automatic risk/reward based on support resistance levels

[trader3000a]

Hi,
Is there a method whereby i might (for a long position, for instance) click on a buy level, then a target level, and have the software automatically identify a stop loss for me (based on a predetermined dollar amount)?
David

[NinjaTrader_ChrisL]

Hi trader3000a, thanks for posting.

There is a risk-reward drawing tool in the platform by default. I do not know of one that will automatically calculate a Risk/reward with a click though. There are also a few indicators on the app share site that might be of interest:

https://ninjatraderecosystem.com/user-app-share-download/support-and-resistance-lines-from-file-indicator/

https://ninjatraderecosystem.com/user-app-share-download/dynamicsrlines-2/

https://ninjatraderecosystem.com/user-app-share-download/advanced-risk-reward-indicator/

Best regards,
-ChrisL

[trader3000a]

Hi Chris, thanks for the reply. I think my question wasn't great. Here's a better explanation of what I'd like if we could add it to future development:

long trade example:

I define 2 levels:

a) a limit entry below the action at some level i like
b) a stop loss at some level i like

NT calculates the correct number of contracts for me (rounded up or down, my choice) based on my choice of % of max drawdown (i.e. Topstep), and sets up the trade once I approve.

long trade example:

Trading MES, I propose a limit entry at 4500, and a stop loss at 4480 ( based on support levels i like).

I've already told NT that I want to always risk 10% of my account's cash value ABOVE a specific $ amount. For instance, i only want to risk 10% per trade of the account's realized value over $98,000; so If my account's value is $100,000, I'd be risking 10% of $2000 ($200) on a trade.

based on my proposed entry and stop loss above, I have 20 points of risk I'd like to take on MES, so NT calculates that my limit order should be 2 contracts (200 / (stopPoints * contract value per point)), asks me to approve, and sets up the trade.

ability to incorporate breakeven automation as well would be perfection

Does that make sense? I used to do this type of thing with DAS trader pro.

thoughts?
thanks,
David
Last edited by trader3000a; Today, 02:56 PM.

[NinjaTrader_ChrisL]

Hi David, thanks for your reply.

There is an existing feature request requesting portfolio based stop and targets: SFT-2451 I added a vote to this for you.

Please check the release notes on the help guide upon future updates to see if a feature has been added.

Best regards,
-ChrisL