I was gonna pop up a thread as I just watched a vid on YT about this indi. Seems to be the real thing. as I scalp I was wondering if anyone here @ futures.io (formerly BMT) has this indi already and if it reallllllly does what IW says it can do. TIA
Seems really cool. I like the concept of this Indicator. I really don't know how they fire and Order from within their Indicator. There must be some other application (maybe the chart trader itself, could be an IW special version) that is talking with the Indicator to fire the orders.
I wonder if @Fat Tails has an Idea how they fire the orders from an Indicator?
My thought was that if it can do what they say it can do then what is the purpose of custom strategies in the ATM? Isn't it the same thing if the parameters are set right? There are different types of options in the profit manager for the stops. Why has no one coded these in here? Profit manger is like $750. That's quite a lot of money for an add on.
It also said in the vid I watched that it handles the order at the exchange and also cancels it there as well. Can anyone confirm that info?
The inbuilt ATM strategies of NinjaTrader just allows you to use a fixed trailing stop. If you want chandelier, supertrend or parabolic stop you need to code a strategy.
The indicator can probably not handle any orders at the exchange. This is what I have understood what the indicator does (please correct me if I am wrong):
It trails the stop on the chart. When price hits that trailing stop, it will then close out all open posisions. The exit orders will be transmitted by NinjaTrader to the broker who will then transmit the exit order to the exchange. In my opinion the indicator does not set a hard stop at the exchange.
If you use an ATM strategy this is quite different. The ATM strategy will actually transmit the trailing stop to the broker - and depending on the broker it will be transmitted to the exchange or locally held by the broker.
As the indicator holds the stop locally, you will not pay any order fees for trailing the stop, as nobody except your PC is involved. This means that you do not get a hard stop held on the exchange. For that reason,the speaker in the video suggested that you use a second hard stop for your own safety.
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I believe your interpretation is correct. I get the same from the video:
-Follows the "Logic" selected for the Indicator and "Stops" when condition is met]
- Warned to set a manual stop (through chart trader?) in case the computer looses connection as the "Stop" is indicator generated not at the mark
- Doesn't state it can do a selective stop of any sort so your exit all positions is probably all they are doing when the limit is crossed
I am pretty sure the Chart Trader isn't available if you set a stategy on the chart so it is a cleaver work around.
This "Money Management" feature they have is something I am trying to build into the LOM project.