Place Straddle

[stockwet]

Hi,

I'm sure this answer is somewhere in the docs, but, I haven't been able to find it all day.

I want to place a buy stop order above the market and a sell stop order below the market. My objective is to enter a trade on a breakout either high or low. I'm using the DOM and using my middle button to place the Buy stop order. When I attempt to place the sell stop order, I get an error "You can't submit an exit order to a strategy until any of it's entry orders has been filled." I've tried using OCO as well, but, I get the same error. Can one of you NT gurus help me out?

Thanks.

stockwet

[NinjaTrader_Kyle]

Hello stockwet,

Thank you for your post.

One of the great features of NinjaTrader is its ability to submit two entry orders, one which will cancel if the other is filled.
You can accomplish a breakout/breakdown approach by:

• Right click in the SuperDOM and select the menu "OCO Order" to enable this function
• For your first order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to buy above the market
• For your second order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to sell below the market
• CRITICAL Right click in the SuperDOM and select the menu "OCO Order" to disable this function

For a market fade approach just subsitute limit orders for stop orders. This entry technique is demonstrated in our free ATM Level I training class that we hold several times per week.
Click here complete schedule of our various free training sessions
Click here for more information on submitting orders in the SuperDOM

[stockwet]

So, if I understand you correctly, the only way to do this is if I have selected two different ATM strategies - one for each order? There isn't a way to set this up so that they use the same strategy?

[NinjaTrader_Kyle]

Hi stockwet,

Thank you for your reply.

No, you could use the same ATM Strategy.
When a ATM Strategy order is placed, the strategy then becomes active. You would simply need to select the same strategy from the dropdown list again.

Please let me know if you have any additional questions.

[duggie]

Straddle Trade

Hello stockwet,

Thank you for your post.

One of the great features of NinjaTrader is its ability to submit two entry orders, one which will cancel if the other is filled.
You can accomplish a breakout/breakdown approach by:

• Right click in the SuperDOM and select the menu "OCO Order" to enable this function
• For your first order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to buy above the market
• For your second order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to sell below the market
• CRITICAL Right click in the SuperDOM and select the menu "OCO Order" to disable this function

For a market fade approach just subsitute limit orders for stop orders. This entry technique is demonstrated in our free ATM Level I training class that we hold several times per week.
Click here complete schedule of our various free training sessions
Click here for more information on submitting orders in the SuperDOM

Is there anyway to set a profit target for both of these orders before one gets filled or at the same time as placing the order and still minimize this strategy to two clicks of the mouse.

What I want to do is enter a straddle 4 ticks below and above the current price, 5 seconds before a news announcement. If it fills long and wicks up to 8 ticks above my fill I would like to take profit without having to do a thing since sometimes that could happen in 3 seconds then shoot back down below my fill price. Does that make sense?

So the straddle would have a buy stop 4 ticks above current price and a sell limit 8 ticks above my buy stop.....at the same time I would have a sell stop 4 ticks away from current price and a buy limit 8 ticks below my sell stop. Of course its an OCO so if I get filled long my short order gets cancelled and vice versa. Trying to keep this clean and simple with very little set up effort as I want to transmit the order right after the news to avoid pre market movement. Thanks in advance and hopefully I don't sound too much like a noob.

[NinjaTrader_Jason]

Hello duggie,

"to set a profit target for both of these orders before one gets filled or at the same time as placing the order and still minimize this strategy to two clicks of the mouse."

--> Unfortunately this is not supported.

"What I want to do is enter a straddle 4 ticks below and above the current price, 5 seconds before a news announcement. If it fills long and wicks up to 8 ticks above my fill I would like to take profit without having to do a thing since sometimes that could happen in 3 seconds then shoot back down below my fill price. Does that make sense?"

--> You would setup your trade as per post #2. You will need to use a Profit Target value of 4 as per your ATM strategy.