Is It Possible To Enter On Stop Or Limit Using Strategy Wizard?

[bijan]

I am trying to use the Strategy Wizard to create a fairly simple strategy using open and closes of bars. I realized that on some entries the order has to be submitted as limit and on others it has to be entered by a stop. The reason being that I want to specify that after the close of the signal bar then go long 2 ticks above the close, depending on whether the market continues to go up or reverses and goes down the entry has to be either a stop (if market continues to go up) or limit (if market reverses and goes down). Is it easy to do this using Strategy Wizard or perhaps I need two separate strategies in Strategy Wizard to accomplish this?

[NinjaTrader_CalH]

Hi Bijan,

Thank you for your post.

Just to clarify, you are talking about submitting two orders in the same direction (both long in this case)
One a limit and the other a stop order?

You would be able to submit two same direction orders at the same time however, you will need to increase the EntriesPerDirection to two, however this now leaves you vulnerable to having both orders getting filled and having two positions rather than having one.

This type of management can be done but would require custom coding and unlocking the Strategy Wizard. Note that once you unlock the strategy, you can't go back.

Let me know if I can be of further assistance.

[bijan]

I am trying to debate this. I will create some drawings and then post them here to clarify it for myself and for you so that hopefully it can be resolved.

The following picture shows the situation I am talking about and the question is also in the picture: http://screencast.com/t/17CNGtF77V

I have heard of stop limit orders. If I want to get the exact entry price of 2 ticks above the open of the signal bar in the situation in the picture above should the order type be stop limit? Is stop limit orders available using Strategy Wizard.

[NinjaTrader_CalH]

Hi Bijan,

To answer the question, when an order is submitted on the wrong side of the market the broker will return a rejection state for that order which when your strategy receives a rejection state it will cancel any working orders and close any positions that the strategy has created and disable it self.


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