How can I add a stop loss order once price has moved X pips?

[turbro21]

I have created a simple strategy that I would like to create a stop loss triggering function.

A simple example of what I'm trying to input:
"when price increases by 5 pips from our entry price, place a stop loss at our entry price"

Of course, I thought of using the trailing stop feature; however, using this the stop will keep trailing the higher the price goes and not stay put at the entry price.

Is something like this possible to add using the strategy wizard or will it require actual coding?

[NinjaTrader_ChelseaB]

Hello turbro21,

Absolutely. You will need a condition to detect the price has moved 5 ticks.

For example:

if (Position.MarketPosition == MarketPosition.Long && Close[0] >= Position.AvgPrice + 5 * TickSize)

This condition would trigger when the position is long and the price has risen 5 ticks or greater from the entry price.

Then you can place a stop with SetStopLoss or an exit order like ExitLongStopLimit().

[turbro21]

Hello turbro21,

Absolutely. You will need a condition to detect the price has moved 5 ticks.

For example:

if (Position.MarketPosition == MarketPosition.Long && Close[0] >= Position.AvgPrice + 5 * TickSize)

This condition would trigger when the position is long and the price has risen 5 ticks or greater from the entry price.

Then you can place a stop with SetStopLoss or an exit order like ExitLongStopLimit().

Hi Chelsea,

Thank you for your response. Will this change need to be made directly within the code or can I do it through the wizard?

[NinjaTrader_Jesse]

Hello,

This type of logic can be done in the wizard as well, you would be using the Offset property in this case. I have attached two images, one for the total condition in the builder. The second details how you can set the Offset value.

http://screencast.com/t/7wE7DQC7tmvT

http://screencast.com/t/ksAVegDt9

Please let me know if I may be of additional assistance.