NexusFi: Find Your Edge


Home Menu

 





profit target strategy on tradestation


Discussion in EasyLanguage Programming

Updated
      Top Posters
    1. looks_one Big Mike with 1 posts (0 thanks)
    2. looks_two Seberbach with 1 posts (1 thanks)
    3. looks_3 Quick Summary with 1 posts (0 thanks)
    4. looks_4 dirtybird with 1 posts (0 thanks)
    1. trending_up 7,727 views
    2. thumb_up 1 thanks given
    3. group 2 followers
    1. forum 3 posts
    2. attach_file 0 attachments




 
Search this Thread

profit target strategy on tradestation

(login for full post details)
  #1 (permalink)
 dirtybird 
nacogdochestx
 
Experience: Intermediate
Platform: tradestation
Trading: es
Posts: 4 since Nov 2010
Thanks Given: 0
Thanks Received: 0

can someone help me with custom exit strategy for tradestation. whenever i use the profit target strategy on tradestaion it sends a limit order. how can i change this to a market order to ensure that i get out of trade. for example whenever i place a target of $50.00 it sends a limit order but as i have learned just because it ticks your price it won't always sell you out. i would like to ensure that a when my target of $50.00 dollars is reached it will sell at market so i can at least lock in some profit. i am new to easy language so any help would be greatly appreciated.

Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Volume profile TradeStation
EasyLanguage Programming
Trader Dale [email protected] or Scammer Dale
Trading Reviews and Vendors
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
ISO Equity Curve Indicator
NinjaTrader
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
GFIs1 1 DAX trade per day journal
28 thanks
Supertradersams Thread Journal on NQ/MNQ
27 thanks
Diary of a simple price action trader
17 thanks
Daytrading ES & NQ
14 thanks
Tao te Trade: way of the WLD
13 thanks

(login for full post details)
  #3 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Posts: 50,232 since Jun 2009
Thanks Given: 33,103
Thanks Received: 101,344


If you are using SetStopLoss and SetProfitTarget, they should be Limit orders. If you want to override this and make the stop a Stop Market instead of Stop Limit, I am actually not sure how to do it using the built-in keywords for stop management.

You would instead just need to devise your own MarketIfTouched routine and run the strategy with IOG enabled (I am not sure TradeStation supports this but MultiCharts does). Then manually send the market order on touch.

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor


For the best trading education, watch our webinars
Searching for trading reviews? Review this list


Lifetime Elite Membership: Sign-up for only $149 USD
Receive exclusive offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
(login for full post details)
  #4 (permalink)
 Seberbach 
Midland, Michigan USA
 
Experience: Advanced
Platform: TradeStation, Biocomp
Trading: TF
Posts: 21 since Aug 2010
Thanks Given: 71
Thanks Received: 22

Bird:

The newer TradeStations (at least 8.8) has setting under "Strategy Properties for All Strategies on this Chart":

A dialog pops up with choices...
"General" tab, "Backtesting" tab, and "Automation" tab.

Under Automation, you can choose, under "Strategy fill logic":
one of the checkboxes allows you to "Replace strategy entry limit orders with market orders.... xx (select) seconds
after the strategy has filled the order"

There is also a similar checkbox to replace strategy exit limit orders (targets) with market orders (select) seconds after
the strategy has filled the order.

There are also other options you can choose.

Under "Backtesting" you can force fill only if price passes your limit, or a certain number of shares, ticks, or trades has occurred.

So while the EasyLanguage specifies the order type, your automation setting dialog can change how that order is actually issued, or how its execution delay at the exchange might be simulated.

Reply With Quote
The following user says Thank You to Seberbach for this post:





Last Updated on November 23, 2010


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts