Change Limit Order to Market Order

[GeoOrtiz]

Hi All,

Is there a way to change a profit target limit order to a market order if the limit price is touched? Thank you all in advance for your help!

[NinjaTrader_ChelseaB]

Hello GeoOrtiz,

Thanks for your note.

While a profit target is always a limit order, you could instead place a Stop Market Order as the profit target and StopLimit Order as the stop loss. When one is filled cancel the other.

Below is a link to a reference sample that may help you to accomplish this.
http://www.ninjatrader.com/support/f...ead.php?t=7499

[GeoOrtiz]

Thank you Chelsea, but I'm using the unmanaged order approach. How do I place a stop market order for my profit target using the unmanaged order approach?

[NinjaTrader_ChelseaB]

Hello GeoOrtiz,

Thanks for your reply.

SubmitOrder(0, OrderAction.Buy, OrderType.Market, 1, 0, High[0]+2*TickSize, "oco1", "myLong");

This would place a stop market order at 2 ticks above the high of the current bar.

Below is a link to the help guide on SubmitOrder().
http://www.ninjatrader.com/support/h...ubmitorder.htm

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

[yeshe]

like to add the following to this thread

                if (Position.MarketPosition == MarketPosition.Short)
                {
                    shorttarget = Position.AvgPrice - tRmult * ATR(1)[0];
                    ChangeOrder(ProfitTarget,ProfitTarget.Quantity,shorttarget,0);

because the profit limit price has been recalculated (1.2471) on bar close and is already touched, Somehow it fills the order somewhere in open space. Do you know why this happens?

http://screencast.com/t/tCAblPYB3

so i want to take profit the next bar at the market:
i like to change the limitorder into a market order.

i don't see this as an option within ChangeOrder()

[yeshe]

to continue:

other option is to change the limitorder price with Close[0]

                if (Position.MarketPosition == MarketPosition.Short)
                {
                    shorttarget = Position.AvgPrice - tRmult * ATR(1)[0];
                    if (Close[0]<shorttarget)shorttarget=Close[0];
                    ChangeOrder(ProfitTarget,ProfitTarget.Quantity,shorttarget,0);
                }

this will do:

http://screencast.com/t/DaTdl2wd

but what about if the open of next bar is greater than the close[0]= shorttarget? will the buylimitorder fill?? In any way is this limit order not way to close to the market with possible unwanted result?


If not possible : is it possible to change a limitorder into a stop order
like:
ChangeOrder(limitorder,limitorder.Quantity,0,newst opprice for old limit order)

please your recommendation

[NinjaTrader_Bertrand]

yeshe, the limit order will fill at your price specified on the default fill algorithm in backtesting, never better.

You cannot change an order type with the ChangeOrder method, just cancel your original order and then resubmit as your new desired type via the SubmitOrder.