Moving target

[jeronymite]

I want to implement something similar to the conceptual opposite of a trailing stop, namely, a "leading profit target". In other words, I want to set a profit target, but when reached, the position remains open and the target will move with the direction of the trade until such time as a set of pre-defined conditions is met, usually a reversal of a specified amount. Obviously, this is to lock in a profit that increases as the trend continues until defined criteria are met that dictate the position be closed.

I currently submit trailing stop and profit target orders with signal names for each order, but I do not adjust the profit target. I'm interested in the collected wisdom of the forum to suggest effective, efficient and, hopefully, elegant ways in which to achieve this functionality. I have a variety of ideas on this, but would like to hear what those more experienced than me may suggest. Many thanks for your advice!

[NinjaTrader_PatrickH]

Hello jeronymite,

Thank you for your post.

You can use the Managed Approach and use the SetProfitTarget() method within the OnBarUpdate() to make adjustments to the order based on conditions: http://www.ninjatrader.com/support/h...ofittarget.htm

You could also just track the movement of the market and look for your reversal from the profit move and then submit an exit order for profit (Limit Order).