FOR NINJATRADER 8! Many systems and trading plans call for orders to be entered on the close of a bar. The process typically is something like this:
- Watch for a set of conditions to occur.
- Wait for the bar to close.
- Submit orders as quickly as possible.
This process often breaks down when the bar closes. If price is moving too fast, it’s easy to miss out on a portion of the move. Then, we become frustrated having passed on a trade altogether, or entering late only for the market to reverse in the other direction.
The Close Bar Orders indicator allows traders to click a button that initiates logic to submit orders immediately on the close of a bar. All orders are submitted using the Account, Quantity, and ATM Strategy control already present on the ChartTrader Panel. This removes unneccessary stress and challenge on entering orders. Simply click the button, and wait for the current bar to close, If you decide differently, simply click the button again to cancel the execution logic. The system can also be configured to enter orders based on how a bar closes: in the direction of the trade or against the direction of the trade.
Having the ability to automatically fire orders when a bar closes makes a nice addition to the NinjaTrader 7 platform. Buttons and status areas are added to the ChartTrader Panel, with options to customize their location and color.