Order modification question

[jasonw]

Can you change the size of of an ATM profit target/stop loss?

And can this be done through one click order modification?

Thanks.

[jasonw]

To clarify, I trade breakouts and take off half my position when my risk reaches 1:1.

For example, lets say I wanted to go long the ES.

I would place a stop-limit order to BUY 2 contracts at X price, with a profit target of 1 and a stop loss of 2.

Once my profit target is hit I then need to adjust my stop loss to 1 contract.

Is this possible via ATM strategies?

[NinjaTrader_DrewO]

Hello,

Thanks for your note.

It would not be possible to edit the size of a Stop Loss order once submitted. Attempting to modify the order quantity would cause an error message.

However, you could create a 2 Target ATM strategy with both targets having the same Stop Loss setting but only one having a Profit Target. In this situation, if the Profit Target were hit the first target would move to Close out and the second target would remain in the market with only the Stop Loss order remaining. I have provided an example screenshot below:

[jasonw]

Thanks for your response.

Once the profit target of 1 is reached, is there a way to set things up where a 2nd profit target of 20 is then triggered?

Thanks again.

[NinjaTrader_AlanS]

Hello jasonw,

Thanks for your reply.

To do this you would have to add an additional target in the initial setup of the ATM strategy, with a profit target of 21 (or 20 ticks away from where your profit target of 1 would fill).

Please let me know if I may be of any further assistance.

[jasonw]

I tried adding an additional target and received an error message.

Could you include a picture like NinjaTrader_DrewO did?

Thank you.

[NinjaTrader_AlanS]

Hello jasonw,

Thanks for your reply.

I have attached an image demonstrating how to set up your 2 target ATM strategy to this post.

If you would only want this target to be placed after your first target was filled - this would require custom programming, otherwise you would need to manually submit a second trade with another ATM strategy attached that had a profit target of 20 after your first order fills.

Please let me know if I may be of any further assistance.

[jasonw]

This worked perfectly!

I was trying to add a Target3 when all that was necessary was adding a profit target of 21 to Target2.

Thank you for your help, have a nice day in beautiful Denver, CO.