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Using an Indicator as Stop Loss and/or Profit Target in Strategy Builder
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Using an Indicator as Stop Loss and/or Profit Target in Strategy Builder
Quick Question. I want to exit a long position when say for example the RSI goes below its AVG. I want to do this in Strategy builder. I can't figure out how to use an indicator in this manner for a Stop loss or as a profit target.Tags: None
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Hello TicksBandit,
Thanks for your post and welcome to the NinjaTrader forums!
Short answer is that you cannot make a dynamic stop or profit target in the strategy builder using the built in Stop and Targets window. These are static only meaning they do not change, in the strategy builder.
You can create the condition of these exits and the action of exiting the order. In the conditions window create your exit condition and for the action, use an exit order. I've attached an example.Paul H.NinjaTrader Customer Service
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Hello TicksBandit,
I just realized you have posted in the Ninjatrader7 forums. In my prior post I answered you based on the use of the strategy builder which is in NinjaTrader8 . NinjaTrader7 uses the strategy wizard.
Please let us know if you are using NinjaTrader7 and I can update my prior post to show the same but for NT7's strategy wizard.Paul H.NinjaTrader Customer Service
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Is it better to use CrossBelow or CrossAbove rather than using Greater/Equal like RSI >= AVG? I see you used CrossBelow?
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Hello TicksBandit,
Thanks for your reply.
The Cross Above/Below methods look back at the prior value of the RSI to determine if the current value of the RSI has crossed the average line. This provides a true response at that moment and there after would be false.
The condition of RSI >= Avg would be true when it cross and continues to be true for each data point until it is not.
When the conditions are true the action is performed. In the case of an exit, it would be better to perform once.Paul H.NinjaTrader Customer Service
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