Stops explained

[kaydgee]

Hello all,

Is there a reference to which you can point me that a) explains how stops work in NT, and b) explains the ways to control the behavior of stop entries and exits?

I'd like to understand what triggers a trade on EnterLongStop(), EnterShortStop(), ExitLongStop() and ExitShortStop().

Some scenarios I'd like to code are:

1. Entering a long (short) position at the offer (bid) if a trade has occurred above (below) a given price.
2. Entering a long (short) position at the offer (bid) if a trade has occurred at or above (below) a given price.
3. Working a bid (an offer) if my stop price goes offered (bid).

[NinjaTrader_RyanM1]

Hello Kaydgee,

There are buy stops and sell stops. You will use either one depeding on the statements used.

Once the last traded price = the stop price, orders are submitted as market orders.

There isn't a reference sample exactly on what you want, but the following links to method signatures and OnMarketData event handler should help:
Close
GetCurrentAsk()
GetCurrentBid()
OnMarketData()

[kaydgee]

Thank you, Ryan.

Is it safe to say that one can accomplish the same effect as a stop order by continuously polling prices through the OnMarketData() method and then issuing a market order upon the appropriate "stop" trigger?

[NinjaTrader_RyanM1]

Yes, that's essentially how it's working. The main difference here is the location of the orders. In your example, the order is not submitted until the conditions are satisfied within your local NinjaTrader. When you submit a stop order using EnterShortStop, ExitLongStop, etc, your order is typically held with the broker or exchange.

http://www.ninjatrader-support.com/vb/showthread.php?p=27076#post27076