Market order when ask/bid is at a set price

[seahn]

Hello,

In trying to minimize slippage I am trying to implement a strategy using limit orders. The problem is when placing a limit order my order is placed on the order queue and is not guaranteed to get filled.

To get around that I would like to be able to place an order that becomes a market order only if the ask/bid is at a price I specify. I realize that is does not quarantees my price but it will get me in very close rather than not at all.

Is it possible to do this in a NT strategy running on 5 minute charts?

Also I notice that strategies seem to be able to execute only one order per bar.
For example the code:

ExitShort("Short"); // exit short position at market
EnterLongLimit(Close[0],"Long"); // enter long position at limit price

will execute the short exit on the next bar and the limit long on the bar after that. I would rather have both orders executed on the same bar.

Thanks

[NinjaTrader_Joydeep]

Hello seahn,
Welcome to the forum and I am happy to assist you.

Unfortunately Market if touch (MIT) orders are not supported by NinjaTrader. You can however custom code your code to do it.

If (GetCurrentBid() > my price)
{
    //do something
}

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?getcurrentbid.htm

How are you submitting the orders. Can it be the case that the Enter() method is being ignored by the strategy as per the orderhandling methods.

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?managed_approach.htm

Please append the below code and see if you are able to find out the cause in the output window (Tools>Output window)

TraceOrders = true;

http://www.ninjatrader.com/support/forum/showthread.php?t=3418

[seahn]

Thanks for the tip on simulating MIT orders.

Unfortunately my strategy needs to have the CalculateOnBarClose=true. This is needed to prevent numerous whipsaws if the price ticks back and forth at a price which alternates between long/short entry signals or similar situations.

Is there a way to have CalculateOnBarClose=false so I can simulate MIT orders and also another method such as a "OnBarClose" or equivalent to actually calculate the strategy entries? I do not see any way of doing this from the available methods.

Thanks

[NinjaTrader_Joydeep]

Hello seahn,
Yes, you can do so by using the FirstTickOfBar property. Please refer to this sample code which further discusses it

http://ninjatrader.com/support/forum/showthread.php?t=19387