Unmanaged stops

[benharper]

I'm trying to create stop orders, after submitting buy order with a limit price. So I don't know if, when or how much of the order will be filled.
So this is that I wrote. Does it make sense? Am I using the right parameters in SubmitOrder to create a stop order (_stp is my stop price)?

protected override void OnPositionUpdate(IPosition position){
            if (position.MarketPosition == MarketPosition.Long) {
                int qnt = position.Quantity;
                if(_o_stp!=null){
                    ChangeOrder(_o_stp, qnt, 0, _stp);
                }else{
                    _o_stp = SubmitOrder(0, OrderAction.Sell, OrderType.Stop, qnt, 0, _stp, "", "Stop");
                }
                
            }
}

[NinjaTrader_JC]

Hello benharper,

Yes, all of the syntax looks correct. If you are ever unsure of what parameters a method can take you can use the Help Guide's Search feature or use the Intellesense feature to bring up the list by holding down "Ctrl + Shift" and press the Spacebar.

[benharper]

Thank you for the help. But besides the syntax, is this logic is solid to create stop orders? Am I understanding OnPositionUpdate and using it correctly?
I read the documentation, just looking for a second opinion.
Is this is the right way of creating stop orders? Is there another preferred method when using unmanaged approach?

Thanks again.

[NinjaTrader_Matthew]

Hello,

This is a common approach. It will not submit the stop until the position has been updated. Some users prefer to use OnExecution to us submit the order as this will occur before the position is updated.

You can see an example of this from the following link: http://www.ninjatrader.com/support/f...ead.php?t=7499

[benharper]

Thank you.
I see that the sample uses ExitLongStop. Can this method be used when Unmanaged = true?

The reason I'm using Unmanaged is because I don't want to to use EnterLong for market order. I need to use Stop+Limit [entry is always above the current price] and if I'm not mistaken, managed approach doesn't have this option.

EDIT: I found out that there's a method called
EnterLongStopLimit(...)
Is the part of the managed approach or unmanaged? Can I attached a stop order to that entry without using Events? not that I mind, I just prefer the code to be as simple as possible.
Thanks again.

[NinjaTrader_Matthew]

The example was made in the managed approach, but these methods can be used in unmanaged using SubmitOrder() as well.

EnterLongStopLimit is a managed order type.

You can use SetStopLoss() which will be submitted once an execution has occurred on an entry order -- but there are some limitations of it as outlined in the following link:

http://www.ninjatrader.com/support/helpGuides/nt7/setstoploss.htm

Using events is going to give you better control.

[benharper]

Okay so just to get it straight. If I'm using EnterLongStopLimit and in the OnExecution event I'm using ExitLongStop/ExitLongLimit (for stop/target) then basically I don't to use the unmanaged approach. Right?

[NinjaTrader_JC]

Hello benharper,

Correct, the Enter() methods are the Managed Approach.

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

[benharper]

Okay, thanks for all the help so far! I'm going to run it a little bit and see if I learned something.