Stops with unmanaged orders

[darckeen]

Hey NT crew,

Took some time off but I'm back, atleast till my school break is over. Been getting reaquainted with NT and checking out version 7. The new documentation, new events and the ability to not save trade in an optimization are great additions, i'm sure i'll find plenty of other cool stuff.

I have a question about working with unmanaged stop orders. Is it possible to submit a stop and have it working on the same bar a market entry order executes. Also can you specify the level of the stop based on the execution price of the market order.

Basically i'm looking for similar functionality to SetStopLoss with its dynamicsm and being active on the entry bar, but done with unmanaged orders.

[NinjaTrader_Bertrand]

Welcome back darckeen - thanks for the kind words, great you like NT7. There's no SetStopLoss in unmanaged mode, correct - you could still just SubmitOrder() your stop in OnExecution() when the Market entry order fills...

[darckeen]

If I use that method will the stop be working on the same bar as the market execution takes place or will it only be working on the next bar?

[NinjaTrader_Bertrand]

This will depend on the execution timestamp you get and chart interval used...the stop is submitted then in the moment you receive the entry fill.

[darckeen]

One more question, if I want to reverse from short to long with unmanaged orders, do I need to submit 2 orders? One to cover the short and another to buy long, or can this be done with one order and if so what OrderAction should it be?

[NinjaTrader_Bertrand]

You can submit one order with the qty needed to achieve the reverse, there's no functional difference between the order action, some providers through require to use a BuyToCover tag to close a open short for example, but that's more for equities.

[darckeen]

Gotta say I love love love unmanaged orders. Makes complicated strategies so much easier to implement

I have one more question whats the proper way to enter a profit stop order?

I have been trying to use OrderType.Stop with a sell higher then the buy price this seems to get executed immediately.

Should I be using a limit sell order instead or is it posible to implement profit stops with OrderType.Stop some other way?

This is the code i'm trying to use in OnExecution:

targetOrder[i] = SubmitOrder(i,OrderAction.Sell,OrderType.Stop,Positions[i].Quantity,0,
                           execution.Price*(1+targetMultiplier*riskPercent[i]),"",instName);

[NinjaTrader_Austin]

darckeen, you will have to use either a limit order or a stop limit order for profit targets. It is expected behavior that the stop type order executes immediately.