect your ATM strategy in ChartTrader upon submitting the second stop order.

[luxurious_04]

Who can please explain to me, what is OCO? How it works? What will happen if with/without OCO. Thanks in advance.

[NinjaTrader_Jason]

Hello luxurious_04,

OCO stands for 'one cancels other'. When 'OCO order' is enabled, subsequently any order you submit will be paired with each other. Meaning that if one of these orders is filled (or cancelled), the others are cancelled.

If you do not enable 'OCO Order', orders function independent from each other.

[luxurious_04]

The OCO will only take effect if it is enable. How to disable it? One more thing, OCO will take effect in two the same position or in two opposite position? I have strategy that enter a long and then in next bar it is being cancelled and if there is another long in the next bar it will be cancelled also? The same position or in opposite position?

[NinjaTrader_Jason]

You can disable it by right clicking in the SuperDOM and uncheck 'OCO order'.

Unfortunately I am not exactly sure what you mean with your second inquiry. However, you can use 'OCO order' when you submit 2 buy orders, but you can use it when you submit a buy and sell order as well.

[XtraderFX]

Follow up on OCO

Hey guys I been using the ATM strategy and once in trade I will adjust the stop loss and take profit right away. My question is if I'm using OCO and my order gets filled at a sell stop of 1.1316 and I want to put a stop loss at 1.13159 do I just enable OCO then submit a buy stop? And as for take profit if I'm filled at 1.1316 from a previous order for a sell stop and I want to TP at 1.3072 do I just make sure OCO is enabled and submit a buy limit? This will finally clear many confusions I'm hoping with other people also. Thanks

[NinjaTrader_PatrickG]

Hi XtraderFX,

Thanks for the post.

First I'd like to clarify that the Stop Loss and Profit Target of an ATM strategy are OCO orders by default. You would not need to manually enable OCO mode when modifying these orders.

Enabling OCO mode and manually placing an order will not associate that manually placed order with the OCO orders submitted by the ATM strategy. They will have separate OCO IDs.

You should enable OCO mode, place the orders you wish to be OCO, and then immediately disable OCO mode. Leaving OCO mode on can cause order submission issues.

Please view the "Understand the 'One Cancels Other' (OCO) orders" of the help guide link below for more information on how ATM strategies and manual OCO mode work together:

http://ninjatrader.com/support/helpG...ng_orders4.htm

[XtraderFX]

Thanks, I understand a lot more now but a few more questions. I submitted a Sell Market yesterday and a little bit after that put in a Buy Limit to cancel out if it reverses in a unwanted direction, my issue is that I could of swore I enabled OCO before I clicked Sell Market and the same for the Buy Limit to cancel but my Sell Market never canceled out when it reached the BL. How is this possible? After I realized the order did not get canceled with my BL I put in another one a few pips down and it did not cancel my order again. I can say 100% I enabled OCO for the BL but if I didn't enable it for SM could that be the only reason?

Aside from that I want to go a little more in depth about OCO. If I'm in a short trade does it have to BL and BS to cancel out the trade or can it be a SL SS. It makes sense for it to be a BL BS because your buying once it reaches a certain limit but I want to clear that up, also does the order size have to be the same, for example my order is 0.05m short does my OCO have to be the same?

Thanks this will clear up a lot of confusion for me as I am still new.

[NinjaTrader_PatrickG]

Hi XtraderFX,

A market order will immediately execute at the market price and will not have the ability to use the OCO function. For OCO to function correctly it must be enabled, then order types that will not immediately fill must be submitted (limit, stop limit, stop market).

As you describe it I can deduce that when you enabled OCO and submitted the second Buy Limit order it did not have another OCO order to cancel because only one OCO order was submitted with that OCO ID. You will need to make sure to follow these steps for OCO to function correctly:

• Enable OCO mode
• Submit at least two valid orders (Limit, Stop Limit, Stop Market)
• Disable OCO mode

In a short position, you will need to place buy orders to flatten your position. In your scenario, placing a buy Stop Market or buy Stop Limit order above the market with the same amount of contracts/lot size would be the correct order type to flatten your position.

[XtraderFX]

Thanks I fully understand OCO now. Aside from that in the past few days I have been doing a lot of backtesting on advanced patterns on a 7 pair portfolio. At the end of each day when I'm all done I save the workspace. Today I opened up Ninja Trader and all my patterns I drawn in are all gone. I see my entry and stop orders but nothing else. Any reason for this? Usually I don't close the actual application an I just close my laptop and resume the next day but in this case I completely closed out the app but pressed Yes to All in the save option.

[NinjaTrader_PatrickG]

Hi XtraderFX,

If you are referring to testing using the Market Replay connection, then this behavior would be expected. There is a 30-per-day limit on drawing objects, and these will also reset with a disconnection or replay slider move.

[XtraderFX]

Hi, so what am I saving when I press yes to all on my workspace, and how can I save my objects that I drawn? Isn't that the whole point of back testing is to test strategies, etc., and to be able to go back and view them again at a later time?