Changing ATM before entering trade

[DarkPool]

Hi,

I have 3 ATM strategies which I use depending on the risk for the trade:
- 1 contract with a stop and target
- 2 contracts each with the same stop and different targets
- 3 contracts each with the same stop and different targets

When a trade is setting up, I will enter a buy or sell stop limit using chart trader based on the risk of the trade at the time. So for example I may enter option 2 above (ie: 2 contracts). Then as things develop I see that I can move my stop limit entry order tighter, thus allowing me to trade 3 contracts instead of 2 because i've reduced the risk. Note im specifically talking about while the trade is setting up and before I have entered the market.

Is my only option at that point to cancel the order on chart trader, and then enter the third ATM strategy above which uses 3 contracts? This takes too long to do in fast moving markets.

Ideally I was hoping there was a way to change the ATM strategy that is going to be used 'on the fly' but I haven't been able to figure anything out. If I click the order 'stalk' on the chart to manually change the order quantity, it doesn't change the ATM.

I hope i've explained the issue properly.
Thanks.

[NinjaTrader_Jason]

Hello Darkpool,

If you increase the order quantity of the entry order from 2 to 3 and subsequently the order fills, it will submit ATM orders for a quantity of 3 as well.

When I test it on my end, the first profit target order will have a quantity of 2 and the second profit target has a quantity of 1.

[DarkPool]

Thanks Jason. Yes you're correct, but the problem is that I need to have 3 separate profit targets. 1 contract each.

What would be the best way at that point to split the targets so that I have 3 separate targets?

I tried selecting the first profit target and manually changing it from 2 contracts down to 1,...but then NT automatically adds another contract to the 2nd target. If I can somehow split them at that point to have 3 separate targets, then all is good

[NinjaTrader_Jason]

I see, thank you for clarifying.

Yes, you can split the profit target by right clicking in ChartTrader and select 'Add Target'. The 3rd profit target will be submitted 4 ticks above/below the 2nd profit target. The 1st profit target will change to a quantity of 1.

[DarkPool]

Great thanks. That will do the trick.