Exit Position Issue

[Shai Samuel]

In a strategy I am using SetStopLoss() and SetProfitTarget() before Entering orders with EnterLongMIT/EnterShortMIT.

At a certain condition I would like to exit the position. I tried several methods, including CancelOrder using OnOrderUpdate to get the order link.

Any mehod I use rise the same error:

An Enter() method to submit an entry order at '1/19/2023 12:16:00 AM' has been ignored. Please search on the term 'Internal Order Handling Rules that Reduce Unwanted Positions' in the Help Guide for detailed explanation.

What is the correct way to exit the position with its stop and target orders?

[Shai Samuel]

Looking further into my backtest chart, this message only occurred once, when the system exited due to EOD, so maybe what I am doing s correct, and the error message is confusing.

1. Am I doing the correct thing?
2. Any way to avoid it?

[NinjaTrader_ChrisL]

Hello, thanks for writing in. There should be no use of Exit order if you are using SetStopLoss/SetProfitTarget. The best way to exit the position is to use either CloseStrategy() and that will close all open position, cancel all working orders and disable the strategy or you call SetStopLoss again while in the position and move it to the market price.

[Shai Samuel]

Thank you for your reply Chris. I want to clarify that I am only trying to cancel the signal order, not the StopLoss or ProfitTarget orders that are related.

Looking at my debugging output, it looks like most of the CancelOrder works fine, until I get such an error message.

Furthermore, when I commented out the CancelOrder, I still got the error message.

        private void ExitPosition()
        {
            if (entryOrder!=null)
            {
                Print("ExitPosition", "entryOrder="
                        +(entryOrder.Name+entryOrder.FromEntrySignal!=""?(", FromEntrySignal="+entryOrder.FromEntrySignal):"")
                        +", Position="+Position.MarketPosition+", Filled="+entryOrder.Filled);

                CancelOrder(entryOrder);
            }
        }

        protected override void OnOrderUpdate(Order order, double limitPrice, double stopPrice, int quantity, int filled, double averageFillPrice, OrderState orderState, DateTime time, ErrorCode error, string nativeError)
        {
              if (order.Name==LongOrderName || order.Name==ShortOrderName)
                  entryOrder = order;

              // Evaluates for all updates to entryOrder.
              if (entryOrder!=null && entryOrder==order)
              {
                  // Check if entryOrder is cancelled.
                  if (entryOrder.OrderState==OrderState.Cancelled)
                  {
                      // Reset entryOrder back to null
                      entryOrder = null;
                  }
              }
        }

[NinjaTrader_ChrisL]

Hi Shai, The strategy can not call CancelOrder() on an order that has already been filled. If the order is not filled, you can use this method to cancel the order. CancelOrder is not causing the ignored Entry order this is happening because your strategy has an active entry order and your strategy is trying to submit an entry order in the opposite direction before that initial entry order is canceled.

[Shai Samuel]

Thank you Chris.

Got you:

1. If order was not fully filled, I can use: CancelOrder(entryOrder);
2. Otherwise, I need to set SetStopLoss to something like: SetStopLoss(ActiveOrderName, CalculationMode.Ticks, 0, false);

Only then I can handle the next order of the opposite side.

Could you please confirm this:

        private void ExitPosition(string source)
        {
            if (entryOrder!=null)
            {
                // if a part of the order is not yet filled, cancel it
                if (entryOrder.Filled!=entryOrder.Quantity)
                    CancelOrder(entryOrder);

                // if the order is running, exit now.
                if (Position.MarketPosition!=MarketPosition.Flat)
                    SetStopLoss(Position.MarketPosition==MarketPosition.Long?LongOrderName:ShortOrderName, CalculationMode.Ticks, 0, false);
            }
        }
​

[NinjaTrader_ChrisL]

Hi Shai, this code looks good, but please test it out on the playback/sim101 accounts.