When to set Stop/Profit targets?

[timmbbo]

When is the preferred section of code to call SetStopLoss/SetProfitTarget?

1) I've seen older sample code which sets the stop loss/profit target within the (State == State.Configure) section
2) Then, in new sample code, it seems like the stop loss/profit target are being set within the OnExecutionUpdate() section
3) In other code, I've seen the stop loss/profit target call in the OnBarUpdate() section, either before or after the EnterShort()/EnterLong() is called.

Out of these three possibilities, is any one of them preferred? Or, is it pretty much three different ways of accomplishing the same task?

Thanks,

[NinjaTrader_Emily]

Hello timmbbo,

Thank you for your post.

Ultimately, it depends on your needs and your preferences. If you are using a static offset, such as simply a number of ticks or percentage away from the entry price, you could call SetStopLoss() and SetProfitTarget() in State.Configure.

If you want dynamic stops/targets, such as set to a specific price based on a variable or stops/targets that move (like a breakeven, trail stop, or profit chase) then you would need to call them dynamically such as OnBarUpdate() or OnExecutionUpdate().

As noted in the help guide:

• It is suggested to call this method from within the strategy OnStateChange() method if your stop loss/profit target price/offset is static
• You may call this method from within the strategy OnBarUpdate() method should you wish to dynamically change the stop loss/profit target 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/profit target price / offset value when your strategy is flat otherwise, the last price/offset value set will be used to generate your stop loss/profit target order on your next open position

Here are the help guide pages for SetStopLoss() and SetProfitTarget() for more details:

• https://ninjatrader.com/support/help...etstoploss.htm
• https://ninjatrader.com/support/help...ofittarget.htm

Here is an example of a strategy that modifies the price of stop loss and profit target orders:

https://ninjatrader.com/support/helpGuides/nt8/modifying_the_price_of_stop_lo.htm

Please let us know if we may be of further assistance.