Automated Stop based on a max loss for the trade

[difdiffer]

OK, I have been searching and looking around but cant seem to find anything that resembles my requirements. Please let me explain briefly what I require so that you may indicate if this is possible.

Requirements, explained in an example:

We are flat in a certain market (lets take \6e) and the trade is about the begin

The trade is started manually by entering a LMT order in the DOM, at lets say 12500

When filled the trade starts

An automated S/L will start working that places the S/L at a point that is equivalent to a pre-defined maximum dollar amount. *** e.g. if 4 cars are on, and the maximum loss is set to $2K, the stoploss should be set to 40pips lower as the entry, and at a total of 4 cars. in this case at 12460***

The trade lasts as long as we have NOT gone flat

During the trade extra contracts may be put on manually. The S/L should adjust automatically the contract size and the placement (as the more contracts, the tighter the stop) *** e.g. 4 more cars are added 10 pips lower (12490), this should adjust the total S/L to 8 and move the stop up to 12475 ***

If contracts are pulled manually during the trade, ninjatrader should remember the P&L during this specific trade and adjust automatically the contract size and the placement of the S/L. *** e.g. 4 cars are pulled at 12495, this should adjust the total S/L to 4, and move the stop down to 12455 ***

When going flat manually the trade has ended and the S/L should be removed

When going flat automatically the S/L has kicked in ;-)


Is this possible to make?

Regards,

peter

[NinjaTrader_Jason]

Hello difdiffer,

You can only define a stop loss as X amount of ticks, percentage and price behind your entry price in the SuperDOM properties menu. Right click in the SuperDOM and select 'Properties'. Set 'Parameter type' to Price.

Submit an additional entry order with the same ATM strategy selected.
Upon scaling out, ATM orders will be scaled out as well.

I am not sure regarding your last two sentences. If you close the position manually, ATM orders will be cancelled as well.

Why would you like a stop loss to trigger/kick in when you go flat?
In addition, more information regarding ATM strategies can be found at the link below.

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

[NinjaTrader_Jason]

Ok, my response was based on your initial response. I see you changed it.

[NinjaTrader_Jason]

Unfortunately you cannot have the stop loss submitted as you like using an ATM strategy.

You would need to program a custom automated strategy, which would automate your entry order as well.

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

[difdiffer]

So based upon my changed description, i gather the answer is simply no?

I would really like it to work as described, could you think about a work around, ar is the answer then still no? ;-)

mind you, automated entry is not what i am looking for, I manage the entries manually, I just need the Stop to adjust automatically.

regards,

Peter

[NinjaTrader_Jason]

Correct, this is not supported using an ATM strategy.

The only workaround would be a custom automated strategy, but it will automate the entry order as well.

[difdiffer]

In that case I would VERY much like to request this described feature in the new 7 version. Could you discuss this with the development team. As my former job has been IT project Manager, I would gladly help out and create the Functional Desciption Document for this request, so that it would take some workload of of your hands.

Regards.

Peter

[NinjaTrader_Jason]

Hello Peter,

I will forward your suggestion to allow a stop loss to be defined as per a maximum dollar amount to our development team and ask them if they can add this to the list of future considerations for the software.

[difdiffer]

2 last things,


please be sure to let them know my brief desciption below, as it is quite different from just a StopLoss based on maximum dollar amount.

Also let them know that I am serious about creating a Functional Requirements Document. That should alleviate some of the workload as you can start programming based on a clear understanding of the functionality of the new function. Well, that's clear off course, I just mean to say that I am willing to invest time in this.

regards,

Peter

[th0masq]

Have you found a solution to this request? I am looking for the exact same solution as you and I would like to set a max contract size position instead of what I'm allow to trade.

If you have any info on this, please share.

Thank you in advance!

Tom