Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
New to SierraChart and trying to figure out how to setup the following OCO bracket/automation to happen when I place an order. I am going through the materials, steep learning curve.
Stop Market Stop Loss at 8 ticks and close out all lots if hit
Profit Target #1 at 4 ticks close out 50% of lots
Move Stop Loss to BE+1 tick for remaining lots
Profit Target #2 at 8 ticks, when hit, create Trailing Stop Loss of 6 ticks, and set remaining lots to close out at 6 points.
So if 4 ticks profit are hit, 50% of the lots will be closed out, and then I want the ability to let the remaining lots run. Trying to figure out the best way to manage the runners with a trailing stop loss- as I would like discretion of how many lots to sell if I want to gradually scale out the runners. I'm having an issue figuring out how to setup this logic in SierraChart. If I sell 5 lots of the runners, then the trailing stop loss would decrease by 5 lots etc.
Any help would be greatly appreciated!
Cheers
Can you help answer these questions from other members on NexusFi?
Use the trade window on your chart and use attached orders, 2 targets and 1 stop. You can set the amount of contracts and placement for each target and you can tell it to move your stop when price goes x number of ticks. Pretty simple. Play around with it and you'll start to get it.
Much too complicated for step-by-step instructions, but in general:
I would File > Open Trading DOM for Chart, which also has a Trade Window attached.
In the Trade Window, choose the quantity of contracts you wish to trade.
Check Use Attached Orders.
I prefer to leave Market as the order type; otherwise, you will have to select a price before you place an order. Takes too much time. Much easier when you set the DOM up for entering orders.
Then on the DOM, under Trade > Chart DOM Settings, configure that however you wish. To place an order, you just click a Buy/Sell column on the DOM at whatever price you choose and your pre-configured order, along with attached orders, will be placed.
As for the attached orders:
On the Trade Window, click the Targets tab. Then set up your attached orders, trailing stops, other stops, break-even, targets, etc by following the mind-numbing, brain-tangling instructions at this link:
Thank you guys!
I am going through the very detailed Sierra Chart help file on attached orders, and the trade system in general. This might take a minute
Since you are new to SC, another thing to keep in mind is: Trailing Stops are managed by the software, they do not reside on the server, even if you have Global Settings > General Trade Settings > Use Server-Side OCO Orders and Use Server-Side Bracket Orders checked (which you should check, anyway).
That means if you have a power outage, or your system crashes, or you lose Internet access, for a lengthy period of time, your position will not have a resting Stop in place on the server to protect you. Therefore, make certain you have an alternate way to watch whatever you are trading, and make sure you can login to SC's Web-Based Trading Panel on your smart device so you can flatten your position, if necessary.
I did not know this.
I am using SC order routing as well, and I was under the impression that the Trailing Stop position would be transmitted to their server, similar to how the OCO Stop Loss/Profit Target is.
I thought that as the trailing stop moves on the client-side software, the server side is updated with the new Trailing Stop position- thus even if connectivity is lost client side, and the position moves against you- you still would have a resting Stop Loss Market order server-side at the last known Stop Loss/Trail Stop position.
When I asked about this, I was told Trailing Stops were never placed on the server because they are constantly being moved which would require canceling/replacing orders almost continuously. That is why I stopped using Trailing Stops.
Double-check with SC on this. If I am mistaken, post their response here.
I just found that bullet point on the same address, and came back here to post it for you but you beat me to it.
Now my clarification question I will ask them is if there is still any Stop Loss order resting on the server-side, and the trailing stop simply does not get updated if the client looses connectivity to the order routing server; or is there no stop on the server side- period.
Okay... I just read their response to your question. According to that, TStops are placed on the server. Can't remember where I got my information from, but it was from a very long time ago, before I switched to Denali.
