I have done a bunch of reading and I'm not sure this is possible but I am trying to create an ATM strategy to allow me to automatically"scale into" a position. I am a discretionary trader and I want to initiate a single contract with a predefined stop. As the trade moves in my direction I would like to have stop limit entry orders sitting in front of the market at predefined levels to add to my position. As this occurs I would like to trail the initial stop to break even and take into account the changed average entry price and move the stop to that point.
An example
Buy 1 Contract CL @ 80
Stop 5 ticks @ 79.95
I would like entry buy stop limit orders automatically sitting at (for example) 5 tick steps above entry so
once entry is filled I would like orders at
buy 1 contract stop limit @ 80.05
buy 1 contract stop limit @ 80.10
buy 1 contract stop limit @ 80.15
Once 80.05 order is filled I would like stop to go to BE and move to BE as each step is filled.
This strategy will of course needs to be adjustable for each instrument and number of contracts I want to trade. I can't see how this is possible with an ATM strategy and I'm guessing I will have to code a custom strategy? Hints?
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You have to create a custom strategy, and a very advanced one at that. You can look at Prometheus and NT7 buttons threads for some basic ideas on adding strategy buttons to your chart, then you would need to handle all the orders yourself within the strategy.
