Exit trade with stop loss

[iskier]

Hi,
I enter a short trade with:

EnterShort(0, 1, "SHORT");

I would like to create a StopLoss for this trade with known price level. Every bar I would like to update the level of the Stop Loss Price. I want to execute immediately the Stop Order.
What is the best way?

1. Right after I execute EnterShort, I can run:

SetStopLoss("SHORT", CalculationMode.Price, StopLossPrice, false);

or
2. At the

BarsInProgress == 1

which is 1 tick I can run

ExitShort(0, 1, "SL", "SHORT");

or something else?

I noticed that when I use the 2nd option, the order is not done asap and there are several ticks done in the middle - there are 4-5s until the ExitShort order is completed. I use Rithmic.

[NinjaTrader_BrandonH]

Hello iskier,

Thanks for your post.

To modify the price of a SetStopLoss() order you would need to dynamically call this method in OnBarUpdate().

Here is a reference sample demonstrating modifying the price of a stop loss order: https://ninjatrader.com/support/help...of_stop_lo.htm

From the SetStopLoss() help guide:

"You may call this method from within the strategy OnBarUpdate() method should you wish to dynamically change the stop loss price while in an open position

Should you call this method to dynamically change the stop loss price in the strategy OnBarUpdate() method, you should always reset the stop loss price / offset value when your strategy is flat otherwise, the last price/offset value set will be used to generate your stop loss order on your next open position"

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

Note that ExitShort() would not place a stop loss order, this would be a market order to exit a short position.

If you want to use Exit methods, you could consider using ExitShortStopMarket() in OnExecutionUpdate() to place a stop loss order.

Here is a reference sample demonstrating this concept: https://ninjatrader.com/support/help...and_onexec.htm

[iskier]

Hi Brandon,

thanks for reply.
I use the SetStopLoss() on OnBarUpdate().

That would be difference in using SetStopLoss and using ExitShortStopMarket()?
In the DOM, the SetStopLoss other participants on the market will the pending order and with the ExitShortStopMarket() it will a market order?
Which do you recommend?

[NinjaTrader_BrandonH]

Hello iskier,

Thanks for your notes.

It would be up to you to choose which method you would like to use for submitting the stop loss order from your script.

SetStopLoss() will submit a stop market order.

ExitShortStopMarket() would submit a stop market order.

See the help guide documentation below for more information about these methods and how they function.

SetStopLoss(): https://ninjatrader.com/support/help...etstoploss.htm
ExitShortStopMarket(): https://ninjatrader.com/support/helpGuides/nt8/exitshortstopmarket.htm

See this help guide page for more information about order types: https://ninjatrader.com/support/help...rder_types.htm