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Multiple Profit Targets - Managed Approach

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    Multiple Profit Targets - Managed Approach

    Hello,

    I am trying to enter a trade and set only one Stop Loss and have multiple Targets using a managed approach. I know this is possible to do with an unmanaged approach but my coding level isn't quite up there yet.
    Was wondering if there are any examples where this is possible with managed.

    I was able to come up with a work around where I enter separate orders with the same Stop and different Profit Targets. This works for now because the Stop orders get merged and can be moved around as one order when they are at the same price. But I'm sure this will cause issues when it comes to commissions due to them being separate entries.

    Any help with this would be greatly appreciated!

    #2
    Hello TradeSimple(Dre),


    Thank you for your post.

    While using the Managed Approach, you may only use one SetProfitTarget() per each Entry method. Your workaround where you create separate entries in order to utilize a different SetProfitTarget() for each entry signal is the way to get around this, although as you mentioned it is possible for this to affect your commissions. One of my colleagues describes using separate entry orders in his post here:



    Ultimately, using the Unmanaged Approach would give you more flexibility and freedom, especially when it comes to using multiple Profit Targets without having to utilize an ATM strategy. If you would like additional information or resources regarding the Unmanaged Approach, please let me know.

    If you have any additional questions or concerns, please feel free to post them here.
    Emily C.NinjaTrader Customer Service

    Comment


      #3
      Hi Emily,

      Thank you for your reply! Looks like I will need to start learning the unmanaged approach now

      I've downloaded some examples from the forums but I would appreciate any other resources you may have available. The more the merrier!

      Thank you again, you guys are awesome.

      Comment


        #4
        Hello TradeSimple(Dre),

        Thank you for your reply.

        I definitely recommend reviewing the Help Guide resources for the Unmanaged Approach here:


        You could also compare the SampleOnOrderUpdate strategy with the UnmanagedTemplate strategy referenced in the post here:
        Hi, Is there a collection of sample/reference strategies that illustrates how to use the unmanaged order approach in advanced scenarios which also illustrates all the things one would need to be concerned about vs using the managed approach? Is there something like that you can point me to? Thanks, FaaastEddy


        We appreciate the kind words! Please do not hesitate to reach out with any additional questions or concerns you might have.

        Thank you for using NinjaTrader.
        Emily C.NinjaTrader Customer Service

        Comment

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