What would be the best way to code a trade management?

[kaywai]

Hi

I would like to manage my trade but am not sure how best to code it in NT7. Could I please have some pointers?

Basically upon entering a long position, I would like to place a stop level (which is mathematically calculated.

As prices move in my favour, I would like to bring the stop level to breakeven.

As prices move further in my favour, I would like to place a stop where as new highs are printed, the distance between the new highs and the stop stays the same or perhaps tighten the stop.

What would be the best way to go about this?

Regards

Kay Wai

[NinjaTrader_Bertrand]

Hi Kay, for the basic working of creating a custom trailing stop please see this reference sample :

http://www.ninjatrader.com/support/forum/showthread.php?t=3222

Conceptually I feel you have mainly 2 choices :

a) use SetStopLoss() to change the stop level when ever needed by your tracking conditions, breakeven, move into profit etc

b) calculate your custom stop price in a variable and then use this variable in your stop loss method call.

Some examples for custom trailing stop algorithms are also found in the sharing which could provide a starting point for your own work:

http://www.ninjatrader.com/support/forum/local_links_search.php?action=show&sort=&search=price+action&literal=1&desc=1&pp=15&page=5

Lastly, it's useful to use draw objects to visualize the current calculated stop loss level as debug aid.