Chart Trader: Condition based entries, time-axis entries, multiple OCO pairs etc.

[Elliott Wave]

While falling asleep I had a few interesting ideas for the chart trader.

1) Time -axis orders. Using OCO orders and ATM's are useful for managing trades based on price, but entries based on the time axis would also be quite powerful. For example, this would allow trades to be automatically exited at the end of the day, around news events and even at fibonacci time intervals regardless of the price. It takes a few seconds to do this manually and visually, but would take much much longer to code entries and exits based on fib time levels and upcoming news releases into a strategy.


2) Advanced condition based chart orders. In a nutshell this is a way to combine the best of both worlds, the convenience and control of chart based entries, with the power of the condition builder. Basically these orders would be placed on the chart like any other buy/sell limit orders, but when the target price is reached, rather than triggering the order immediately it evaluates the condition set.

Creating these 'advanced' orders would be extremely simple through the use of the existing condition builder.

3) Indicator based orders. Another simple but powerful feature. Orders based on price alone are fine, but I think it would be very helpful to set stops and targets based on indicator values. If you are long and the RSI falls below 50, exit the trade, if you are short and the MACD histogram rises above 0 exit the trade etc. The possibilities are endless.

4) Multiple OCO sets. This is simply the ability to place multiple sets of linked OCO orders. This would allow the user to analyze the chart, place multiple entry targets and have the trades associated profit target and stop loss orders initiated automatically, but independantly of the other orders in a different 'OCO set'.

[NinjaTrader_Jason]

Hi Elliott,

Thank you for your suggestions. I have have forwarded them to our Development team to put it on the list.