Apply a trailing stop order after profit target it reached.

Follow

Tristan Jones

• December 06, 2017 23:13

Multicharts has a very nice entry and exit strategy tool that allows you to have a stop loss and a profit target. Once the target profit is hit, it can convert your stop loss. This makes it very easy to better manage profits. 

You can also have multiple profit targets on the same contract that will trigger a change in your trailing stop limit. 

So for instance if I enter a trade with a 3 tick stop loss and a 5 tick profit target, the stop limit will not change until I hit 5 ticks of profit. Then it changes my stop loss to a 2 tick trailing stop. If the contract goes up another 5 ticks and sets off another profit target, it will adjust my trailing stop to 4 ticks to give the tend a bit more room to breathe. 

This means that you are never stuck having to take out profit early on. You can always leave yourself a little bit of room to follow trends or breakouts. 

Tradovate already has brackets, I am just hoping that the functionality might be fleshed out a little bit more to allow us to follow profits a little more strategically. 

7

• 

  Hunter Grubbs

  • December 07, 2017 17:04

  Yes please, this feature would be *great*. I'm a multicharts user as well, and their trade management strategies would be a welcome improvement in the Tradovate platform. For example, adding to a position by placing a new order modifies the existing stoploss/profit-target strategy, instead of placing another set of stops for the new entry.

  3

  Comment actions Permalink
• 

  Christian

  • December 07, 2017 17:09

  This is great, Ninja trader has the auto BE option when trading multiple contracts, it is trigger when price reach the amount of ticks that you want.

  1

  Comment actions Permalink
• 

  Dario1122

  • May 20, 2019 00:25

  I need the implementation of this strategy so I do not have to do it by hand. Ninjatrader and multichart have this advanced option

  0

  Comment actions Permalink
• 

  Evelina

  • April 09, 2020 23:57

  idea from Tristan Jones as multichart is great,

  so the parameter would be

  initial stop loss

  profit triggered (when trail stop will start)

  even better if we could set how much it trails (choice of tick by tick or point by point)

  for example in ES after first 10points profit triggered, stop will move 1 point closer to price (if the selection was point by point) and stays there until another 1 point profit in ES then stop will move another 1 point closer to price

   

  Unfortunately no staff of TradoVate ever commented or made any development after 2years since first post 

  Brian Weis are you only in charge of DOM development, not trailing stop ?

   

  0

  Comment actions Permalink

Please sign in to leave a comment.