How to set up profit and loss targets

[Owlman]

Apologies if this is a bit basic. I want to set up a "Set" to exit a position when a profit target is reached. I ended up with this "Close[0] >= Position.AvgPrice + 12 * TickSize". I got there by selecting Close price on the left pane of the Condition builder, selecting Average position price in the right pane, and setting the offset to 12 (which is my profit target, 12 ticks). Is this correct? Seems a bit convoluted to me, but I haven't been able to come up with anything else.

Also, is there a way to set up a trailing stop using the Wizard? Do I need to set up two "Sets", one to increment a user defined variable, and the second to test the latest Close against the same UDV?

Thanks,
Ian

[NinjaTrader_Bertrand]

Hi Owlman,

You can set your target easier when moving to the Stop and Targets section of the wizard and entering it there - http://www.ninjatrader-support.com/H...rdScreens.html

You will also be able to set a TrailingStop there, see also this link for your TrailingStop calculation mode options - http://www.ninjatrader-support.com/H...TrailStop.html

[Owlman]

Thanks for the quick response!

I had those set too, but they didn't seem to work. I set the stop for 8 ticks on the S&P, which is 2 points, but the first time I tried it the trade did not stop out at 2 points. I thought the strategy may have thought the stop was at 8 points (which didn't get hit) rather than 8 ticks, but I haven't verified that.

I also notice that the options for trailing stop are very limited. I have set up a trailing stop strategy in the ATM, which works well but I can't set it up the same way using the strategy stops, so I'm going to have to figure some way to do it in the Sets, just haven't gotten around to doing it yet, still experimenting...

Cheers,
Ian

[NinjaTrader_JoshP]

If you want more functionality than the basic one provided by SetTrailStop() you will have to do custom programming. Also, you cannot set a regular stop and a trailing stop simultaneously for the same entry order.

[Owlman]

Thanks Josh,

I didn't have both set at the same time, but I've since discovered why the stop didn't work. I had the wrong name in the signal name in the stop (just a typo). Custom programming of the trailing stop will be my next port of call!

Cheers,
Ian