Market if touch order?

[cw30000]

Does NT has Market if touch order? I search and I cannot seem to find it.

[NinjaTrader_Matthew]

Hello cw30000,

Unfortunately, Market If Touched is not currently supported. This is on our development teams list of future considerations, however I do not know when you might expect MIT orders to be supported.

Please let me know if there is anything else I can do for you.

[cw30000]

I would like it to support on the target.

[NinjaTrader_Matthew]

Hello,

You may be interested in using a chase limit option with your target - http://www.ninjatrader.com/support/h...auto_chase.htm

[cw30000]

I have thought of that, but I don't think it work well on fast market like oil.

[neoikon]

I second the request to support MIT orders. Primarily on the entry.

Daniel

[Roman618]

Yes, need this order also! Please build it in!

[anachronist]

I have thought of that, but I don't think it work well on fast market like oil.

Oil usually has enough up and down noise for that to work, but I'd bet chasing price with a limit order would result in a less favorable fill than market-if-touched.

Market if touched should be an option for changing limit orders placed by an ATM strategy. If I enter a position and my ATM strategy sets a limit order for exit at a profit, that's fine. But if I must later move my limit order to break-even, I don't want to wait for the limit order to fill if touched. I want to get out ASAP. So I'd want to change this limit order exit to MIT.

MIT orders are not supported by all brokers or all exchanges. Therefore, this would have to be an order held locally within NinjaTrader, similar to the simulated stop volume trigger.

Ideally, when I right click on my exit order in the DOM window, I'd like to see an additional "Market if Touched" checkmarked choice in the drop down menu underneath the choices Cancel, Target Chase, and Auto Chase Properties.

I also wish there were a "market on close" order that placed a market order on the last tick of a bar (or first tick of the next bar).

-A

[lawyse]

Here's A Solution

I've finished version one of my solution to place buy and sell market if touched orders. Check out the description and video. Any feedback would be appreciated. Thanks!

http://www.affordableindicators.com/ninjatrader/market-if-touched-mit-orders

[NinjaTrader_Matthew]

Very cool! Thanks for sharing.

[neoikon]

I've finished version one of my solution to place buy and sell market if touched orders. Check out the description and video. Any feedback would be appreciated. Thanks!

http://www.affordableindicators.com/...hed-mit-orders

I watched your video. Seems very nice! However, for those who don't use the NT charts (thus, don't trade from the charts), is there a way to actually use this? Personally, I only use NT to trade from the DOM.

Thanks,
Daniel

[lawyse]

I watched your video. Seems very nice! However, for those who don't use the NT charts (thus, don't trade from the charts), is there a way to actually use this? Personally, I only use NT to trade from the DOM.

Thanks,
Daniel

I don't have experience manipulating the DOM interface, however, I'd like to explore this area in the future. I have manipulated the ChartTrader interface. One way I'm considering expanding this indicator is with a new window launched from the chart to manage the trades. I'm hoping to build some users and make a list of requests for version two. Thanks!

[anachronist]

I've finished version one of my solution to place buy and sell market if touched orders.
...
http://www.affordableindicators.com/...hed-mit-orders

Very cool. Like others, though. I need multiple DOM windows, and have insufficient display real estate to add ChartTrader to each of many charts I'm displaying. (If only NT would integrate that DOM ladder into that ChartTrader area. The current layout wastes a lot of space.)

I do have one chart where I have just one trading strategy (one ATM strategy). This would be appropriate for this MIT tool. However, where I really need MIT orders is in my exit target. I don't care about MIT on entry. MIT for an ATM exit target would be a real benefit for those times when I have to move my target to break-even, and the target gets touched but not filled, and I end up stopping out at a loss bigger than the bid-ask spread I'd sacrifice if the exit order were MIT.

-A

[lawyse]

Well, I guess I will need to build a DOM from scratch if that's what you guys want. Sounds like a fun project! A couple of thoughts:

Relating to chart real estate: ChartTrader does not need to be expanded in order to place the orders. The only reason to expand ChartTrader is to change the quantity, account, or ATM. We could create a workaround for this, to where ChartTrader wouldn't be involved at all, and these numbers could be changed somewhere on the chart itself, or via an extra window. I realize ChartTrader (buttons part) is basically worthless, which is why in more projects I've done I remove buttons and add buttons that place custom orders and custom places, such as a buy stop above or sell stop below the previous bar. In my personal trading, I place all trades by right clicking on the chart, that's why I built MIT this way.

Relating to exiting trades: A possible solution is to build this same tool, but have it automatically detect the position quantity / account when placing orders. Then, you could just right click the chart, and place the MIT and orders will go off for all positions on all accounts related to the instrument live on the chart.

If any of you are interested in getting quotes or customization or have questions, just contact me via the web site and we will go from there. Thanks for the feedback!

[anachronist]

Well, I guess I will need to build a DOM from scratch if that's what you guys want.

Keep in mind that there are licensing issues with that DOM ladder. That's why NinjaTrader users with full license keys must still pay a royalty for every trade executed by the static SuperDOM. In some cases, this royalty is transparent and built into the broker fees (such as with Mirus), otherwise you need to have a funded account with NinjaTrader from which to make royalty payments. You could wait for NinjaTrader to add an MIT feature instead of diving into that mess and making your own DOM interface to sell, but it's your call.

Relating to chart real estate: ChartTrader does not need to be expanded in order to place the orders. The only reason to expand ChartTrader is to change the quantity, account, or ATM.

That's right. My mistake.

Relating to exiting trades: A possible solution is to build this same tool, but have it automatically detect the position quantity / account when placing orders. Then, you could just right click the chart, and place the MIT and orders will go off for all positions on all accounts related to the instrument live on the chart.

That wouldn't be optimal. I have different ATM strategies going on with multiple positions simultaneously on the same chart, and they all have different exit stops and exit targets. I don't want the positions combined so that setting a MIT exit on one sets it for all. For this reason I have multiple DOM windows open using the property "DisplaySelectedAtmStrategyOnly", which is also a setting in ChartTrader but setting it hides all your orders on the chart except the selected one.

(Another peeve of mine; if I'm seeing multiple orders in the DOM or on ChartTrader, I'd like to be able to right click on it and see the ATM strategy associated with it.)

-Alex