Question about "Internal Order Handling Rules that Reduce Unwanted Positions"

[tchen7]

Hello!

Thank you ahead of time for looking at my question and answering it

So the situation that I am in right now is that my strategy allows 1 entry per direction.

So lets say i am hypothetically in a Long position

I enter the position using the line:

EnterLong(Convert.ToInt32(DefaultQuantity), "longEntry1");

but before that line is called, I initialize a stop order:

SetStopLoss(CalculationMode.Price, x);

Now for some IF statement I want to get out of the position if it is true

if (Statment){
ExitLong();
return;
}

By running this trough the strategy analyzer i get the "Internal Order Handling Rules that Reduce Unwanted Positions" error in console. Looking at the rules i am confused and wanted to clarify if it was because of this rule( I am assuming that it is)

QUESTIONS

1.) Since I set a SetStopLoss() I'm assuming that the second rule is violated when I want to use ExsitLong() and that is why I'm getting the error?

2.) How would I go about getting around this? Do I need to somehow cancel the existing stop order before calling ExitLong()? Or is there some other way.


TLDR: I have a long position, before I enter the position I make a stop loss using SetStopLoss() . BUT if some condition is true on BarUpdate() I want to get out of the position by calling ExitLong(). This violates the Internal Order Handling Rules and I am not sure how to get my logic across without violating the rules.

I hope this is clear and what I'm describing is not confusing.

[NinjaTrader_ChrisL]

Hi tchen7, thanks for posing. The way you can get around this is to use an Exit order instead of a Set order. e.g. ExitLongStopMarket(); would produce the same kind of order to exit the long position. Alternatively, you can call SetStopLoss() again at a different price to move the existing stop loss order to a new price.

Kind regards,
-ChrisL

[ttodua]

so, this basically says that if you have `SetStopLoss/SetProfitTarget` methods used in your strategy, then you cant manually exit positions with `ExitLong/ExitShort` ? what a regress

[NinjaTrader_Gaby]

Hello ttodua,

This is not correct - Exitlong()/ExitShort() can be used while another order is working. If the Exit order closes the position, a stop loss or profit target from SetStopLoss() or SetProfitTarget() should automatically cancel.