Is it not possible to enter two bracket orders with an ATM strategy? Any solutions?

[Johnny]

Hello guys,

Something which have frustrated me for a while is that it's not possible to submit a buy stop and a sell stop order simultaneously when using an ATM strategy.

My ATM's basically submit a buy stop and a sell limit based on fill price when going long. And vice versa when going short. These are OCO, so I can leave my computer knowing I'm covered.

Great.

However, if the market is trading in a narrow range, I may want to submit a buy stop above the range and a sell stop below the range in order to catch the breakout.

This does not seem to work, though:

"You can't submit an exit order to a strategy until any of its entry orders have been filled"

Any solutions?

It seems like it's possible if you use separate ATMs, but that's not a very satisfactory solution unless that's the only way.

Thank you.

Johnny

[NinjaTrader_ShawnB]

Hello Johnny,

Thank you for your post.

Here are the steps to enter two bracket orders with an ATM strategy:

• Right click in the SuperDOM or Chart Trader and select the menu "OCO Order" to enable this function
• For your first order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to buy above the market
• For your second order, select the desired option from the "ATM Strategy" drop down list
• Submit your stop order to sell below the market
• CRITICAL Right click in the SuperDOM or Chart Trader and select the menu "OCO Order" to disable this function

For a market fade approach just substitute limit orders with stop orders. This entry technique is demonstrated in our free ATM 201 training class that we hold weekly.

Click here for a complete schedule of our various free training sessions

Please do not hesitate to contact us for any other NinjaTrader inquiries you may have.

[Johnny]

Hi Shawn,

To be clear - I want to use the same ATM for both my orders. A buy above market. A sell below market.

This does not seem to work even when I do use the OCO functionality.

[NinjaTrader_ShawnB]

Hello Johnny,

Thank you for your post.

You will need to re-select your ATM strategy before submitting your second entry order to resolve.
After your first entry, the ATM menu may display a lightning icon, which means that the active ATM is selected and orders when scaling in will be merged with the existing ATM orders.

Please do not hesitate to contact us for any other NinjaTrader inquiries you may have.

[Johnny]

Hi, Shawn,

Thank you. That does indeed work!

However, it's a bit cumbersome to have to re-select the strategy. Is there a quicker way to do it?

Regardless, it's an improvement to know that I can solve this. So I thank you.

[NinjaTrader_ShawnB]

Hello Johnny,

Thank you for your post.

There isn't a quicker way to accomplish this.

Please do not hesitate to contact us for any other NinjaTrader inquiries you may have.

[Johnny]

Thank you, Shawn. Have a nice day still.

[steveg]

Hello. I setup the two bracket orders using the ATM strategies and OCO every day and agree that it's cumbersome, so please accept my seconding of Johnny's request to simplify the process.

[NinjaTrader_Jason]

Hello steveg,

If you use the same ATM strategy for both entry orders, please right click in the SuperDOM/ChartTrader and select Properties. Set 'ATM strategy selection mode' to 'Keep selected ATM strategy template on order submission' and click OK. This way you don't have to re-select the ATM strategy after submitting the first entry order and before submitting the second entry order.

[Johnny]

Wow. That seem to pretty much solve it, NinjaTrader_Jason! Thank you.