Dynamic Stops & Targets Based on Risk:Reward - Tool???

April 28th, 2022, 04:03 AM

Does anyone know if there is some sort of trade management tool that will automatically place stops and targets based on predetermined risk/reward settings and gives you the option to move the stop and it dynamically move the targets accordingly to stay withing the risk/reward parameters?

And/Or one that will give you the option to have it place the stop certain number of ticks below the low of one of the previous lower candles and have the target(s) placed based on risk/reward parameters?

Or something similar?

I want to be able to take profit quickly on my first contract without having to manually calculate and adjust both the stop and targets. Ninjatrader ATM is too static.

TigerStripes · April 28th, 2022, 06:19 AM

nguyen74

Does anyone know if there is some sort of trade management tool that will automatically place stops and targets based on predetermined risk/reward settings and gives you the option to move the stop and it dynamically move the targets accordingly to stay withing the risk/reward parameters?

And/Or one that will give you the option to have it place the stop certain number of ticks below the low of one of the previous lower candles and have the target(s) placed based on risk/reward parameters?

Or something similar?

I want to be able to take profit quickly on my first contract without having to manually calculate and adjust both the stop and targets. Ninjatrader ATM is too static.

You might try Tick Hunter, it is a indicator but that is to set pre defined RR levels and when you are in a trade the stops and targets are handleed automatically through the indicators. https://ninjatraderecosystem.com/user-app-share-download/tickhunter-trade-bot-indicator/

as a backup use hot leys, choose when in a trade to start attaching an ATM that has a level to ultimatly reach. Th hotkeys enetring a contract will automatically adjust the atatched ATMs order amount.

April 28th, 2022, 07:46 PM

There are a few. Out of them I've only used AlgoX.

Risk Manager by Indicator Warehouse - https://indicatorwarehouse.com/ninjatrader-indicator/risk-manager/
Ascendo Trading- https://ascendo.trading/product/automatic-position-size-calculator/
Polaris - https://polaristradinggroup.com/products-page/indicators/position-sizer-reward-risk-tool/
OFA AlgoX - https://orderflowanalytics.com/

AlgoX requires the OFA package too so it comes out as the most expensive, you also need to use it with their proprietary bars. It comes with the downside that you can't control exactly where you want your stop to go, unless it's in one of their pre-defined selections.
Indicator warehouse's version addresses that by letting you put the stop wherever you want by using a horizontal line and also shows you a dynamic RR.

I recently made the switch back to SierraChart and found a new position sizing tool, but it has some issues that I took for granted with AlgoX. Might be worth asking if the NT8 options can do these:
1. If I have 2 or more targets, but I want to enter a position where the stop size would only allow me to have 1 contract, I still want to enter a position
2. I want to be able to control exactly what % comes off at each target eg. 50% 2R, 25% 3R, 25% 5R.

Dynamic Stops & Targets Based on Risk:Reward - Tool???

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Dynamic Stops & Targets Based on Risk:Reward - Tool???