StopLoss above open point of position

[jozindikan]

Hi all,

I would like to programm following strategy (description is for long position): When the position is on specific profit I want to move the SL above opening price of current position, but below this current profit. Let's say the current profit is 100 ticks and I would like to move the SL on level of 50 tick to assure that at least profit of 50 ticks will be achieved.

I think it is similar to trailingstop, but I want to move SL above opening price only when specific profit is reached. SetStopLosl can not put exit order above the opening price of current position.

Do you know how to do it? Is it feasible at all in Ninja Script?

Thank you for your help.

Best regards,

Jozef

[zoltran]

You can do this in NinjaScript for sure. You have to write the code yourself, .. it can't be done using the wizard interface.

Basiclly you just re-issue the setstoploss method with your new price. (make sure to use the Price format)

Search the reference samples as well.

[jozindikan]

Thank you for your reply. That's what I am doing. I have following condition in my code:
if(Position.MarketPosition==MarketPosition.Long){
if(Position.GetProfitLoss(Close [0],PerformanceUnit.Currency) > 100) {
SetStopLoss("Long",CalculationMode.Price,20,true);
}
}

But this sets SL 20$ below the open position price and not below current close price (which I want to have).

Thank you

[NinjaTrader_JoshP]

When you do

[SIZE=2][FONT=Courier New]SetStopLoss([/FONT][/SIZE][FONT=Courier New][SIZE=2][COLOR=#800000]"Long"[/COLOR][/SIZE][/FONT][FONT=Courier New][SIZE=2],CalculationMode.Price,[/SIZE][/FONT][FONT=Courier New][SIZE=2][COLOR=#800080]20[/COLOR][/SIZE][/FONT][FONT=Courier New][SIZE=2],[/SIZE][/FONT][FONT=Courier New][SIZE=2][COLOR=#0000ff]true[/COLOR][/SIZE][/FONT][FONT=Courier New][SIZE=2]);[/SIZE][/FONT]

It will set your stop loss at $20. What you want to put in instead of 20 is something like

Position.AvgPrice + 20 * TickSize

or something similar that achieves what you want.

[jozindikan]

Hello Josh,

I tried your sugestion as following:
if(Position.MarketPosition == MarketPosition.Long && Position.GetProfitLoss(Close[0],PerformanceUnit.Currency) > Revenue){
double r = Position.AvgPrice + sLMove * TickSize;
SetStopLoss(CalculationMode.Ticks,r);
}

In case of long position, the method SetStopLoss puts the SL as: open position price minus requested stoploss.I think, it cannot put the SL above open price of the current position.
Or should I use the SetStopLoss different way?

Thank you,

Jozef

[NinjaTrader_JoshP]

Don't use tick calculation mode. Just stick with the Price calculation mode.

[SIZE=2][FONT=Courier New]SetStopLoss([/FONT][/SIZE][FONT=Courier New][SIZE=2][COLOR=#800000]"Long"[/COLOR][/SIZE][/FONT][FONT=Courier New][SIZE=2],CalculationMode.Price,[/SIZE][/FONT][FONT=Courier New][SIZE=2]Position.AvgPrice + sLMove * TickSize[/SIZE][/FONT][FONT=Courier New][SIZE=2],[/SIZE][/FONT][FONT=Courier New][SIZE=2][COLOR=#0000ff]true[/COLOR][/SIZE][/FONT][FONT=Courier New][SIZE=2]);[/SIZE][/FONT]

You should be able to place the stop above your entry price after the position has gained some ticks in profit. Like a trailing stop, nothing is preventing it from moving the stop above the entry price.

[wayneFH]

FYI, I do this alot. All I do is use a negative value for the stop. It works beautifully.

SetStopLoss(signal, 5); // means 5 ticks below the entry.

SetStopLoss(signal, -5); // means 5 ticks above the entry.

- Wayne

[jozindikan]

Josh, thank you for your help. It works exactly as you wrote.

Thank you.

Jozef

[NinjaTrader_JoshP]

You're welcome. If you have any other questions feel free to post them.