Manta, Ecuador
Site Administrator Developer Swing Trader
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,463 since Jun 2009
Thanks Given: 33,236
Thanks Received: 101,658
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You can set order types to GTC or DAY, meaning good till cancelled or good only until end of session.
OCO orders (one cancels other, or order cancels order) won't work here because if you set an OCO for a buy stop $21 and sell stop $19 for example, then if either is hit you will actually get filled.
What you want is to only be filled if $21 hits, but to cancel if it moves below $19.
There is no exchange side order mechanism that does this.
Simply use NinjaTrader and write some simple NinjaScript for your strategy, and it will do it just fine.
Mike
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