Price target and subsequent trailing stop. Letting them run.

[raz0rback]

Hello all.

I am trying to implement a price target and stop strategy.

I want to set a profit target of X. once the price hits X I then want a trailing stop to be created of Y ticks, once the price is beyond X+Y.

so basically I want to lock in a minimum profit of X ticks for good trades, but let them run.

I have tried reading the manual and playing with order types but not sure how to do this.

Any ideas?

[NinjaTrader_Dierk]

You are talking about a NinjaScript strategy or an ATM strategy e.g. on DOM?

[raz0rback]

Hi Dierk,

This is in relation to an automated strategy.

In the particular implementation I am working on I want the trailing stop of 2 ticks to activate once 6 ticks profit has been reached. effectively ensuring every trade that moves at least 6 ticks locks in at least 4 ticks.

I find that the inbuilt trailing stop in Ninja is too restrictive, or I am using it incorrectly.

Id appreciate your suggestions.

[NinjaTrader_Dierk]

To clarify: this is an ATM strategy e.g. on DOM and not a NinjaScript strategy?

[raz0rback]

Sorry Dierk, its a ninjascript based strategy.

[NinjaTrader_JoshP]

In NinjaScript you can do this by the methods of SetStopLoss(), SetProfitTarget(), and SetTrailStop() depending on which type of order you want to submit.

You code in logic that will submit these various methods at the opportune time you want it. To check current PnL you can use GetProfitLoss(). Hope that gives you enough information to proceed.