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OmniTrader Professional Forum
Trade Plans In Strategies
Intraday Stops
Last Activity 5/21/2018 12:01 PM
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Vinay

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Subject : RE: Intraday Stops
Posted : 10/1/2013 10:26 AM
Post #22318 - In reply to #11333

Originally written by Matthew Greenslet on 1/29/2009 10:09 AM

If you select Actual Value you will only be required to enter a Stop Quantity. Actual Value is used to select a specific price so the price you want to use is entered into the Stop Quantity field. Since you are using a specific price there is no need to choose a stop offset.

If you choose ATR then you should put your ATR multiplier in the Stop Quantity field. Also only when a Unit is set to ATR does the option for ATR Periods (below the level properties) come it to play. this will allow you to set the periodicity used to calculate an ATR value. Because you are calculating a stop offset you need to pick a base level and a direction to apply the offset.

The Points unit works much like the ATR (except the ATR Periods option is no longer used) You enter your point value in the Stop Quantity and choose a stop offset.

As mentioned at the start of this post, if you are using any of the above 4 options nothing is sent to the broker or calculated for the broker order until the Virtual Stop fires.


I am not finding the option Stop Quantity in the Trade Plans. I understand that there has been many changes to the TP Interface since this post was made. I guess we should now read Stop Quantity as Stop Order Level. Please confirm this to avoid any confusion.




[Edited by Vinay on 10/4/2013 6:06 AM]

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Ryan Olson

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Subject : RE: Intraday Stops
Posted : 10/8/2013 12:31 PM
Post #22329 - In reply to #11285



VXP,

Mathew’s post was originally posted in 2009 before we had trade plans. There have been many improvements and changes over the last 4 years. The Stop Quantity was used relative to the all stop units minus virtual; the levels would define the numeric value for stop calculations. These are no longer in use.

The Order Levels specify the distance to the gain/loss side between entry price and where the stops will be placed.

For the most updated information on order types please use the OmniTrader Help tool located under Help > Contents.

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Vinay

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Subject : RE: Intraday Stops
Posted : 10/8/2013 1:03 PM
Post #22330 - In reply to #11285

Ryan... I have tried to find answer to many queries/doubts regarding Trade Plans by searching the OT Forums, Help Files and many Nirvana Training Videos including the one done by Angela and unfortunately could not find much insightful info anywhere. I am sorry to say that all of them only touch upon the basics and lack detailed information on what each and every option in Trade Plan is meant for.

Having said so, I think this thread contains many insights regarding Trade Plans which are not available elsewhere. So it would be helpful if anyone from Nirvana can make "necessary" modifications to this thread particularly the posts by Matthew Greenslet in light of the changes made to Trade Plans recently.

[Edited by Vinay on 10/8/2013 1:07 PM]

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