Behavior of "Close" button and best practices for closing a position

[Hauser]

Assume for a moment it's 7am EST and I'm long 100 shares of BAC. If I understand the manual correctly, the Close button on the various Order Entry screens will first adjust the price of any outstanding limit sell orders I may have, then submit a market sell order for the remainder of outstanding shares. However if I don't have any limit sell orders in place, I believe NT will just submit a market sell order for the 100 shares, which won't be executed until 9:30 AM EST when markets open.

If this analysis is correct, then I'm looking for a way to close a position immediately regardless of what time it is and what other orders I have in place, for example the Interactive Brokers TWS Book Trader allows you to press a button that sets a limit order for your outstanding shares at the current price.

Is there some way to enable similar behavior in NT? If not, would setting a very high limit sell order (for example if I bought those 100 shares of BAC at $10, I could enter a limit sell order at $50) would that enable NT to modify that order to the current price and close my position without submitting a market order that won't be filled until market open?

Any advice would be appreciated, thanks very much!

[NinjaTrader_RJ]

Hello Hauser,

Thank you for your post.

Your understanding of the "CLOSE" button is correct.

1.) You can use the Buy/Sell Bid/Ask buttons in Chart Trader or the SuperDOM to enter your exit order as a limit.

2.) You can do as you state and have a limit far away from the price so that it doesn't fill, but when you use the "CLOSE" button, this target will be modified below the last traded price to close you out of your position.