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Bracket / OCO setup - New to SierraChart


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Bracket / OCO setup - New to SierraChart

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  #1 (permalink)
Montreal Quebec
 
Experience: Beginner
Platform: Sierra Chart, MultiChart
Trading: ES
 
Posts: 9 since May 2020
Thanks: 2 given, 4 received

Hi,

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.

Trade logic:
  1. Buy/Sell STOP xx amount of lots
  2. Stop Market Stop Loss at 8 ticks and close out all lots if hit
  3. Profit Target #1 at 4 ticks close out 50% of lots
  4. Move Stop Loss to BE+1 tick for remaining lots
  5. 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

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  #2 (permalink)
Las Vegas, NV
 
 
Posts: 5 since Feb 2016
Thanks: 2 given, 0 received

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.

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  #3 (permalink)
Albuquerque, NM, USA
 
 
Posts: 19 since Jul 2012
Thanks: 21 given, 18 received


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:

https://www.sierrachart.com/index.php?page=doc/AttachedOrders.html

Hey, you didn't have anything better to do this weekend!!

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  #4 (permalink)
Montreal Quebec
 
Experience: Beginner
Platform: Sierra Chart, MultiChart
Trading: ES
 
Posts: 9 since May 2020
Thanks: 2 given, 4 received

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

Cheers

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August 1, 2020


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