SetProfitTarget() - isMIT / SetStopLoss() - isSimulatedStop

[KarlEST]

Hi

I'm trying to understand the meanings and difference between SetProfitTarget() - isMIT and SetStopLoss() - isSimulatedStop.

I read through the "Simulated Stop Orders" article and I understand the benefits and risks, but why doesn't SetProfitTarget() have the same thing available?

For SetProfitTarget() - isMIT description seems kinda strange: "Sets the profit target as a market-if-touched order" So if this is false then what kind of order is the profit target? Shouldn't the profit target always be a market-if-touched order?

Thank You!

[NinjaTrader_Jim]

Hello KarlEST,

Thanks for your post.

Market If Touched could be considered the equivalent of a simulated stop, but for profit targets. Profit Targets are most often Limit orders. (SetProfitTarget submits limit orders, or if you specify, Market If Touched orders.)

MIT orders are similar to limit orders as well, but instead of having the order reside at the exchange, it would be on your PC or on the broker's order routing server.

When the price is touched or passed, a market order is submitted.

Basic Order Types - https://ninjatrader.com/blog/3-basic...pes-explained/

Advanced Order Types - https://ninjatrader.com/blog/3-advan...pes-explained/

We look forward to assisting.