Close Bar Entry Orders

Close Bar Entry Orders is a set a buttons to initiate trade entry immediately on the close of a bar.  This eliminates challenges that arise from manually entering orders when a bar closes.  Instead, with one click of a button, the Enhanced Chart Trader will submit an entry order when the current bar closes.  If the trade becomes invalid or the decision changes, the close bar entry logic can be cancelled by clicking the button again.  The video below is NOT a complete overview of the current features.  Key reading more below.

The Close Bar Entry Orders module can be configured to place a Market, Limit, Stop, or Stop Limit order based on how a bar closes:

• Long entry on up bar
• Long entry on down bar
• Long entry on any bar
• Short entry on down bar
• Short entry on up bar
• Short entry on any bar

Select the Price Basis for the entry order.  This determines where the entry orders is placed:

• Close – entry is placed at the close of the bar, + or – a number of ticks
• High / Low – buy is placed above the high, and sell is placed below the low, with an offset, in ticks.

Additioanlly, you can also select a price level in the Chart window, and submit a trade entry when price closes beyond that price.

It is common for trading systems and trading plans call for entries to happen when a bar closes.  The process typically is something like this:

• Watch for a set of conditions to occur.
• Wait for the bar to close with the conditions present.
• Submit orders as quickly as possible.

This process often breaks down when the bar closes.  If the market is moving quickly, it is it easy to miss out after waiting so patiently for the setup.  Having the ability to automatically place orders when a bar closes makes a nice addition to the NinjaTrader platform.