Update Stop Loss

[shtrader]

Hi, what is the best way to update the stop loss?

I use EnterLongStopLimit and SetStopLoss. I don't need a trail stop, I need to update the stop loss price every few bars.

Thanks for the help.

[NinjaTrader_PaulH]

Hello shtrader,

Thanks for your post and welcome to the NinjaTrader forums!

If you are using the Strategy Wizard, there are no means to update the setstoploss method, it is fixed when you apply the strategy.

If you are working in Ninjascript (or want to unlock your strategy wizard strategy) then you can update the SetStopLoss() in the OnBarUpdate() method.

For example if you were in a long position and wanted to move the stop to the entry point after 20 ticks of profit:

if (Position.MarketPosition == MarketPosition.Long && Close[0] >= Position.AvgPrice + 20 * TickSize && doitonce == true)
{
SetStopLoss(CalculationMode.Price, Position.AvgPrice); // adjust to breakeven
doitonce = false; // set bool that you create, to false to only perform this once.
}
References:

https://ninjatrader.com/support/helpGuides/nt7/?marketposition.htm

https://ninjatrader.com/support/helpGuides/nt7/?avgprice.htm

Please take note of these critical notes in the help guide for the SetStopLoss() when used in OnBarUpdate: "Should you call this method to dynamically change the stop loss price in the strategy OnBarUpdate() method, you should always reset the stop loss price/offset value when your strategy is flat otherwise, the last price/offset value set will be used to generate your stop loss order on your next open position"

https://ninjatrader.com/support/helpGuides/nt7/?setstoploss.htm

[shtrader]

Thanks! I suggest adding a note to the documentation of SetStopLoss re updates.