Absolute Value Hard Stop?

[tshirtdeal]

Is there a way to set an absolute value hard stop I am trying to set an ATM so that once I enter a trade the stop is auto set for a 100$ loss but it keeps moving me down 100$ from the entry price...

Thanks for any help,
Reed

Forgot to mention this is within chart trader...

[NinjaTrader_RyanO]

Hi tshirtdeal,

Thank you for your note.

When creating an ATM strategy you have the ability of inputting your parameters based on ticks, price or percent. If you right click in Chart Trader and then select Properties you can change the Parameter Type to any of those options.

If you use Price you can put in an absolute price value, and then you can create an Auto Trail strategy that follows at the various price levels. The process is the same just you are using different parameters for the initial setup of your ATM strategy.

[tshirtdeal]

Thanks for the help Ryan,

so if I set parameter for "price" and enter 100 it should auto move my stop loss so I will be out once down 100$ on the trade? It seems to be moving the stop loss down 100$ from the price I enter... I tryed using ticks but it seems to do the same thing...

I am not sure if I am missing an option, basically once I enter a trade I want the auto stop loss to take me out once my PnL is -100... Is this possible with ATM in chart trader?

[NinjaTrader_RyanO]

Hi tshirtdeal,

Yes, this is possible, but you would specify the price of the stop loss order as being 100 dollars offset from your entry price, rather than 100 dollars which would place your stop at that level, regardless of where the instrument is trading.

The price is an absolute value where you need to define the actual level you want for the orders. Or you can use tick values based on the instrument's individual tick values.

It is probably simpler just to define the actual value of a 100 dollar stop loss order based off of your entry order.

[tshirtdeal]

Thanks Ryan,

Here comes my dumb question for the day... how do I specify the 100$ price parameter to be offset from the entry?

Thanks,
Reed

[NinjaTrader_RyanO]

Hi Reed,

What I mean by that is that if you are using Price as your parameter type then you will set your stop loss to be 100 dollars less than the entry price.

Say that the entry order is placed at $1100.00, you would then define the Stop Loss as $1000 since that will be the actual value of the 100 less than the entry price.

[tshirtdeal]

Hi Ryan,

Oh, okay, so there is no way to create an ATM stop strategy that would just figure out the entry and auto-set a stop for a 100$ loss then? I was hoping I could set an ATM template up for chart trader so once my market order was filled it would automatically set a hard stop 100$ away from the entry price....

[NinjaTrader_RyanO]

Hi tshirtdeal,

The ATM strategy features will always use absolute values, but I have forwarded this suggestion to development for inclusion on the list of possible future enhancements to NinjaTrader.