Chart Trading Feedback

[Granville]

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Thanks for your explanation Ray and for making v4-type DOM available in the next release.

Regarding the charts: If entering, managing and exiting trades by clicking in a chart could be done with extreme ease etc, I could see the use of it - the idea is brilliant - but it needs to be intuitive. Question: If I'm running tick charts (e.g. 133 tick chart) with IB feed, the bars shown on NT charts would have to look exactly the same as on my Ensign charts to be of any use (o/h/l/c) - could that possibly be achieved? (replacing Ensign for NT charts would probably not be an option, at least not for a long while).

[guy]

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- Do you see value in placing orders directly in a chart?

Yes, if I could graphically place my limit entry as well as a stop and traget I would find this exceptionally useful. It would allow me toenter realistic targets and practical stops based on the current market behavoir.


- If yes, would you use this method exclusively?

Probably


- If no, why not?

Can't think of any reason why I wouldn't use this - perhaps screen real estate under certain circumstances may make it less practicle.


- If yes, how should it be implemented? How would you see it working most affectively?

When you click on a chart you should have colored lines on the chart showing where you'd place your limit, stop and target based on your parameters. (Obviously a button or click to switch between short/long.) Multiple targets, limit entries etc. would appear as multiple lines of the same color.

You can then move each line around independently to the exact price you want. Each line has a value label attached to it so you don't make any mistakes. The rest would be like DOME - i.e. one click enters the order when you're ready and you can pull it etc.

Good luck in getting this implemented if you do it. I think that it would be a great feature.

[NinjaTrader_Ray]

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Granville wrote:

Thanks for your explanation Ray and for making v4-type DOM available in the next release.

Regarding the charts: If entering, managing and exiting trades by clicking in a chart could be done with extreme ease etc, I could see the use of it - the idea is brilliant - but it needs to be intuitive. Question: If I'm running tick charts (e.g. 133 tick chart) with IB feed, the bars shown on NT charts would have to look exactly the same as on my Ensign charts to be of any use (o/h/l/c) - could that possibly be achieved? (replacing Ensign for NT charts would probably not be an option, at least not for a long while).

I don't see any reason why the chart would look any different provided that the time session on the chart was identical. Also, this would depend if you are using Ensign with IB or another feed. If another feed, I guarantee you that the charts will look different. You only get a tick update from IB every 7/10ths of a second. If you want a pure tick chart, you will not get it from IB. A lot of data is missing.

[jbe]

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I currently have DTN IQ as a data service and use the Ensign charting software. Is there a way to set up the NT charts so I canutilize DTN'shistorical data and get the charts building 24/7? That would be extremely helpful! jbe

[NinjaTrader_Ray]

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Sure, see the following -

http://www.ninjatrader-support.com/s...yGuide_Dtn.htm

Ray

[Pauline K]

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Dear Ray,

in general, it is easier for me to place orders directly from a chart. If it were reliable and fully functional, yes, I would use this method exclusively.

It also gives a fabulous way to review and journal my trades.

[Rob Richardson]

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I thought I was going to love NT5 when I first started playing with it, but I have notgone live with NT5 yet. I still use NT4 for live trades and I have not had the chance in over a week to practice with NT5. Wondering if I will ever will convert if I only get a few infrequent practice sessions.

I loved NT5 becuase many of my trades are counter trend andI tendto scale in as price moves deeper against me. I also scale out as price moves in my favor. So the ability to set up 3 or 4 limit orders separated by a tick or two really appealed to me. The same capability is valuable in scalping situations where I could have my exit order entered before I actually got my entry order filled.

What I found as I practiced in live market trades was that I got totally confused

- how many contracts were associated with which strategy ( I some how got two strategies in one DOM)

- were there actually stops and targets for all my contracts?

- would a fulfillment of a target actually cancel that number of contracts on the stop?

I saw enough to be convinved that I could easilly and mistakenly reverse a position in some situations and in other situations leave open orders or, even worse, open positions.

Maybe its a matter of practice - that I may or not have time for. Maybe its a matter of configuring NT 5 to allow only one strategy per NT5 DOM. Canned solution would be really appreciated.

I really missed the ability to remove and add targets/stops in NT4. My fingers are traind for the NT5 point and click entry and management, but I can re-learn the NT5 double click method if necessary.

As for entering orders on charts: I would continue to use the DOMbecause I watch the market depth closely. But I do annotate my charts with my trades. My dream situation would be to have the trades I makeusing the DOM show up on the charts.

Hope that helps. Thanks for asking and I hope I can be effective with NT5 someday soon.

[NinjaTrader_Ray]

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Rob,

Thanks for your feedback.

The fundamental question revolves around what you want to have happen when you set up multiple limit orders ahead of entry.

a) Do you want existing stops and targets ammended?

b) Do you want a separate new bracket (stop loss/profit target) submitted at each limit orders fill price which is really just creating a new bracket.

I would rather not explain how to accomplish either option here since we are about to release a new version that has an update in this area. With the new update, there will be 3 SuperDOM modes.

DisplayOnlySelectedStrategy- Like V4, one strategy per DOM is visualized
SelectActiveStrategyOnOrderSubmission - This accomplishes option (a) above
KeepSelectedStrategyTemplateOnOrderSubmission - This accomplished option (b) above


Add/Remove targets will be brought back before the end of the year.

[tquinn]

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Ray,
Will the ability to manage a single strategyin a DOM allow me to put ATI trades in one DOM and manual trades in another?

[NinjaTrader_Ray]

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It will allow you to put a specific strategy in one DOM regardless if it was initiated via ATI or manually.

[Tradewell]

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Ray.. Regarding the Chart trading. My partner and I looked into this about 6 months ago. He actually looked at it in depth and will post his feelings this weekend.

In the mean time look at Fipertec.com their product Dynamite Centimenter does a very good job of allowing you to trade on the chart. Even trendlines and I think penetration of moving averages and indicators can trigger an entry or exit.

Hope this helps.

Thanks for a wonderful product
Tradewell. Long Beach CA

[NinjaTrader_Ray]

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FYI

http://ninjatrader.mywowbb.com/view_...amp;forum_id=5

[Alfred]

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I believe trading from a chart could be a very good thing to implement...andfeel I would use it more than the Dome, perhaps almost exclusively. With a narrow sidebar to a chart for all Dome like options this could be screenspace efficient, and more intuitive. Plus you could trigger a trade on trendline breaks etc. I already use an NTtick chart all the time now to more accurately postion entries as targets are approached and for moving stops.

Thanks....

[John858]

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Is trading from a chart going to cost me extra (TT royalties)? Isn't it the same thing as a chart's "y" axis? Also, if it doesn't cost me extra initially, and TT says it's illegal (or is covered by their patent, or whatever it's called), will I be liable?

It's a great idea, but seems like it's the same thing as the dynamic superdom, and I'd prefer not to pay the overhead.

Thanks in advance,

John

[NinjaTrader_Ray]

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No it will not costyou extra.