Want to trigger a stoploss only after a certain quantity of position

[nikolaalx]

Hi,
I am trying to place a stop loss after a certain number of contracts.

E.g. if current position <=2
no stoploss or whatsoever

If current position >2
SetStopLoss("EnterLong", CalculationMode.Price, Close[0] - (10 * TickSize), false);

Then upon flat I want to cancel any stoploss for the next entry until again, position size has exceeded that same amount.

The problem I face is that when there is a single stop set, every new entry from there onwards will inherit the stoploss from the previous entry and thus mix my strategy.

Any ideas how I can solve this?

Thanks

[NinjaTrader_PaulH]

Hello nikolaalx,

Thanks for your post.

Yes this can be solved by using a unique entry name for your orders after the first 2 and then using that name in the SetStopLoss. The unique name will work on and with any entry with the same name.

Here is some sample code I used to test this and have attached a picture of the results. The first 2 orders are not named, the next three are named (each the same) and is the same in the SetStopLoss statement.

In initialize I had: SetStopLoss ("gt2entry",CalculationMode.Ticks, 8, false);

In the OnBarUpdate I had:

if (Close[0] > Open[0]) // just to place orders
{

if (Position.Quantity < 2 )
{
EnterLong (); // these are the first two orders
}
else if (Position.Quantity > 1 && Position.Quantity < 5)
{
EnterLong ("gt2entry"); // these are the next 3, tied to SetStopLoss by the signal name.
}
}

Using the simulated data feed, I ran the price up to fill the 5 orders, then ran price down and see that the last 3 order stops filled, then ran price back up and 3 more orders were placed, ran down again and the 3 named entry orders were again stopped out, leaving the original 2 in place. Please see the picture.