Idea: The Smart Take Profit - Limit Take Profit Trap

[Thorsten]

After a take profit price is reached, the price often moves further in the trade direction. As a trader, my goal is to be sold at least at this price or better. What I definitely don't want is not to be sold. Especially if i work with a couple more of contracts.

If I set a limit order as a take profit at this point, then the price runs against it in the direction of the trade and I may not be filled or not completely filled.
However, prices can only rise or fall if the contracts run empty at the corresponding price levels and the next price level is reached.

If it were possible to place a limit order when the price reaches the penultimate price (for example, a tick lower), and after the limit order is in the market, follows behind the price in the direction of the ttrade, then the price could not move back again unless my order is filled. With the trailing stop style, I may even benefit from better prices.

Smart Limit Take Profit:

1. the take profit becomes the trigger. If the price is reached, the limit order is set as a take profit at the previous price. There is a general possibility to determine how much earlier the limit order (gap to price) should be set.
2. If my order is not filled, the limit order will be trailed in trailing stop style. I can specify the interval at which this should happen (Distance to price)
3. as a safeguard, if exactly my price level is exceeded when the order move up, the order is closed as a market order in exactly this case.
4. brokers sometimes limit how often an open order can be changed free of charge, there are also options to specify the maximum number of times it can be trailed.

[NinjaTrader_Jesse]

Hello Thorsten,

I wasn't able to see any questions in your post, did you need help with some part of this or were you just posting an idea that you had? This is the development forum, if you have questions you would need to break down what specifically you needed help with in the above description and supply the questions that you had on those items. If you are trying to make some kind of feature request please specify that so I can redirect this to the appropriate forum.

[Thorsten]

Hello Thorsten,

I wasn't able to see any questions in your post, did you need help with some part of this or were you just posting an idea that you had? This is the development forum, if you have questions you would need to break down what specifically you needed help with in the above description and supply the questions that you had on those items. If you are trying to make some kind of feature request please specify that so I can redirect this to the appropriate forum.

Yes it is an idea. please let me know where the is the right place to submit ideas?

[NinjaTrader_Jesse]

Hello Thorsten,

This forum is fine if you are looking for help on how to execute that idea, either our support or forum members would reply. If you wanted to go that route it would be helpful to know what you may have already tried or what parts you wanted help with.

If you are trying to flag this for NinjaTrader specifically to try and implement as a feature request that type of post would generally go in the Technical Support forum if you wanted a general platform feature that applies to manual trading tools. We also would need to know you are requesting that feature so you would want to include "Feature Request" somewhere in the post.

This type of post can also be in the development forum if you are looking for someone to create that for you as a strategy or indicator/addon, you would need to specify that though so we know how to direct you or so that other developers know that you are seeing development help beyond simply explaing concepts.