OCO straddle with ATM

[mikeklein]

I'm able to place an OCO straddle trade without a problem. However, I dont appear to be able to place one that has an ATM Strategy attached to it.
Is there a workaround ?

[NinjaTrader_Jason]

Hello mikeklein,

You can accomplish a breakout/breakdown approach including ATM strategies by the following steps:


Right click in the SuperDOM and select the menu "OCO Order" to enable this function
For your first order, select the desired option from the "ATM Strategy" drop down list
Submit your stop order to buy above the market
For your second order, select the desired option from the "ATM Strategy" drop down list
Submit your stop order to sell below the market
CRITICAL Right click in the SuperDOM and select the menu "OCO Order" to disable this function

Let me know if this will not work for you.

[mikeklein]

Well that's how I've tried to do it and have managed to get both orders on without an ATM but when I include an ATM, I get the first order on and then when I try to place the second I get an error box which says 'You cant submit an exit order to a strategy until any of its entry orders has been filled'. The ATM Strategy I've built is a simple Profit Target of 12 pips and an SL of 10. I'm sure there must be a workaround.

[NinjaTrader_Jason]

You will need to re-select your ATM strategy before you submit the second entry order. Please let me know if the error remains when you re-select ATM strategy.

[mikeklein]

Excellent. It didnt occur to me that I had to re-attach the ATM as it was the same for both sides. However, it reminds me that I can attach different ATM Strats to either side. Which is nice. Thanks for the help.

One other slight issue you may be able to help me with is that I changed my commissions because I now get a rebate from MBT for my limit trades. However, I think I did it incorrectly and now have some ludicrous commissions attached to my trades I did today. I've changed the commissions back to what they were but the historic data isnt changing. Is there any way I can alter these commissions manually if not any other way.

[NinjaTrader_Kyle]

Hi mikeklein,

New commission levels will apply only to orders placed after the new settings are put in to place.

That said, you could remove the original executions and re-add them via the Executions tab of the Control Center.

First, record the values in all columns shown for the execution you're set to remove.
Next, right click on that execution and select 'Remove'.

Next, right click in the Executions tab and select 'Add', fill out all relevant options for the execution and correctly set commission, then click OK.

Performance reports will then use these new values.

[mikeklein]

Thats a great help. Thanks.

[aligator]

Hello mikeklein,

You can accomplish a breakout/breakdown approach including ATM strategies by the following steps:


Right click in the SuperDOM and select the menu "OCO Order" to enable this function
For your first order, select the desired option from the "ATM Strategy" drop down list
Submit your stop order to buy above the market
For your second order, select the desired option from the "ATM Strategy" drop down list
Submit your stop order to sell below the market
CRITICAL Right click in the SuperDOM and select the menu "OCO Order" to disable this function

Let me know if this will not work for you.

Jason, Hi.

This procedure is really awkward, specially for day trading, particularly scalping. Imagine the time and clicks involved in placing a bracket order and then canceling the OCO. By the time you do this you are either filled on the first leg, totally missed the trade, or worse, getting stopped out. Why can't this in NT DOM be fixed similar to the other DOMs out there to place bracket orders without having to enter the ATM strategy twice and cancel the OCO. Some serious day trader scalpers will hesitate to use NT DOM, short of using an Auto-trader (most people don't trust auto-traders.

Also,the most problemmatic is the middle mouse button (wheel) to place stop limit orders. The DOM should recognize a stop limit order if one clicks above the price, i.e. a stop limit buy order, using the left mouse key.

These are serious considerations by traders when selecting NT as a trading platform.

[aligator]

Hello mikeklein,

You can accomplish a breakout/breakdown approach including ATM strategies by the following steps:


Right click in the SuperDOM and select the menu "OCO Order" to enable this function
For your first order, select the desired option from the "ATM Strategy" drop down list
Submit your stop order to buy above the market
For your second order, select the desired option from the "ATM Strategy" drop down list
Submit your stop order to sell below the market
CRITICAL Right click in the SuperDOM and select the menu "OCO Order" to disable this function

Let me know if this will not work for you.

Jason, Hi.

This procedure is really awkward, specially for day trading, particularly scalping. Imagine the time and clicks involved in placing a bracket order and then canceling the OCO. By the time you do this you are either filled on the first leg, totally missed the trade, or worse, getting stopped out. Why can't this in NT DOM be fixed similar to the other DOMs out there to place bracket orders without having to enter the ATM strategy twice and cancel the OCO. Some serious day trader scalpers will hesitate to use NT DOM, short of using an Auto-trader (most people don't trust auto-traders.

Also,the most problemmatic is the middle mouse button (wheel) to place stop limit orders. The DOM should recognize a stop limit order if one clicks above the price, i.e. a stop limit buy order, using the left mouse key.

These are serious considerations by traders when selecting NT as a trading platform.

[NinjaTrader_Kyle]

Hi aligator,

Thanks for your feedback. I'll forward this on to development for further consideration.

[mikeklein]

Jason, Hi.

This procedure is really awkward, specially for day trading, particularly scalping. Imagine the time and clicks involved in placing a bracket order and then canceling the OCO. By the time you do this you are either filled on the first leg, totally missed the trade, or worse, getting stopped out. Why can't this in NT DOM be fixed similar to the other DOMs out there to place bracket orders without having to enter the ATM strategy twice and cancel the OCO. Some serious day trader scalpers will hesitate to use NT DOM, short of using an Auto-trader (most people don't trust auto-traders.

Also,the most problemmatic is the middle mouse button (wheel) to place stop limit orders. The DOM should recognize a stop limit order if one clicks above the price, i.e. a stop limit buy order, using the left mouse key.

These are serious considerations by traders when selecting NT as a trading platform.

I'm finding that I'm in agreement with aligator. I needed to place my orders this morning very close to a news release because of the volatility in the market. I missed a good opportunity because I just couldn't get both trades on within my limited time.
I need to be able to place this type of trade with one click as a pre-set. Is there anyway I can do this as a script or is there any other workaround you can suggest ?

[NinjaTrader_Jason]

Unfortunately there is no workaround to submit such a setup by a single click.

When using automated NinjaScript strategies you will need to program when it will submit orders. You cannot submit your entry orders manually that way.

I suggest to submit the orders a bit sooner so you have more time in the future.

[mikeklein]

OK thanks. Can I suggest then that NT looks at being able to program this as some form of ATM where I can preset the values I want and then when I make one click, all the rest of the parts of the trade follow suit ?

[NinjaTrader_Jason]

Sure, I will forward your suggestion to support such a setup with a single click to development to put it on the list of future considerations of the software.

Thank you for your feedback.

[plemal]

I'm not sure if the above applies to this question but any clarity about where I can find more information to set this up would be very helpful: I am trying to create a bracketed order (OCO) with the following parameters: 1/3rd Entry at a specified price level/ 1/3rd 1 tick lower / and another 1/3rd 1 tick lower than that. All 3 of these have different stops-is there a way to set an ATM up where they trigger at different prices? If I place an order at a specific price only 1/3rd of that order will trigger at that price the other 2/3rds one and then 2 ticks lower?? I'm not seeing a way to do that in the order display??

[plemal]

Also if these different orders are not embedded within the same ATM-are would they be charged separate trade commission on either the entries or exits or both??

[NinjaTrader_Jason]

Hello plemal,

You will need to setup 3 different ATM strategies since your entry order fills at three different prices. You will submit 3 entry orders with each a seperate ATM strategy attached. Unfortunately it is not supported to submit an entry order that will fill at three different prices and that will use a different ATM strategy per entry order. You can setup 3 different ATM strategies when the entry order is submitted at one price.

The 'ATM strategy selection mode' needs to be set to 'Keep Selected ATM Strategy Template on Order Submission'. That way each ATM strategy will submit its stop loss and profit target at the price levels setup per ATM strategy. If you leave 'ATM strategy selection mode' to the default setting of 'Select Active ATM Strategy on Order Submission', it will combine the stop loss and profit target orders of each ATM strategy. More information regarding the 'ATM strategy selection mode' can be found at the link below.
http://www.ninjatrader.com/support/helpGuides/nt7/atm_strategy_selection_mode.htm

As far as I know each trade will be charged seperate. I suggest to contact your broker for clarification as per the commission that they apply.