OTO Orders

[RealMikeL]

Hi everyone,
I was thinking as I was trading (always a dangerous combo) that it would be extremely helpful to have One Triggers Other (OTO) order options on NJ8. OCO orders are offered, so why not the reverse? When I get a fill, I'd like to automatically set a TP or SL without needing to check if my order got filled or not. Does anyone else agree or know how I can place this order, e.g. using ATM? Thanks yall!

[NinjaTrader_Gaby]

Hello RealMikeL,

Thank you for your post.

ATM Strategies will allow you to have Stop Loss and Profit Target orders placed automatically once an Entry order Fills.
These orders will act as OCO (One Cancels the Other) orders, meaning that once either your Profit Target or Stop Loss order(s) are filled, the other will be automatically canceled.

Within ATM Strategies, you may also create Stop Strategies which allow you to have your Stop Loss orders Auto Breakeven or Auto Trail at specified triggers.

We always recommend practicing your ATM Strategies on the Sim101 account to ensure that they behave how you are expecting. Connecting to the Simulated Data Feed will allow you to Trend the market in a specific direction to quickly and easily test your strategies.


NinjaTrader 8 Help Guide Links, for your reference:

• ATM Strategy Parameters
• ATM Strategy Templates
• Stop Strategy — Auto Trail & Auto Breakeven Parameters
• Simulated Data Feed

I have also provided links below to a couple of ATM Strategy webinars from our publicly available YouTube Channel. These videos provide complete walkthroughs of ATM Strategies and Stop Strategies. I highly recommend watching and following along with the examples from these videos on your own platform to become comfortable with ATM Strategies.

NinjaTrader YouTube — ATM 201: ATM Strategy Basics &

https://youtu.be/DH9y-j64X1U

[RealMikeL]

OK, I'll need to do a deeper dive into ATM strategies. But wouldn't it be just a heck of a lot easier to have OTO using a right mouse click in the order placement area just like OCO? Then you can just put your SL and TP in and voila you're done

[bltdavid]

I was thinking as I was trading (always a dangerous combo) that it would be extremely helpful to have One Triggers Other (OTO) order options on NJ8. OCO orders are offered, so why not the reverse? When I get a fill, I'd like to automatically set a TP or SL without needing to check if my order got filled or not. Does anyone else agree or know how I can place this order, e.g. using ATM? Thanks yall!

That's exactly what an ATM Strategy will do!

The idea of 'OTO', as you put it, is already part of NinjaTrader.
The whole purpose of the ATM strategy is do that 'OTO' for you.

The entry order type (whether Market, Limit, or StopLimit) doesn't matter.
(The entry order type is not part of the ATM)

Once the entry order is filled, then the ATM kicks into its 'OTO' mode
and will automatically submit the Stop Loss and Profit Target orders.
(The main purpose of ATM is to define these 'OTO' orders. Your
ATM could even submit multiple target orders, to scale out of the
position as price moves in your favor. The SL and PT orders
are setup as OCO, so that when one fills, the other is cancelled)

ATM Strategies are a very big part of the appeal of NinjaTrader.
You should make sure to understand them, since they seem to be
exactly what you're looking for.

Have fun!



PS:
Use that Sim101 acct, experiment & practice -- and read read read.
Get into the Playback Connection for Market Replay, download some
data to play with on your charts, or use the Simulated Data Feed
connection, but set your chart's 'Trading hours' to 'Default 24/7', since
the SDF provides data only according to the session hours of the
chart -- this trips people up on weekends, because no data on week
ends, people think Simulated Data Feed is broken -- no, you just
need to set your chart to 'Default 24x7' for SDF on weekends. The
point of using Playback Connection or the Simulated Data Feed
Connection is to get some practice data onto your charts -- so that
you can use Sim101 to practice using your ATM Strategies.


PPS:
Most people save their ATM strategies into 'templates', so that the
template name shows up in the ATM dropdown selection. It's good
practice to have a template naming convention, something like,

1Q_7T_10S

which means quantity of 1, 7 tick target, 10 tick stop, or just drop
the letters, and use the numbers,

1_7_10

since the position of the numbers implies their meaning. Just stay
consistent in how you define your template names, otherwise you
will test your sanity.

[sastrades]

That's exactly what an ATM Strategy will do!

The idea of 'OTO', as you put it, is already part of NinjaTrader.
The whole purpose of the ATM strategy is do that 'OTO' for you.

Is it possible to edit an ATM strat for each order, as I place it? What if my position size, ie. number of contracts change from order to order?
This is so old-school... TV has the ability to enter a stop and profit target right in the OEW!