Price Based Entry Orders

Price Based Entry Orders is a set a buttons to initiate entries based on price levels.  In many cases, these end up as trailing entry orders until they are filled.  Price Based Entry Orders is built to eliminate the challenge of continuously updating orders as each bar closes.  Instead, with one click of a button, the Enhanced Chart Trader will submit and manage your entry order based on how it is configured.  If your trade setup becomes invalid, the entry order can be cancelled by clicking the button.

Renko Bar Entry – This functionality is most useful for avoiding slippage on various types of Renko bars.  When trading Renko reversal bars with Price Based Entry Orders, slippage is minimized because a Stop or Stop Limit order is continuously updated was each bar closes.  The entry is always waiting at the price where it is already known the bar will close.

Range Bar Entry – When trading with Range bars, Price Based Entry Orders will continuously update the Stop or Stop Limit order entry price as the current Range bar develops.

Indicator Plot Entry – When entering at an indicator plot, such as an EMA, you can immediately begin working your order with one button click.

The Price Based Entry Orders module can be configured to place a Stop order or Limit orders based on various options:

Known Close – Price Based Entry Orders will work a Stop or Stop Limit order at the known close, with an optional offset.  These buy or sell orders will continually update, or can be canceled by clicking the active button.  Known Close is currently compatible with any of the following bar types:

• Range
• Renko
• UniRenko
• ninZaRenko
• tdRenko

High / Low – Price Based Entry Orders will work a Stop or Stop Limit order at previous bars high or low, with an optional offset.  These buy or sell orders will continually update as each bar closes, or can be canceled by clicking the active button.

• Tick
• Volume
• Second
• Minute

Indicator – When the button is clicked, it will begin working an order immediately at the selected indicator plot.  This works with any plot in the Chart window.  It will automatically work either Limit or Stop order based on the location of the plot relative to the current price in the market.

It is common for trading systems and trading plans call for entries based on various price movements.  The process typically is something like this:

• Watch for a set of conditions to occur.
• Continuously manually move orders with the conditions present.
• Submit orders as quickly as possible.

This process seems to break down when waiting for the entry bar to form.  As the market is moving quickly, it is it easy to possible to miss out after waiting so patiently for the setup.  Having the ability to automatically place and manage entry orders as the bars are forming makes a nice addition to the NinjaTrader platform.