ATM entry strategy with price improvement

[alanack]

I seem to remember that there was a way to create an ATM strategy whereby a limit order would automatically be entered a specified number of points from the price at the time of entry. For instance, you click on buy when the YM is at 10000, with the stipulation that it automatically enters a limit order 5 points below this point, at 9995. Is this possible? Thanks.

[NinjaTrader_Chip]

Hello alanack,

Thank you for your post.

You can accomplish this by attaching an ATM strategy to your Entry order. Please see the following examples & resources.
Check out these examples:
Tutorial: ATM Strategy Example #1:

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?tutorial_atm_strategy_example_.htm

Tutorial: ATM Strategy Example #2:

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?tutorial_atm_strategy_example2.htm

For getting started with ATM Strategies, you may want to join our free educational webinars on this specific topic:
SuperDOM Basics (detail):

http://www.ninjatrader.com/Webinar/Super-DOM-Basics.php

ATM Level 1 (detail):

http://www.ninjatrader.com/Webinar/ATM-Level-1.php

ATM Level 2 (detail):

http://www.ninjatrader.com/Webinar/ATM-Level-2.php

Here is the complete schedule of upcoming events:

http://www.ninjatrader.com/webinars.php

[alanack]

Hi. I hope my original post was clear. I looked over the tutorials and videos but didn't see any mention of how to devise an ATM strategy where a limit order a specified distance from the price at the time of entry would be created. Did I miss it? Is it done by using Auto Trail? I was certain I saw a video describing this very thing a year or so ago, but have been unable to find it. Thanks.

[NinjaTrader_Brett]

Hello,

When you create an ATM Strategy using chips instructions, when you specify the profit target this is specified in number of ticks, so if you want a 25 tick profit target put 25 for the Profit Target.

So if you enter at 1000 your profit target will automatically be placed at 1025.


Let me know if I can be of further assistance.

[alanack]

Hello,

When you create an ATM Strategy using chips instructions, when you specify the profit target this is specified in number of ticks, so if you want a 25 tick profit target put 25 for the Profit Target.

So if you enter at 1000 your profit target will automatically be placed at 1025.


Let me know if I can be of further assistance.

Thanks, Brett. It seems I haven't made myself clear, so let me start over. The YM is trading at 10000. I want to, without even necessarily knowing what the price is, click on buy and have my ATM strategy automatically place a limit order to buy five points below the last trade at 9995. If the price dipped to 9998 and I again hit buy, a second limit order would be placed at 9993. I understand I can manually place a limit order to buy below the bid or ask, but I'm interested in having it done automatically as part of a strategy. As I said earlier, I was sure I saw a video describing this option some time ago, and the term used was "price improvement." Hope this clears things up, thanks.

[NinjaTrader_RyanO]

Hi alanack,

The ability to place trades in that regard you would need to manually input a trade using the Simulated Stop Orders. If you place a stop limit order and then define the offset as a negative value then you will have a placed an order where the stop is filled at 10000, and then the order is submitted as a limit order at 9995. More information at:

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?simulated_stop_orders.htm

However, you would still need to manually place the stop order with the negative limit offset, but you could use those order types as part of an automated trading strategy for automatic entry.