Can I do OCO with managed orders?

[asdfadf]

I have two orders

EnterLongStop(Quantity, s1, "First Long");
EnterShortStop(Quantity, s2, "First Short");

I would like to enter them both simultaneously in such a way that one cancels other upon execution. (i.e. whichever executes first cancels the other).

What's the best way to do that?

[NinjaTrader_PatrickH]

Hello asdfadf,

Thank you for your post.

This is possible using the Unmanaged Approach, but this would not be possible through the Managed Approach. The Internal Order Handling Rules for the Managed Approach will prevent one of the entry orders in your example from being processed and will ignore the order.

You can find information on the Internal Order Handling Rules and both the Unmanaged and Managed Approaches at the following link: http://www.ninjatrader.com/support/h...d_approach.htm


You could add in logic that waits for the price levels you want to be hit and then submit a market order for Long or Short depending on the price level, but unfortunately OCO would not be possible for a bracket order for entry.

Please let me know if you have any questions.

[asdfadf]

A noob question, but I've read somewhere that it's important to enter an order as early as possible in order to get the best filling price, is it so? Would the unmanaged approach be more advantageous from that standpoint?

[NinjaTrader_PatrickH]

Hello asdfadf,

Thank you for your response.

That would seem a bit out of context, although I am not certain what that would in reference to. Entering earlier would mean your in line before others or before you would be if you waited. So it's much like getting in line at the grocery store, the earlier the better.

So this may be in reference to FIFO, you can find information on this at the following link: http://www.ninjatrader.com/support/h...timization.htm

Please let me know if you have any questions.