Noob Question - Custom Trailing Stop

[GrumpyDude]

Hi,

First off... Total noob here! I've coded in my day, but would be blowing dust off the skills to get into developing stuff for myself here!

What I'd like to create is a trailing stop that once it goes n1 Ticks, it will trail by a fixed amount. Once it hits n2 Ticks, I want to trail by that same fixed amount plus a percentage of the MFE. As a fine adjustment to this, if the calculated trail lands on a nnnn.0 or nnn.5 price level, I want to give an additional 0.1 (as for 1 Tick on for example the RTY) up or down (depending long or short).

Seems like this should be doable. If so, would it show up as a stop strategy in the Stop Strategy to choose from? Kinda thinking not.

If there's a better way to do this, a point in the right direction would be appreciated!

Thanks.

[NinjaTrader_ChrisL]

Hi GrumpyDude, thanks for posting and welcome. I first highly recommend making new strategies and new code in NinjaTrader 8 as we are actively developing and updating that version now. The way you set a trail stop is the same between NinjaTrader 7 and 8, but there are fundamental differences between the script structure between the versions.

Use SetTrailStop() to set a trailing stop for an open position. This method can be called multiple times during a trade to modify the trailing price.

For position information, use the Position.AvgPrice property and compare it to the Close[0] price to monitor the price relative to the average entry price.

The MFE of the current trade will also need to be calculated manually in your script. We have statistic definitions defined here.

Kind regards,
-ChrisL