ocoId parameter in SubmitOrder method

[jonmoron]

In the StrategyBase.SubmitOrder function there is a parameter called
"string ocoId". What does this parameter do and how is it used?


thanks-
jon

[NinjaTrader_JoshP]

Jon,

If you wanted to submit two orders that are OCOed to each other you would call SubmitOrder() with the same OCO ID on both of your orders. Then whenever one is filled the other will be cancelled automatically.

[jonmoron]

Josh,

VERY NICE!!! What do the barsInProgressIndex and name parameters do?
Is 'name' simply the signal name? Very confused about the barsInProgressIndex.

thanks!
jon

Jon,

If you wanted to submit two orders that are OCOed to each other you would call SubmitOrder() with the same OCO ID on both of your orders. Then whenever one is filled the other will be cancelled automatically.

[NinjaTrader_JoshP]

barsInProgressIndex means which instrument you want to submit to. This is needed for when you are using multiple instruments in your strategy. If not, just use 0 as the BIP context to submit to.

Name is just whatever you want to name your order. This is for your own personal use. It has no signal tracking attached to this name like how signal names do with Managed orders.

[jonmoron]

Josh,

So, I tried using SubmitOrder, but when the code went to instantiating my entry order the debugger crashed and gave me this error message:

'SubmitOrder' method can not be called on managed strategies.

I'm not sure how my strategy is a managed strategy. What defines a 'managed' strategy and how can I force my strategy to be unmanaged?

thanks!
jon

barsInProgressIndex means which instrument you want to submit to. This is needed for when you are using multiple instruments in your strategy. If not, just use 0 as the BIP context to submit to.

Name is just whatever you want to name your order. This is for your own personal use. It has no signal tracking attached to this name like how signal names do with Managed orders.

[NinjaTrader_JoshP]

In Initialize() you will need to put this line:

Unmanaged = true;

[jonmoron]

Josh,

Thanks for all your help!

jon

In Initialize() you will need to put this line:

Unmanaged = true;

[jonmoron]

Josh,

Suppose I submitted two orders (1 long and short) with SubmitOrder(). I use "order1" as the ocoId for each of these. The long order goes on to get filled. I know that this immediately cancels the short order because the ocoID is the same. However if I then place a collar around the long order, creating essentially two more orders (a sell stop below and a sell limit above the AvgFillPrice), will all of these orders also be tied to one another if I use "order1" as the ocoId in SubmitOrder? In other words, when creating these two orders (the collar), if I use "order1" as an ocoId, would all orders that have this ocoId get closed out/cancelled?

entryshort
entrylong
entrylongstop
entrylongprofit

I have the above three orders and each of them has the value of "order1" as the ocoId. 'entryshort' gets cancelled (I have verified this and am very happy with it!) immediately once entrylong gets filled. However further, if the 'entrylongprofit' (hoping here) gets hit, would that cancel the 'entrylongstop' as well as tie this fill to the 'entrylong' entry.

Does that make sense?

[NinjaTrader_JoshP]

jonmoron,

I believe ocoID will only be effective in closing any orders that are already active at the time of the order fill. I don't recommend you use the same ocoID for your protective orders as your entry orders as it simply is a different OCO set.

[jonmoron]

Josh,

So you recommend using another ocoID for the protective orders for each entry? How then would a ProfitTarget fill be related to its entry? Or is there no reason to be concerned of this since I'm running Unmanaged?

jonmoron,

I believe ocoID will only be effective in closing any orders that are already active at the time of the order fill. I don't recommend you use the same ocoID for your protective orders as your entry orders as it simply is a different OCO set.

[NinjaTrader_JoshP]

jonmoron,

There is no need to be concerned with it. Unmanaged literally has no signal tracking. It is really just you telling your brokerage directly buy, sell, buy-to-cover, etc.

[jonmoron]

Very well. But you do recommend I use ocoId for the protective collar orders, correct? It seems logical that I'd have orders canceled once I don't need them (ie they get exited out with PT or a SL).

thanks!

jonmoron,

There is no need to be concerned with it. Unmanaged literally has no signal tracking. It is really just you telling your brokerage directly buy, sell, buy-to-cover, etc.

[NinjaTrader_JoshP]

Right. I do recommend ocoIDs for bracket orders.