SetTrailStop()

<< Click to Display Table of Contents >>

Navigation:  NinjaScript > Language Reference > Strategy > Order Methods > Managed Approach >

SetTrailStop()

Previous page Return to chapter overview Next page

Definition

Generates a trail stop order with the signal name "Trail stop" to exit a position. Trail stops are amended on a bar update basis, so dependent upon the Calculate setting of the parent strategy. Trail stop orders are real working orders (unless simulated is specified in which case the stop order is locally simulated and submitted as market once triggered) submitted immediately to the market upon receiving an execution from an entry order.

 

Notes:

The SetTrailStop() method can NOT be used concurrently with the SetStopLoss() method for the same position, if both methods are called for the same position (fromEntrySignal) the SetStopLoss() will always take precedence. You can however, use both methods in the same strategy if they reference different signal names.
Trail stop orders are submitted in real-time on incoming executions from entry orders
A strategy will either generate a trail stop order for each partial fill of an entry order or one order for all fills. See additional information under the Strategies tab of the Options dialog window.
If a profit target order is generated in addition to a trail stop order, they are submitted as OCO (one cancels other)
Trail stop orders are submitted as stop-market orders
A trail stop order is automatically canceled if the managing position is closed by another strategy generated exit order
Should you have multiple Bars objects of the same instrument while using SetTrailStop() in your strategy, you should only submit orders for this instrument to the first Bars context of that instrument. This is to ensure your order logic is processed correctly and any necessary order amendments are done properly.

 

Syntax

SetTrailStop(CalculationMode mode, double value)

SetTrailStop(string fromEntrySignal, CalculationMode mode, double value, bool isSimulatedStop)

 

Warnings:

This method CANNOT be called from the OnStateChange() method during State.SetDefaults
CalculationMode.Price and CalculationMode.Currency are irrelevant for trail stops.  Attempting to use one of these modes will log a message and the stop order be ignored.  Please use SetStopLoss() for these modes instead.

 

 

Parameters

mode

Determines the manner in which the value parameter is calculated

 

Possible values are:

 

CalculationMode.Percent
CalculationMode.Ticks
CalculationMode.Pips

 

Please note in percentage calculation mode a value of 1 is equal to 100%, a value of 0.1 is equal to 10%, and a value of 0.01 will be 1%

isSimulatedStop

If true, will simulate the stop order and submit as market once triggered

value

The value the trail stop order is offset from the position entry price (exception is using .Price mode where 'value' will represent the actual price)

fromEntrySignal

The entry signal name. This ties the trail stop exit to the entry and exits the position quantity represented by the actual entry. Using an empty string will attach the exit order to all entries.

 

 

Examples

ns

2

3

4

5

6

7

8

protected override void OnStateChange()
{
    if (State == State.Configure)
    {
        // Sets a trail stop of 12 ticks
        SetTrailStop(CalculationMode.Ticks, 12);
    }
}

 

 

Tips (also see Overview):

It is suggested to call this method from within the strategy OnStateChange() method if your trail stop price/offset is static
You may call this method from within the strategy OnBarUpdate() method should you wish to dynamically change the trail stop price while in an open position
Should you call this method to dynamically change the trail stop price in the strategy OnBarUpdate() method, you should always reset the trail stop price / offset value when your strategy is flat otherwise, the last price/offset value set will be used to generate your trail stop order on your next open position
The signal name generated internally by this method is "Trail stop" which can be used with various methods such as BarsSinceExitExecution(), or other order concepts which rely on identifying a signal name