Alternatives to using Close option on multiple active orders

[jmoney11]

Hello.

In a scenario where I have one contract long and would like to sell at market using the sell button it's instantaneous. Now with multiple contracts open I have to sell each one individually it appears OR use the close feature which takes longer. I researched this in the user guide and found the following under 'Closing a Position or ATM Strategy Position'. Is there any other option to sell multiple open contracts (I don't ever have pending ones) quickly versus the close? I really appreciate any help!! Joe


Why not just submit a market order?


A lot of traders consume near 100% of their available margin. For example, you may have 1 contract position with one stop and target that consumes 90% of your margin. If you close a position by submitting a market order, the market order will get rejected due to insufficient funds and therefore cause grief if getting out of the position is critical.



The NinjaTrader approach offers several benefits:

•Modifying existing limit orders avoids the potential problem of breaching your account margin limitations when closing a position

•With some brokers, modifying existing orders is more efficient than submitting new orders by up to 500 milliseconds

•Cancellation of non essential orders unlocks available margin that could potentially get consumed if a market order is required to close out any remaining contracts that are not covered by existing limit orders



This approach essentially guarantees the most efficient way to exit a position.

[NinjaTrader_Alaura]

Hello jmoney,

Thank you for reaching out.

We would recommend that you try to build a strategy to close them out more quickly.

The the "Close" button will submit market orders and depending on the market conditions, it can be expected for the market orders to fill to flatten your position. You can check the statuses of these orders by checking the Control Center > Orders tab > "States" column. More about the order states within NinjaTrader can be found here:

• https://ninjatrader.com/support/help...efinitions.htm

Please note, you will want to make market orders. If you do require limit orders , this will have to be custom coded.

Please let me know if you have further questions.