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NT8 - using an indicator as a Trailing Stop question


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NT8 - using an indicator as a Trailing Stop question

  #1 (permalink)
 
spideysteve's Avatar
 spideysteve 
Fort McMurray, AB Canada
 
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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.

Hopefully I've explained it properly.

Thanks for the help.

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  #3 (permalink)
 
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 WoodyFox 
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Just check the box that says Modify towards last price only.



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 learning0101 
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WoodyFox View Post
Just check the box that says Modify towards last price only.



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

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learning0101 View Post
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.

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 spideysteve 
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WoodyFox View Post
Just check the box that says Modify towards last price only.






Awesome thanks! I feel pretty dumb for not trying to click on that button there. Makes sense now

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 johnnymustard 
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NinjaTrader View Post
This means that the stop loss will not move further away from where it is at...meaning, it can't go backwards.


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

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johnnymustard View Post
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.

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