Set Profit Target based on candlesize?

[omermirza]

Can someone help me set the profit target based on the size of the most recent candle. Currently I have the following but the profit target is set when the first candle closes in profit instead of what I want.

protected override void OnBarUpdate()
{
if (BarsInProgress != 0)
return;

if (CurrentBars[0] < 1)
return;

candlesize = High[0] - Low[0];

if ((High[1] < EMA1[0])
&& (Close[0] > EMA1[0]))
{

EnterLong();

SetStopLoss("", CalculationMode.Price,(Low[0]), false);

SetProfitTarget("" , CalculationMode.Ticks, candlesize);


}

[NinjaTrader_BrandonH]

Hello omermizra,

Thanks for your post.

I see that you are calling Set methods after the entry order method is called. Set methods should be called before the entry method if you are calling the Set methods in OnBarUpdate. The reason for this is Set methods prep NinjaTrader to submit a profit target or stop loss order once an entry order method is filled. For example, see below.

protected override void OnBarUpdate()
{
    if (Close[0] > Open[0])
    {
        SetStopLoss(string fromEntrySignal, CalculationMode mode, double value, bool isSimulatedStop);
        SetProfitTarget(string fromEntrySignal, CalculationMode mode, double value);

        EnterLong();
    }
}

Also, note the following tip from the Tips section of the SetStopLoss/SetProfitTarget help guide pages: Should you call this method to dynamically change the target price in the strategy OnBarUpdate() method, you should always reset the target price/offset value when your strategy is flat otherwise, the last price/offset value set will be used to generate your profit target order on your next open position.

Based on the code you shared, if the previous High price and current Close price are greater than EMA1, your strategy will place an entry order at the current High price - current Low price and calls SetStopLoss/SetProfitTarget to place a stop and target.

Ultimately, if the strategy is not placing orders where expected then debugging steps would need to be target to determine how the strategy is placing orders so that you could modify the script accordingly.

See the link below to a forum post that demonstrates how to use prints to understand behavior.
https://ninjatrader.com/support/foru...121#post791121

See the help guide documentation below for more information.
SetStopLoss: https://ninjatrader.com/support/help...etstoploss.htm
SetProfitTarget: https://ninjatrader.com/support/help...ofittarget.htm

Let us know if we may assist further.

[omermirza]

What should the reset values be set too?

I've tried the following:

candlesize = (High[0] - Low[0]);
SetStopLoss("", CalculationMode.Price,(Low[0]), false);
SetProfitTarget("" , CalculationMode.Ticks, candlesize);

if ((High[1] < EMA1[0])
&& (Close[0] > EMA1[0]))
{

EnterLong();
}


if (Position.MarketPosition == MarketPosition.Flat)
{
SetStopLoss("", CalculationMode.Currency, 0, false);
SetProfitTarget("" , CalculationMode.Currency, 0);


}

[NinjaTrader_BrandonH]

Hello omermirza,

Thanks for your note.

What should the reset values be set too?

Are you referring to resetting the target price/offset value when your strategy is flat?

If so, see the reference sample linked below from our help guide which demonstrates resetting the target price/offset value of a Target/Stop when the strategy is flat. This reference sample also demonstrates modifying the price of a stop loss/profit target order placed by Set methods in OnBarUpdate.

https://ninjatrader.com/support/helpGuides/nt8/modifying_the_price_of_stop_lo.htm

Let us know if we may assist further.