Can I Place This Type of Order?

[Shanghai]

I'm currently use IB but using their platform it is not possible to create this type of order.

1 Market opens
2 Price falls to a specified level
3 Price rises to a level where a predetermined buy stop is activated

Can I programme this type of order through Ninja Trader instead? I'm not currently a Ninja Trader user but I will become one if this order is possible.

[NinjaTrader_Jason]

Hello Shanghai,

You can create custom automated strategies that will trigger orders when your conditions are met using NinjaScript. Please see the link below for information regarding creating custom automated strategies.

http://www.ninjatrader-support.com/HelpGuideV6/DevelopTradingLogic.html

[Shanghai]

Thanks Jason. Sorry to labour the point but it is taking me a while to get familiar with your product. If I therefore create an entry strategy using the rules I stated using the Ninja Trader platform does that mean that I can place my order before open in the same way that I can place a simple order to open with my broker currently. And even if IB cannot accomodate this particular type of order, as they have stated, by using your platform as the front end of IB then I should be able to place the order.

I'm sure I could have written that more clearly.....

[NinjaTrader_Jason]

If your broker does not support a particular type of order, unfortunately you will not be able to submit it via NinjaTrader either.

If your broker does support it, you should be able to submit the order via Ninjatrader.

[Shanghai]

Ok thanks for the clarification.

[Shanghai]

I would like to come back to you on this one if I may as I suspect that one of the problems is my lack of knowledge regarding Ninja Trader. As Ninja Trader is used to develop strategies would the following be possible.

I programme a strategy in NT that does what I said below ie:

- Market opens
- Price falls to a specified level
- Price rises to a trigger level

When all this has been acheived a buy order is then sent to IB. In that case the trade will work as I want but all the IB platform will see is a simple buy order which will be no problem.

[NinjaTrader_Jason]

Yes, this is supported upon creating a custom automated strategy. Please see the link below at post #2 for more information.

In addition, if you do not have any programming knowledge, you can always contact any of the supported NinjaScript consultants at the link below.

http://www.ninjatrader.com/webnew/partners_onlinetrading_NinjaScript.htm

[Shanghai]

Jason, thanks. I can see how to do that now. I'll ask one more dumb question if you don't mind. If I have produce a strategy that depends on the price reaching a certain level before a buy stop is triggered (I'm sure I can do that easily enough) I'm assuming that I will need to have a live data feed for this? Merely a connection to a broker (IB) will not be sufficient. The broker will be used to submit orders only not receive quotes.

Or can NT watch the IB data and submit the order based on the IB data?

I currenty use Metastock with Quotecenter as my data feed. I did read that Quotecenter will be supported in v7. Is that correct?

[Edit, after some research I believe that the answer to the IB question is yes, as IB can be used as a data feed as well as a boker]

[NinjaTrader_Jason]

Hello Shanghai,

Yes, you can receive real-time data when connected to IB and trade the NinjaTrader sim101 account for free. Please see the IB connection guide at the link below.

http://www.ninjatrader.com/webnew/support_interactivebrokers.htm

MetaStock historical data import format is included in NinjaTrader 7 as per the enhanced data import. Please see the link below under 'Enhanced Data Import'.

http://www.ninjatrader.com/webnew/NT7/NinjaTrader7.html

[Shanghai]

Thanks very much, you will be receiving an order shortly. I'm familiar enough now to see that that I can do everything I need with the software.