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NT8 - using an indicator as a Trailing Stop question
Hi all - as the title says, question about trailing stop:
After entering a trade, you can right-click your stop loss, then attach it to an indicator so as the indicator moves, your stop moves with it.
Use this as an example (only using this as an example, not as trading suggestion):
I enter a position long, then attach the stop loss to the lower band of a Keltner channel. As price moves up and the Keltner channel moves up with it, the stop loss will move. However, if price turns back down, the Keltner channel also drops back down, moving the stop loss with it.
Is there any way to have the stop loss NOT follow the Keltner channel back down?
What I would be looking for is this: if the Keltner channel goes against the direction of the trade, the stop loss does not follow, but stays at it's peak. If the stop loss is not hit (for example at a consolidation point) and price continues in the direction of the trade, the stop loss continues following the Keltner channel.
Is there any way to do this within NT8 or would something like this need to be programmed specifically? I'm not a programmer by any stretch.
Hi @WoodyFox and @NinjaTrader just curious if this is accurate so you attach you are in a position(short/long) How does the stop loss that is attached to indicator order know that is is to adjust accordingly if price decides to go opposite your position? Yes I see the pic attached but just says "modify toward last price" How does this feature work?
Thanks in advance
This means that the stop loss will not move further away from where it is at...meaning, it can't go backwards.
Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
Hello @NinjaTrader, how do I get the "Attach to Indicator Properties" window to be able to check the "Modify Towards Last Price Only" box?
Thank you, JM
Do you mean checked by default? I believe once its checked, that will be default next time.
Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
