Do I need to call SetStopLoss() for new position when the current position is closed?

[billythekid72]

Hello,

In the SetStopLoss() documentation, it says "A stop loss order is automatically canceled if the managing position is closed by another strategy generated exit order", when an old position is closed and a new position is opened, do I need to call SetStopLoss() prior to the opening of new position in order to get the managed stop loss for the new position?

Best,

Billy

[NinjaTrader_BrandonH]

Hello Billy,

Thanks for your post.

"A stop loss order is automatically canceled if the managing position is closed by another strategy generated exit order"

An example of this would be if you called SetStopLoss() and SetProfitTarget() to place a stop loss and profit target order for an entry order and the SetProfitTarget() order was filled, the SetStopLoss() order would automatically be canceled since the entry order was filled by the SetProfitTarget() order.

This happens because the SetProfitTarget() and SetStopLoss() methods prep NinjaTrader to submit a profit target order and stop loss order for the entry order that is submitted and these orders are tied together when submitted. Once either the profit target order or stop loss order is filled, the other Set method order is canceled.

SetStopLoss(): https://ninjatrader.com/support/help...etstoploss.htm

Please let me know if I may assist further.

[billythekid72]

Hello Brandon,

Thank you for your email, I understand what you said. My question however is, if I start another new position and want the StopLoss and ProfitTarget again, do I need to call them again before my new position?

Best,

Billy

[NinjaTrader_BrandonH]

Hello Billy,

Thanks for your note.

Are you calling SetStopLoss() and SetProfitTarget() in OnStateChange() when the State == State.Configure?

Or, are you calling the Set methods dynamically in OnBarUpdate()?

If you are calling the Set methods in OnStateChange() when the State == State.Configure, the Set methods will automatically be applied to an entry order that is submitted when no FromEntrySignal property is defined. If a 'FromEntrySignal' property is defined, the Set methods will submit profit target and stop loss orders for the Entry order that has the same SignalName as the FromEntrySignal being used for the Set methods.

If you are calling the Set methods dynamically in OnBarUpdate(), you would need to call the Set methods before the entry order method since the Set methods prep NinjaTrader to submit protective orders for that Entry.

For example:

//OnBarUpdate method
SetProfitTarget(CalculationMode.Ticks, 10);
SetStopLoss(CalculationMode.Ticks, 10);
EnterLong();

Let me know if I may assist further.

[billythekid72]

Thank you Brandon, you answered my question!