How to set 2 or more profit targets?

[tjendra]

Yes, this is expecxted. Either set them to liveUntilCancelled or resubmit them until you're filled.

http://www.ninjatrader-support.com/H...verview36.html

If I set it to liveUntilCancelled as below,

EnterShort(200,"ShortR5-1");
ExitShortLimit(0,true,200, R4,"ProfitR5-1","ShortR5-1");
ExitShortStop(0,true,200,R6,"StopR5-1","ShortR5-1");


When the ExitShortLimit() order is filled, what will happen to the ExitShortStop() order if price also reach the stop price since it is set to liveUntilCancelled?


Will the ExitShortStop() order be cancelled once the ExitShortLimit() is filled? Else do I have to manually cancel the ExitShortStop() order?

[NinjaTrader_Bertrand]

tjendra, you can work with the IOrder object to check the orderstate - http://www.ninjatrader-support.com/H...V6/IOrder.html

Your two orders are not naturally connected (OCO), so you will need to ensure you cancel those accordingly if set to liveUntilCancelled.

Perhaps this reference sample is of help - http://www.ninjatrader-support2.com/...ead.php?t=7499

[DangerBoy]

Just came across this thread as i was searching for answers, tjendra I think i can answer your questions perhaps one of the Ninja Support guys could confirm.

I have recently added scale out functionality to one of my auto strats. Having not first read through NT support forum, i went with what I thought would be the most simple method. Adding multiple ExitLongLimits.

Bad choice on my part however as my strat started acting up immediately, I've spent a couple of hours debugging whats going on and it seems that you can't use multiple exit longs on 1 position, it will in fact work and enter the profit targets however when the first target is hit, Ninja internal rules seem to be cancelling the full stop and left over target, so if you had a ExitLongLimit for 2 at 30 and 1 at 60 and a stop of 3 at 10 and price hits 30 then ninja auto cancels the full stop of 3 at 10 and the second profit target of 1 at 60. So effectively it looks like the the cancellation of associated stops and targets is implemented but it takes no account of position sizing and just cancels the whole associated order.

Presumably that is why you guys are advising to go with the method of creating a totally seperate IOrder for each part of the position. I guess I could reinstate my left over stop of one and final target on execution of the first ExitLongLimit IOrder, would that be ok? Seems a bit messy, will have to look at the other approach although my strats order management is fairly complex at this point and i'd really hoped to avoid having to manage another set of iOrder objects.

Cheers
Ross

[NinjaTrader_JoshP]

Ross,

To scale-out would require you to scale-in first and then tie each scale-out order to the appropriate scale-in counter part. Be sure to be running with PerEntryExecution for your Stop & Target Handling too.

[bkout]

Ross,

To scale-out would require you to scale-in first and then tie each scale-out order to the appropriate scale-in counter part. Be sure to be running with PerEntryExecution for your Stop & Target Handling too.

Hmm, not sure I understood the thread as I do all my Strategies with the Wizard. I need to set up a strategy that has two profit targets (8% and 12% each of which would trigger a scale out/partial exit) a stop (10%) and a Stop-and-Reverse rule. I've gotten the impression so far that whether one uses the Wizard or writes the code that one has to use multiple entries. In the case of the Wizard this would mean 3 independent strategies:
1. Entry Signal then 8% profit stop or 10% stop loss or SAR signal.
2. Entry Signal then 12% profit stop or 10% stop loss or SAR signal.
3. (For remaining portion of shares) Entry Signal then 10% stop loss or SAR signal.
Does that sound right?
If I understand correctly there would be no real commission advantage to doing this with code as a single strategy vs the 3 strategies as outlined above since there would still be multiple entries -- is that corrrect?

[NinjaTrader_JoshP]

bkout,

What needs to be done to setup scale outs is to have separate entry signal names. When you have separate names then you can tie the appropriate percentage target/stops to the positions.

[bkout]

bkout,

What needs to be done to setup scale outs is to have separate entry signal names. When you have separate names then you can tie the appropriate percentage target/stops to the positions.

Ok so I use the Wizard -- are the separate entry signal names put into a single strategy? Can you point me towards info on doing that with the Wizard? Or do I create 3 totally separate Strategies with different names?

[NinjaTrader_JoshP]

Can be done in a single strategy. When you choose the Action of placing an order one of the parameters is "Signal name". Fill that in for your entry orders. Then in the Stops and Targets page type in the signal name you want to attach your target/stop to into the "from signal name" field.

[bkout]

Can be done in a single strategy. When you choose the Action of placing an order one of the parameters is "Signal name". Fill that in for your entry orders. Then in the Stops and Targets page type in the signal name you want to attach your target/stop to into the "from signal name" field.

OK thanks -- glad to hear it can be done with one strategy. I found the place to put in the signal name. I was not able to find with Search how to create a signal and name it using the Wizard-- can you point me towards something?

Thought also I should check -- I hope I'll be able to specify in the Action area the number of shares exited with the profit target somthing like Current Position * .2???? i.e. 20% of the position?

[NinjaTrader_JoshP]

Not following you. You don't name the signal. You name the order with a "signal name". Then in the "Stops and Targets" page you specify which order to exit via the signal name.

You do not specify 20% of total position. As stated if you wanted to break your positions up to have an exit tied to 20%. You need to submit an order that gets 20% of your position. Then you can exit that particular signal name.

[bkout]

Not following you. You don't name the signal. You name the order with a "signal name". Then in the "Stops and Targets" page you specify which order to exit via the signal name.

You do not specify 20% of total position. As stated if you wanted to break your positions up to have an exit tied to 20%. You need to submit an order that gets 20% of your position. Then you can exit that particular signal name.

Thanks OK I see now how to name the order. I generally trade "by Account Size" and set that to the $ size I want for the position so that I end up with roughly equally weighted positions with various instuments and strategies. Is there any way in the Wizard that I am going to be able to able to do an entry and associated profit target exit with say 20% of the "account size" or a specified $$ amount of stock? I don't know code.

[NinjaTrader_JoshP]

Unfortunately that would require code.

[bkout]

Thanks OK I see now how to name the order. I generally trade "by Account Size" and set that to the $ size I want for the position so that I end up with roughly equally weighted positions with various instuments and strategies. Is there any way in the Wizard that I am going to be able to able to do an entry and associated profit target exit with say 20% of the "account size" or a specified $$ amount of stock? I don't know code.

So I guess the only workaround would be to run a totally different strategy for each part of the trade -- that would let me specify different portions of the total "account size" for each part of the overall trade. Is there any reason that that approach would result in more commisions than the single strategy approach with the multiple entries and exits?

Say I have 3 different parts of the trades broken into the three strategies -- can they all be started up and tracked on a single chart? Of course they all will trade the same instrument and on the same time frame of chart.

[NinjaTrader_JoshP]

I would not be able to quantify that for you. Depends on your commission schedule.

[bkout]

I would not be able to quantify that for you. Depends on your commission schedule.

It's more that I'm checking my understanding that it would be the same number of executions if I used a strategy with 3 entries and exits to achieve scaling out profit targets vs. using 3 separate strategies.