Is it possible to change Setprofittarget amount in day trading.

[Antony]

Hi All,

Is it possible to change Setprofittarget amount in day trading.

Example 1st trade profit $75 and second trade $50 like that. Any Solutions?

Thanks!!
Antony

[koganam]

Hi All,

Is it possible to change Setprofittarget amount in day trading.

Example 1st trade profit $75 and second trade $50 like that. Any Solutions?

Thanks!!
Antony

Tag your orders, and set the profit target based on the individual tags. Look up "SetProfitTarget" in the NT Help.

[marcow]

I just saw Koganam's post, and it is definitely a much more elegant solution using the SetProfitTarget() command. So please ignore my post. I leave it quoted below in this post, because maybe the rest can be of some help to you.

The trick is to create to separate sell-limit orders each positioned so that they yield the $75 and $50 profit.

First set signal name of 1st entry to "entry_1" , second entry will be "entry_2".
After 1st entry, set a limit sell order with "fromEntrySignal=entry_1 " using ExitLongLimit something like this:

ExitLongLimit( 0, true, Quantity of 1st trade, Position.AvgPrice + (daily ProfitTarget / multiplier / Quantity of 1st trade ) , "exit_1" , "entry_1" );

for shares multiplier will be 1, do the same for the second entry, but use exit_2 and entry_2

Be sure to cancel the orders at the end of the trading session because they are live until cancelled (unless you use ExitOnClose to flatten the strategy)


this is the syntax in the NinjaTrader Help for the ExitLongLimit:
ExitLongLimit(int barsInProgressIndex, bool liveUntilCancelled, int quantity, double limitPrice, string signalName, string fromEntrySignal)

Marco

[Antony]

Great Koganam..

Thanks!!
Antony