Order reversal with actve profit target and stop loss

[alex.nt]

A quote from help:

"Methods that generate orders to enter a position will be ignored if:
- A position is open and an order submitted by a set method (SetStopLoss() for example) is active and the order is used to open a position in the opposite direction"

Questions:
1. What is an ACTIVE order?
2. Does it mean that when stop loss is working I cannot reverse the position by issuing an order in opposite direction?

For instance, I have SetStopLoss() set in Initialize(), I am in Long position (meaning SetStopLoss is active?) and I would like to enter Short. Will I get a rejection/null order?

Thank you

[NinjaTrader_RyanM1]

Hi alex.nt,

Active means the order status is working or accepted. Internal order handling rules do not apply to market orders, so you can still send EnterLong(), EnterShort() and they will reverse, even while a stop loss order is working.

[alex.nt]

Sorry, I would like to get a more definite answer Because it sounds really strange that one cannot reverse a position via limit order if stop loss order is working for current position.

So: what happens if I have long position of size 1, working stop loss & profit target orders and I make the following call:
IOrder order = EnterShortLimit(BarsInProgress, true, 1, limitPrice, signalName);

Ideally, stop loss & profit target orders should be cancelled and then position should be closed and then this new short order should be submitted.

What happens in real life?

Thank you!

[koganam]

Sorry, I would like to get a more definite answer Because it sounds really strange that one cannot reverse a position via limit order if stop loss order is working for current position.

So: what happens if I have long position of size 1, working stop loss & profit target orders and I make the following call:
IOrder order = EnterShortLimit(BarsInProgress, true, 1, limitPrice, signalName);

Ideally, stop loss & profit target orders should be cancelled and then position should be closed and then this new short order should be submitted.

What happens in real life?

Thank you!

Your order will be rejected. If you want to take a long read, these threads, in which I am the protagonist, will keep you awake nicely at night.

http://www.ninjatrader.com/support/f...ad.php?t=39971
http://www.ninjatrader.com/support/f...ad.php?t=43855

[alex.nt]

Great, exactly the same question

[coolmoss]

Hi alex.nt,

Active means the order status is working or accepted. Internal order handling rules do not apply to market orders, so you can still send EnterLong(), EnterShort() and they will reverse, even while a stop loss order is working.

Trying to really understand this. From the NT7 online manual I copy/paste:

"Methods that generate orders to enter a position will be ignored if:
· A position is open and an order submitted by a set method (SetStopLoss() for example) is active and the order is used to open a position in the opposite direction"

The way I read it, if the strategy is long and has a stop and/or target via a Set type statement, then even a market order won't reverse you.

Please clarify, thank you.

[NinjaTrader_Bertrand]

coolmoss, those order handling rules would not apply to market orders - you can use those for a reverse in your case still.