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How to place an order where the stop loss price changes when a price is touched
Trying to place the following order and having trouble figuring out how.
This part, I can do using a bracket OSO order: Buy 1000 shares XYZ stop limit, 100 bid stop, 101 bid limit OSO sell 1000 shares XYZ limit at 105 OCO sell 1000 shares XYZ stop market at 99.
Here's what I want it to do after that order is live: If/when the price hits 103 (STT), I want to automatically change the stop market price from 99 to 100 (or preferably the entry price since it's a stop limit order).
Anyone have any guesses on how to place this order?
Thanks in anticipation!
Can you help answer these questions from other members on NexusFi?
Sounds like you're looking for a custom trailing stop. Your options may be limited by the platform you're trading on.
For example in Ninjatrader 8, you can attach a stop loss order to an indicator. For the indicator, create a custom indicator with a variable that tracks where you're stop would be at any given price.
Trading: The one I'm creating in the present....Index Futures mini/micro, ZF
Posts: 2,311 since Nov 2011
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Depends on your platform. Seems to me you're looking to protect profit once market moves in your favor X amount. Most platforms, these days, can do that no problem.
Please......What platform are you using?
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
I just assumed posting in the TradeStation forum implied I was using TradeStation.
I know how to do a bracket OSO/OCO order. So I can place an entry order that sends a profit target and stop loss OCO bracket. But making that stop loss adjust to a new price when a certain price target is hit is where I'm lost.
Yeah. I've seen all the TS videos already. It's not a simple trailing stop...that I can do. Let's say I'm bullish the stock XYZ and I enter the trade at 100 and place a stop market order (stop loss) at 90. When the price hits $110, I want the stop market order moved to $100. BUT...if the price moves to $105 (before hitting $110), I don't want the stop moved to $95, what a trailing stop would do.
Assume one would like to write chart indicators, and have several copies running at once. At some point, performance may bog down. Who can say whether, all else being equal, performance would be better in MultiCharts or MultiCharts .NET? Running multiple …
Take care
Ron
...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Unfortunately, I'm not the right person for this. I have all my knowledge wrapped up in automated easy language codes, and sounds like OP is using order bar type orders, which is totally different.
I would recommend OP asks in the Tradestation forum if no answer here is given.
How would you do it in EasyLanguage? I was actually going to figure that out myself as a next step as soon as I figured out how to do it the Trade Bar. Currently, I have a TradingApp I made placing an entry order with 2 OCO's attached to it (OSO): one that's -1R stop, +1R profit and the other is -1R stop, +2R profit. Those 5 trades go in together and work excellent. But I want it to move the -1R stop loss on the -1R/+2R bracket up to 0R as soon as that -1R/+1R bracket trades (i.e., as soon as the stock hits +1R).
