can someone help me with custom exit strategy for tradestation. whenever i use the profit target strategy on tradestaion it sends a limit order. how can i change this to a market order to ensure that i get out of trade. for example whenever i place a target of $50.00 it sends a limit order but as i have learned just because it ticks your price it won't always sell you out. i would like to ensure that a when my target of $50.00 dollars is reached it will sell at market so i can at least lock in some profit. i am new to easy language so any help would be greatly appreciated.
If you are using SetStopLoss and SetProfitTarget, they should be Limit orders. If you want to override this and make the stop a Stop Market instead of Stop Limit, I am actually not sure how to do it using the built-in keywords for stop management.
You would instead just need to devise your own MarketIfTouched routine and run the strategy with IOG enabled (I am not sure TradeStation supports this but MultiCharts does). Then manually send the market order on touch.
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The newer TradeStations (at least 8.8) has setting under "Strategy Properties for All Strategies on this Chart":
A dialog pops up with choices...
"General" tab, "Backtesting" tab, and "Automation" tab.
Under Automation, you can choose, under "Strategy fill logic":
one of the checkboxes allows you to "Replace strategy entry limit orders with market orders.... xx (select) seconds
after the strategy has filled the order"
There is also a similar checkbox to replace strategy exit limit orders (targets) with market orders (select) seconds after
the strategy has filled the order.
There are also other options you can choose.
Under "Backtesting" you can force fill only if price passes your limit, or a certain number of shares, ticks, or trades has occurred.
So while the EasyLanguage specifies the order type, your automation setting dialog can change how that order is actually issued, or how its execution delay at the exchange might be simulated.
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