Frequent Stop Management

[epcompany]

I have a strategy that uses multiple conditions for exit using the vanilla:

ExitLong();
or
ExitShort();

I'm about to turn this strategy on the live market and want to add an exit condition:

ExitLongStop()
ExitShortStop()

at the worse case exit which has a known price. This to protect me against connection loss and to get the worst case order entered into the queue (if at all).

Several questions:

1) Does NT or my Broker (Mirus) care if I change this every bar?

2) Is the old value overridden by a simple reissuance of the command with the new stop price? If not, how do you remove the old stop before entering a new stop?

3) What happens to the stop order if one of the other conditions triggers a normal


ExitLong();
or
ExitShort(); ?

Thanks,

Larry

[NinjaTrader_JoshP]

1. There is nothing limiting you from placing orders every bar on NT's end. Whether or not Mirius will accept all those placements/changes is something you may want to inquiry them directly about.

2. Old value is overwritten. You will just amend the original exit order provided you use the same quantity, signal name, etc.

3. It will cancel when it can no longer find the matching position to exit. Note that it could ALSO get filled during the time your brokerage fills your market order but has not reported back to your NT yet. You run the possibilities of having overfills when you place two exits like that.

[epcompany]

Thanks, Josh!

Is there a "clean" way to have a stop entered for the security issue I mentioned and have multiple exit criteria?

Instead of exiting using the ExitLong(), maybe move the stop knowing it should trip immediately?

Thanks again!

L.

[NinjaTrader_JoshP]

You would not be able to move a stop and have it trip immediately because you run the risk of moving it to a rejected price.

You would need to cancel the stop and then place your market when the stop has cancelled.