ProfitTarget as stop order

[Dukecz]

Hello,

is there a way to generate profit target as stop order instead of limit using SetProfitTarget() method or do I need to make my own order (ExitLongStop() for example)?

Thank you.

[NinjaTrader_ChelseaB]

Hi Dukecz,

To use an order that is different that is set by SetStopLoss would need to be an ExitLongStop or ExitLongStopLimit. Or for SetProfitTarget ExitLongLimit.

The issue is the placement on the side of the market. If you are in an a long position you will need to sell with an exit order.

A buy stop or stop limit must be placed above the market. A sell stop or stop limit must be placed below the market.

Because of this, you would not be able to place a stop or stop limit at the same price on the same side of the market as a limit.

So no, it would not be possible to submit a stop or stop limit in place of a profit target generated by SetProfitTarget.

However, you could write into the script to submit a market order when a price gets hit. The order would not be working on the exchange but the logic would exit with a market at the desired price.