Market order for stop loss and profit target

[naren8642]

Is there a way to set up my stop loss and profit target orders to be entered as Market orders once the limit is reached?

With the profit target, I see that sometimes if the price touches my target and starts dropping, I got a partial fill and the rest of my position kept dropping. With at market order, I know I may get sub-optimal fills, but atleast I can exit my entire position close to my target price.

I can see this may be even more important for the stop loss. I haven't one of these triggered in my strategy so far, so I don't know how it behaves. But I want to protect from a situation where the price may be dropping so fast that it jumps over my stop price.

Thanks in advance!

[NinjaTrader_PaulH]

Hello naren8642,

Thanks for your post and welcome to the forums!

Can you clarify if you are using the SetStopLoss or SetProfitTarget methods or something else?

[naren8642]

Yes, I am using the SetStopLoss and SetProfitTarget methods.

[NinjaTrader_PaulH]

Hello naren8642,

Thanks for your reply.

The SetStopLoss method already converts to a market order to exit. Please see the tips section here: http://ninjatrader.com/support/helpG...etstoploss.htm

Regrettable the SetProfitTarget method has to be a limit order.

Alternatively you can program your own profit target using a market order to exit, for example (assume you are in a long position) and you want to set a 10 tick target.

if (Close[0] >= Position.AvgPrice + 10 * TickSize) // check if price is at or above 10 ticks above entry.
{
ExitLong(); // market order to exit
}

In Ninjatrader 8 there is a MarketIfTouched (MIT) order type that will also do the same thing.