ATM Profit Targets

[draco5]

Hello, I discovered this morning that while using the ATM strategies, once any values in the Stop Loss and Profit Target fields are hit, a limit order is triggered, which I don't want. I found out there is a way to set the stop losses to automatically go in as stop limit orders, yet I was told that as for the profit targets, they can only be limit orders. More than anything else, once my profit target is hit, I want those to trigger a market order. There were a couple of instances where, once my profit target was hit using the ATM, it hit 5 or 6 times before reversing, thus losing those trades. So frustrating. Why does NinjaTrader not allow ATM profit targets to activate market orders, only limit orders?

[NinjaTrader_PatrickH]

Hello draco5,

Thank you for your post and welcome to the NinjaTrader Support Forum!

The reason Profit Targets are submitted as Limit orders is because Stop Market orders cannot be submitted above the market on the Sell side (if you were in a Long position) and cannot be below the market on the Buy side (if you were in a short position).

So Limit orders are placed, and as you know that will only fill at that price or better.

There is no way around this with ATM Strategies however, this is possible through your own custom logic for exits in an automated strategy.

If you have never created a strategy before, I would recommend starting with our point and click interface Strategy Wizard.
Please see our Help Guide articles on How to use the Strategy Wizard as well as NinjaScript Strategies. More information on these subjects can be found below:
Click here for more information on Developing Strategies with the Strategy Wizard
Click here for a Tutorial on Developing Strategies

I'm also proving a link to a recently recorded 'Automated Strategy Development Webinar' video for you to view at your own convenience: http://youtube/fVFqw5W8uGI

We also have great resources in relation to Strategy Development on our Support Forum. There is a very active developer community in our support forum that supplements the responses provided by NinjaTrader support staff providing all users with an exceptional support experience.
Take me to your support forum!

There are a few Sample Automated Strategies which come pre-configured in NinjaTrader that you can use as a starting point. These are found under Tools--> Edit NinjaScript--> Strategy. You will see locked strategies where you can see the details of the code, but you will not be able to edit (you can though always create copies you can later edit via right click > Save as)

We also have some Reference samples online as well as ‘Tips and Tricks’ for both indicators and strategies:
Click here to see our NinjaScript Reference Samples
Click here to see our NinjaScript Tips

These samples can be downloaded, installed and modified from NinjaTrader and hopefully serve as a good base for your custom works.

Lastly, you can attend one of our live Automated Strategy Development Webinars to help you get up to speed on developing strategies:

http://www.ninjatrader.com/Webinar/Automated-Strategy-Development-Level-1.php

If you have limited time or programming capabilities, you can discuss your requirements with any of our certified NinjaScript consultants.
Click here for a list of certified NinjaScript Consultants

Please let me know if I may be of further assistance.

[draco5]

Patrick,

Thanks for your quick response, and also going the extra mile to provide those various links rather than just giving a, "No, we can't do that" reply. I'll be sure to check those links out. NinjaScript is something I'd been wanting to become familiar with for a while now, and now I have an excuse. Thanks again.

[lafinancial]

Hello, I discovered this morning that while using the ATM strategies, once any values in the Stop Loss and Profit Target fields are hit, a limit order is triggered, which I don't want. I found out there is a way to set the stop losses to automatically go in as stop limit orders, yet I was told that as for the profit targets, they can only be limit orders. More than anything else, once my profit target is hit, I want those to trigger a market order. There were a couple of instances where, once my profit target was hit using the ATM, it hit 5 or 6 times before reversing, thus losing those trades. So frustrating. Why does NinjaTrader not allow ATM profit targets to activate market orders, only limit orders?

Hey did you ever find a solution for this?

[NinjaTrader_Joydeep]

Hello lafinancial,
Welcome to the forum and I am happy to assist you.

Unfortunately MIT (Market if touched) orders are not supported by NinjaTrader.

As an alternative you may look into the auto chase property which will chase the price if it is not filled (when price is touched). Please refer to our help guide to know more.

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?auto_chase.htm