Detecting exit via profit target or stop loss

[annettes]

Hi,
In writing a Ninjascript strategy, I sometimes want to make sure I am only in one trade at a time. I usually do this by setting a boolean variable when I enter a trade and resetting it when I exit a trade. But if I exit the trade via a profit target or stop loss, how do I detect this?
Or is there an easier way to prevent the strategy entering more than one trade at a time?
Thanks.

[dave1992]

I would use the OnPositionUpdate function - maybe for all of your exits so you can reset your boolean in one place. You'll have to check the new position - flat, long, short etc.

hope this helps
Dave

[NinjaTrader_Bertrand]

You would either need to work with the Exit() methods to be able to work with the IOrder objects to check for the individual fillstates - http://www.ninjatrader-support.com/H...V6/IOrder.html

A simpler way would be working with Position.MarketPosition to check the states as Dave mentioned - http://www.ninjatrader-support.com/H...tPosition.html

[annettes]

Thank you both for your replies. I assume that a market position of flat means that you are out of the trade. Is that correct? Also, is there any difference between using the OnPositionUpdate function as Dave suggests and just checking the value of Position.MarketPosition in the OnBarUpdate function? I notice that if I use the strategy wizard to check if the value of current market position is flat, it translates that to
if (Position.MarketPosition == MarketPosition.Flat)
in OnBarUpdate(). Can you access OnPositionUpdate from the wizard?
Thanks for your help.
Regards,
Annette

[dave1992]

Yes, flat means you're out of the trade.

The reason I say use OnPositionUpdate is that that will be called when a position changes (e.g. log to flat) On BarUpdate will only be called with a new trade price. That may or may not be when you want to check the position.

Looking at what you want to do though, I'd say one that you may want to do something like this -

OnBarUpdate

- check position first
- if flat, check for trade entry
- if not flat, manage position (check profit, decide when to exit etc)

[NinjaTrader_Bertrand]

Thanks for the advise Dave - Annette, unfortunately you can't work in OnPositionUpdate() in the wizard.