How do I stop the strategy when a profit goal or loss have reached

[mtamaku]

Hello: I have working strategy which places trades based on rules I have programmed but it is always placing an extra trade after reaching the daily goal or loss amount.
For example, my daily goal is 500$ but I see the last trade has $525 or $510 or $590 as the final cumulative profit, and similarly daily cumulative loss is either -580 or -600.
My each trade has a profit target of $100 and stop loss of $175.

I would like to create a logic so that let's say if I am in the trade where I have reached $400 ( 4 x $100 per trade ) and as soon as the last trade is in profit and reaches the $100 profit per trade and cumulative daily goal of $500 reached, that trade should be killed as long a as $500 is reached in that last trade.

I reset the daily PNL = 0 at the end of daily session at 6PM EST and then start trading at specified time range let's say between 9AM to 11AM EST. and stop trading as soon either profit or loss goal have reached or time range have finished, in this case at 11AM Est.

Please advise. This is for Ninja version 8. Some how it went into Ninja 7 strategy development section.

Thank you.

[NinjaTrader_RyanS]

Hello,

To implement a daily profit and loss goal in your NinjaTrader strategy, you can use variables to track your cumulative profit and loss. You will need to modify your strategy to:

1. Track the daily profit and loss.
2. Check the profit and loss before placing a new trade.
3. Cancel any active trades if the daily profit or loss goal is reached.
4. Reset the cumulative PNL at the end of the trading day.

Here is an example of how you can modify your strategy to include this logic:

#region Using declarations
using System;
using NinjaTrader.Cbi;
using NinjaTrader.Gui.Tools;
using NinjaTrader.NinjaScript;
using NinjaTrader.Data;
#endregion

namespace NinjaTrader.NinjaScript.Strategies
{
    public class DailyPNLStrategy : Strategy
    {
        private double dailyPNL;
        private double dailyGoal = 500;
        private double dailyLossLimit = -500;
        private double tradeProfitTarget = 100;
        private double tradeStopLoss = 175;
        private DateTime sessionEnd = new DateTime(DateTime.Now.Year, DateTime.Now.Month, DateTime.Now.Day, 18, 0, 0); // 6 PM EST
        private DateTime tradingStartTime = new DateTime(DateTime.Now.Year, DateTime.Now.Month, DateTime.Now.Day, 9, 0, 0); // 9 AM EST
        private DateTime tradingEndTime = new DateTime(DateTime.Now.Year, DateTime.Now.Month, DateTime.Now.Day, 11, 0, 0); // 11 AM EST

        protected override void OnStateChange()
        {
            if (State == State.SetDefaults)
            {
                Description = @"Strategy with daily profit and loss goal.";
                Name = "DailyPNLStrategy";
                Calculate = Calculate.OnEachTick;
                IsInstantiatedOnEachOptimizationIteration = false;
                EntriesPerDirection = 1;
                EntryHandling = EntryHandling.AllEntries;
                IsExitOnSessionCloseStrategy = true;
                ExitOnSessionCloseSeconds = 30;
                StopTargetHandling = StopTargetHandling.ByStrategyPosition;
                IsFillLimitOnTouch = false;
                MaximumBarsLookBack = MaximumBarsLookBack.TwoHundredFiftySix;
                StartBehavior = StartBehavior.WaitUntilFlat;
                TimeInForce = TimeInForce.Gtc;
                TraceOrders = false;
                RealtimeErrorHandling = RealtimeErrorHandling.StopCancelClose;
                BarsRequiredToTrade = 20;
            }
            else if (State == State.Configure)
            {
                // Configure your strategy here
            }
        }

        protected override void OnBarUpdate()
        {
            // Ensure we have enough bars to proceed
            if (CurrentBar < BarsRequiredToTrade)
                return;

            // Reset daily PNL at session end
            if (ToTime(Time[0]) >= ToTime(sessionEnd) && ToTime(Time[0]) < ToTime(sessionEnd).AddMinutes(1))
            {
                dailyPNL = 0;
            }

            // Check trading time range
            if (ToTime(Time[0]) < ToTime(tradingStartTime) || ToTime(Time[0]) > ToTime(tradingEndTime))
                return;

            // Check if daily profit or loss goal has been reached
            if (dailyPNL >= dailyGoal || dailyPNL <= dailyLossLimit)
            {
                if (Position.MarketPosition != MarketPosition.Flat)
                {
                    ExitLong();
                }
                return;
            }

            // Example entry condition (replace with your logic)
            if (CrossAbove(Close, SMA(14), 1))
            {
                if (dailyPNL + tradeProfitTarget >= dailyGoal)
                {
                    // Modify profit target for the last trade to ensure it does not exceed the daily goal
                    EnterLong("Entry");
                    SetProfitTarget("Entry", CalculationMode.Currency, dailyGoal - dailyPNL);
                    SetStopLoss("Entry", CalculationMode.Currency, -tradeStopLoss);
                }
                else
                {
                    // Standard trade entry
                    EnterLong("Entry");
                    SetProfitTarget("Entry", CalculationMode.Currency, tradeProfitTarget);
                    SetStopLoss("Entry", CalculationMode.Currency, -tradeStopLoss);
                }
            }
        }

        protected override void OnExecutionUpdate(Cbi.Execution execution, string executionId, double price, int quantity, MarketPosition marketPosition, string orderId, DateTime time)
        {
            // Update daily PNL
            if (execution.Order.OrderState == OrderState.Filled)
            {
                if (execution.Order.OrderAction == OrderAction.Buy || execution.Order.OrderAction == OrderAction.SellShort)
                {
                    // Entry order
                    entryPrice = price;
                }
                else if (execution.Order.OrderAction == OrderAction.Sell || execution.Order.OrderAction == OrderAction.BuyToCover)
                {
                    // Exit order
                    double tradeProfit = (price - entryPrice) * quantity;
                    dailyPNL += tradeProfit;
                }
            }
        }

        private double entryPrice;
    }
}
​

Explanation:

1. Tracking Daily PNL:
   • The dailyPNL variable tracks the cumulative profit or loss for the day.
   • The dailyGoal and dailyLossLimit variables set the profit and loss thresholds.
2. Resetting PNL at End of Day:
   • The daily PNL is reset at the end of the session (6 PM EST).
3. Time Filtering:
   • The strategy only places trades within the specified time range (9 AM to 11 AM EST).
4. Checking Daily Goals:
   • Before placing a new trade, the strategy checks if the daily profit or loss goal has been reached.
   • If the daily goal is close to being reached, the profit target for the last trade is adjusted to ensure the cumulative daily goal is met without exceeding it.
5. Handling Executions:
   • The OnExecutionUpdate method updates the dailyPNL whenever an order is filled.

This should ensure that your strategy stops trading once the daily profit or loss goal is reached and manages the trades to avoid exceeding the goals. Adjust the logic to fit your specific requirements and test thoroughly to ensure it behaves as expected.

[mtamaku]

Thank you for the code. Very much appreciated !!

However, my code id different than yours and when I tried to use this SetStopLoss("Entry", CalculationMode.Currency, -tradeStopLoss); to adjust the last trade stop loss, I am getting the compile error as No Overload for Method 'SetStopLoss' takes 3 arguments.

Here is my version of variables that I try to copy in your code.

if (DAILY_PNL + PROFIT_TGT >= DAILY_PROFIT_GOAL)
{
EnterLong("Entry");
SetProfitTarget("Entry", CalculationMode.Currency, DAILY_PROFIT_GOAL - DAILY_PNL);
SetStopLoss("Entry", CalculationMode.Currency, -STOP_LOSS);
}


Thank you.