Chasing long entry Lower

[firefoxforum12]

Is there presently an addon or GUI way in NT to catch a hard wick well below your entry price? So you get a BETTER long fill? Dont want to chase it Up (if it's a long), want to chase it Down.

Thanks

[NinjaTrader_ChelseaB]

Hello firefoxforum12,

I'm not quite sure what you are asking.

By chase do you mean you want a limit order that chases the market price as the market price falls, similar to trailing for stop order but in the opposite direction?

Below is a link to an example.

https://support.ninjatrader.com/s/article/Profit-Chase-Stop-Trail

[firefoxforum12]

Hi thanks for response.

No mean, say you have a Limit long entry order at 1000 with TP at 2000 and stop at 500.

Price dumps hard and dumps right down to 700, triggering you in around 1000 normally.

I want to know if NT has or there exists an addon or way that similar to "chase limit" concept you can set NT to say, "with 50 ticks of room, if price touches 1000, doesnt go above 1050, follow it DOWN to optimize entry).

E.g. So your actual entry could actually be 920 because NT optimized the entry

[NinjaTrader_ChelseaB]

Hello firefoxforum12,

So you do not want a profit target limit order that chases market price?

It still sounds like you are describing a limit chase order..

Can you clarify how what you are describing would not be a limit order that chases the market price?

"So your actual entry could actually be 920 because NT optimized the entry"

Are you asking how to use the Strategy Analyzer to optimize a strategy with an input for the profit target distance in ticks?

Have you used the Auto Chase with Atm Strategy templates?

https://ninjatrader.com/support/helpGuides/nt8/auto_chase.htm

To confirm, this is not what you want, correct?

[firefoxforum12]

Hi Chelsea, no where in that documentation does it specify Optimizing the entry like so

Is this possible?

[NinjaTrader_ChelseaB]

Hello firefoxforum12,

When you use the word optimizing, do you mean optimizing as in running a backtest over several parameters to find the best parameters?

Below is a link to the help guide on optimizing.

https://ninjatrader.com/support/helpGuides/nt8/index.html?optimize_a_strategy.htm#HowToRunAnOptimization

In the screenshot you state "actually gets long here by chasing down".

This seems like a limit chase, however in post # 3 you have stated this is not what you want.

I asked:

"By chase do you mean you want a limit order that chases the market price as the market price falls, similar to trailing for stop order but in the opposite direction?"

To this you said:

"No mean, say you have a Limit long entry order at 1000 with TP at 2000 and stop at 500."

Have you tried using the Auto Chase feature of Atm Strategy templates?

To confirm, this is not the behavior you want?

[firefoxforum12]

Hi, I see the confusion. I played with them a bit but they only seemed to chase long price down if it got within range of a TP - OR chased price up if it got near my long Entry price. I dont see where it chases price Down on entry if it gets. I.e. Runs away downwards from price to get a better fill (unless price runs back up to X ticks away then it jumps in). Are you saying this latter part exists? If so I apologise I may be too dense to see how to set it up. I watched several youtubes and went through the docs, no mention of this specific thing. I am not asking for anything to do with backtesting.

Appreciate your clarification

Thank you

[NinjaTrader_ChelseaB]

Hello firefoxforum12,

Your logic could start chasing the limit down with any criteria you would like on the entry or the exit order.

Below is a link to an example with sample code of what limit chasing logic looks like.

https://support.ninjatrader.com/s/article/Profit-Chase-Stop-Trail

[firefoxforum12]

Thanks Chelsea. I did see those examples prior to this forum post. None of them do what I am asking as far as I could tell.

It seems there is no current way to do what I am asking via:

- The GUI
- Via any existing source code.

Please kindly confirm?



The documentation for this field below says it follows entry price UP for longs (or down for shorts), I.e. gets a worse fill not a better fill, opposite to my diagram above.

[NinjaTrader_ChelseaB]

Hello firefoxforum12,

The Chase option will move a limit toward the market price. If the limit is a sell limit above the market price and the market price begins to fall, the limit price will be changed lower 'chasing' the market price as it falls to enter at a better price.

https://ninjatrader.com/support/helpGuides/nt8/auto_chase.htm

This is also the logic for the exit limit in the Profit Chase Stop Trail examples, which can be adapted for chasing the market price with an entry limit order.

[firefoxforum12]

Hi Chelsea. Thank you, however this is not what I want. If its a sell limit above market price, I want the limit order to fly upward to chase price UPWARD to get a better (higher priced short entry).

Is there code and/or does NT support this out of the box? In your example, I do Not want to chase price down in a short, to get a worse entry price for shorting

[NinjaTrader_ChelseaB]

Hello firefoxforum12,

"hank you, however this is not what I want. If its a sell limit above market price, I want the limit order to fly upward to chase price UPWARD to get a better (higher priced short entry)."

With the Auto Chase as the price moves away from the order, the order moves toward the market price "chasing" it.

However, a sell limit order above the market price would move down toward the market price, not up.

Are you trying to move the order further away from the price and not chasing toward the market price.

[firefoxforum12]

Hi Chelsea I dont know how else to put this so I drew you a diagram. Pretend I am going short as per this diagram, does NT let you setup a strategy where it will chase price UP as it taps my short limit or MIT entry order so I can theoretically get a better fill as per diagram. Purple line represents price action.

Curious if GUI supports it, and any code. I have seen neither do this:

[NinjaTrader_ChelseaB]

Hello firefoxforum12,

It looks like your image is showing the market price moving up, and the limit order below the market price and moving up as the market moves up 'chasing' the market price up.

If so, that would be auto chase behavior, which is what I have been advising in this thread.