Limit Orders + Spread

[thowefx]

Hi Support-Forum,

there is one thing bothering me and I'm not sure how to handle it. When setting up a market order with 3 Targets, will there be a spread charge for each of the targets, or only one spread charge for the whole trade.

For example

Market Order
3 Targets
Spread: 1 Pip

So do I have to pay 3 Pips of Spread or just 1 Pip?

Thanks a lot,

Thowe

[NinjaTrader_CalH]

Hello Thowe,

Thank you for your post.

This would most likely depend on your broker and how they handle multiple orders this way.

Since, you are talking about pips, I assume you are referring to Forex instruments here?

[rgraute]

Two orders

I would like to do the following (example):

Place discretionally one limit or market order at 3000 with a StopLoss of 6 ticks at 2994 and simultaneously place a StopLimitOrder four ticks higher at 3004. When the StopLimitOrder is hit, I want the StopLoss for both positions to change to 2998.

How do I do that? With the ATM? The orders are not coupled with an automated strategy.

I really appreciate the help! Thanks alot and a great day to all!

Ralf

[NinjaTrader_DrewO]

Hello,

Thank you for your note.

This should be possible with an ATM strategy, but I'd like to get some clarification first.

Can you clarify what you mean by "both positions"? Are you entering a two contract position at the 3000 price?

When you say StopLimitOrder is hit, do you mean when the market reaches that prices and the contract(s) moves to fill?

I look forward to being of further assistance.

[rgraute]

Hello Drew,

I am always astonished about the great service you people at NinjaTrader provide! Thanks for the quick reply!

The idea is to buy one contract at 3000 with a stop at 2994 and if the trend moves in the right direction, automatically add two more contracts at 3004 and move the stop for both positions up to 2998.

Automation would help me avoid mistakes in the "heat of the battle" (-:

Thanks again and have a great day!

Ralf

[NinjaTrader_DrewO]

Hello Ralf,

Thank you for that kind note.

There is no feature to automatically add these additional entry orders in. Although, this might be possible with automated trading custom programming.

However, you can pre-emptively set a limit order for two orders to be filled if the market reaches your desired price, and attach a custom breakeven strategy to move your stop loss up to 2998. Please note for the instructions below to work, your ATM Strategy Selection Mode will need to be set to "SelectATMStrategyOnOrderSubmission", which is the default setting. Also, please note that tick values differ from instrument to instrument. For this example, I used the ES 09-14 contract which designates a .25 point value for each tick.

Please find attached a photo that shows your desired parameters for the first contract position.


How this will work is when you enter the market at 3000, your stop loss will be set 6 ticks behind the entry price (2994). When you reach four ticks in profit, this stop loss will move to 2 ticks behind your breakeven price (2998).

Please find attached a photo that shows your desired parameters for the second position.


After this order is set, you will want to re-select "Custom" in the ATM Strategy drop down menu in the Order Entry Window. This will allow for a second, seperate ATM Strategy to be employed. Change the Quantity field to 2, and reset your Stop Loss to 6 ticks. Inside the order entry window, place a Stop Market Order on the buy side at 3004. When the market reaches your first contract's breakeven profit target at 3004, you will enter into the market with two more additional contracts that also have a stop loss at 2998.

Since we did not mention a final profit target, we will leave the Profit Target parameters for both positions at 0, to be running positions.

Please let me know if I can be of further assistance.