CreateOrder vs EnterLong... with SetStopLoss&SetProfitTarget

[Shai Samuel]

Hi,

I am trying to understand the benefits/limitations of using either way including the ability to run Strategy Analyzer

I see the help of each, but I can't find the benefits/limitations or reasoning to use what.

[NinjaTrader_BrandonH]

Hello Shai Samuel,

Thanks for your post.

The EnterLong() method is a managed approach order method that tells your NinjaScript strategy to submit a long entry order to the market.

<Account>.CreateOrder() tells your script to submit an order to the account specified in the script. This is an add-on approach method that could be used in a NinjaScript strategy or indicator. Further, if you are tracking multiple accounts in a script, this method would allow you to submit orders to multiple accounts from a single script.

If you are creating a strategy that does not require that you submit an order to a specific account, you may use the EnterLong() method with SetStopLoss()/SetProfitTarget().

See the help guide documentation below.

EnterLong(): https://ninjatrader.com/support/help.../enterlong.htm
Managed Approach: https://ninjatrader.com/support/help...d_approach.htm
Account: https://ninjatrader.com/support/help...ount_class.htm
<Account>.CreateOrder(): https://ninjatrader.com/support/help...reateorder.htm

Let me know if I may assist further.

[Shai Samuel]

Thank you Brandon for your clear response. I may want to use multiple accounts, so this makes sense.

As far as backtesting, when using a single account (possibly sim101), would CreateOrder approach work for backtesting?

[NinjaTrader_BrandonH]

Hello Shai Samuel,

Thanks for your note.

Yes, CreateOrder() could be used for submitting orders to a single account. However, the Strategy Analyzer does not have a specific account for backtesting scripts so this means you wouldn't be able to submit orders to a specified account. Instead, you could use the Playback connection to test a strategy that uses CreateOrder().

If you want to be able to backtest a strategy in the Strategy Analyzer, EnterLong()/EnterShort() should be used, or SubmitOrderUnmanaged() if you are using the Unmanaged Approach.

Playback: https://ninjatrader.com/support/help...htsub=playback

Let me know if you have further questions on this topic.