Unmanaged order handling

[guillembm]

Hi,

I'm thinking on switching to Unmanaged order handling in order to avoid over fills. At present I'm on managed mode with TakeNoAction activated.

I would like to know what is the difference between Unmanaged with Ignore Overfills on and managed mode with TakeNoAction activated.

Just to know what pieces of code I have to add when swithching. What does NT stop managing?

[NinjaTrader_RyanM1]

Hello guillembm,

First thing is that Unmanaged strategies do not prevent overfills. They only offer the ability to ignore them should they occur. These are ignored with that property: IgnoreOverFill.

TakeNoAction refers to RealTimeErrorHandling, and would apply if your strategy has orders returned in a rejected state.

[guillembm]

Thanks,

Another related doubt: If in the SubmitOrder() method the ocoId is blank what are the consequences? If I submit an order to close a position I have to set the same ocoId than the order submited to open it? If I open only one position per strategy it is necessary?

[guillembm]

Another one...

I want to submit an order equivalent to an ExitShortLimit(). With managed orders I don't need to especify the number of shares to buy to cover but this is a parameter that SubmitOrder() requires. If want to be sure that the whole position is closed I can use Position.Quantity? or I can set something that means exit everything?

[NinjaTrader_RyanM1]

OCO is an optional field. If it's blank then there will be no OCO id associated with the order.

Yes, unmanaged has no built in position management, but you can still use Position properties like Position.Quantity. There is no "exit everything" command. Any order / position management must be custom coded.

[guillembm]

So, setting the same OCOid to all the orders is the way to ensure that they are all linked. I'm wrong?

[NinjaTrader_RyanM1]

Orders that have an assigned OCO id will be part of a group that includes all orders with the same id. If any one of these orders is filled or cancelled, then it cancels all orders matching the OCO id.

You should practice OCO on Superdom first so you know how it works before using it in an unmanaged strategy. Right click on Superdom > Check OCO order. Any orders placed with this flag will have the same OCO id. You can toggle the OCO setting to have it create new groups with different IDs.