Automatic Position Size calculator drawing tool for NinjaTrader 8

Guide

Drawing the Position Size tool to automatically calculate the position size:

• 1st step: Select the account you wish to use for a new position.
• 2nd step: From your chart, click on the drawing tool icon to open the drawing tool menu and select the Position Sizing with the number of targets you need to scale out of your position.

You can also assign a hot key to the Position Sizing drawing tools by going to the NinjaTrader Control Center -> Tools -> Hot keys. This will allow you to start drawing on your chart from a keyboard shortcut which make it faster.

Important note about account selection:
The drawing tool will use the currently selected account from the Chart Trader window. Once the Position Sizing tool is drawn the attached account will always remain the same even if you change the selected account in the chart trader window. If you realized you drew the Position Sizing tool for the wrong account, delete that drawing tool, select the desired account and draw again the Position Sizing tool.

Commission cost:
If you have a Commission Template applied for the selected account, then the Risk and Target(s) dollar amount will include the applicable commission cost. For more information please review the NT8 help guide for Applying Commission Templates. You can also review the NT8 help guide for Working With Commission Templates.

Configuration:

The Position Sizing drawing tool properties window contains the following settings:

Interval visibility:
This setting allows you to see the Position Sizing tool on either any chart intervals (Timeframe) or only on the interval from which you drew the Position Sizing tool from and interval lower. For example, you draw the Position Sizing tool on a 60 minutes chart interval with the interval visibility set to “Draw_on_and_below_only” and then if you change the chart interval to 1 day (higher timeframe) the Position Sizing tool will be hidden. If you change back the chart interval to 15 minutes, the Position Sizing tool will be visible. This setting allows to go back to a higher timeframe and not get the chart clutter with many lower timeframe drawings.
If you set the Interval visibility to “All”, the drawing tool will always be visible.

Automatically place the Entry order:
When the option ‘Automatically place the Entry order’ is enabled, the Entry pending order will be automatically placed immediately upon deselecting the drawing. To deselect the drawing, simply click outside of it.

If you move the Position Sizing drawing while there is a pending Entry Order, that order will automatically be cancelled. Once you have finished moving the drawing, the Entry Order will be automatically resubmitted immediately when you click outside of the Position Sizing tool to deselect it.

To bypass the automatic Entry Order submission without deactivating the ‘Automatically place the Entry order’ option, hold down the Alt key when clicking outside the Position Sizing tool to unselect it. This prevents automatic submission of the Entry Order.

You can also activate/deactivate this setting by right clicking on the Position Sizing drawing and selecting “Automatic Order Submission” from the context menu.

A green dot is visible on the left side of the Entry anchor point when the Automatic Order Submission is active.

Automatically place the Entry order when ALT key is down:
If you want the Entry order to be automatically submitted only occasionally, you can enable the option ‘Automatically place the Entry order when ALT key is down.’ When this option is enabled, the Entry pending order will be automatically placed immediately upon deselecting the drawing if the ALT key is pressed. To deselect the drawing without automatically submitting the Entry order, simply click outside of it without pressing the ALT key.

If you move the Position Sizing drawing while there is a pending Entry Order, that order will automatically be cancelled. Once you’ve finished moving the drawing, if you press the ALT key when clicking outside the Position Sizing tool to deselect it, the Entry Order will be automatically resubmitted immediately.

An orange donut is visible on the left side of the Entry anchor point when the option ‘Automatically place the Entry order when ALT key is down’ is active.

Alert when Entry get filled:
When the option called “Alert when entry get filled” is active, an alert will be sent to your mobile device through our add-on called ‘Instantaneous NinjaTrader Alerts as push notification on iOS and Android mobile devices‘ when the Entry order gets filled. This ensures real-time notifications to your smartphone, even if you’re not actively using NinjaTrader at the time.

Alert when Stop or Reward get filled:
When the option called “Alert when Stop or Reward get filled” is active, an alert will be sent to your mobile device through our add-on called ‘Instantaneous NinjaTrader Alerts as push notification on iOS and Android mobile devices‘ when either the Stop or the Target order gets filled. This ensures real-time notifications to your smartphone, even if you’re not actively using NinjaTrader at the time.

On the Properties window, you’ll find three distinct sections:
“Settings for any account”
“Group 1 account specific settings”
“Group 2 account specific settings”

To configure different settings for specific accounts, use either the “Group 1 account specific settings” or the “Group 2 account specific settings”. In the respective field labeled “Account names for group 1 specific settings” or “Account names for group 2 specific settings”, input the account names precisely as they appear in the Chart Trader window or on in the ‘Display Name’ column on the Control Center window. Please note the account name is case sensitive. Separate multiple accounts with a comma, followed by a space.
For instance: Sim101, Sim102

After configuring your desired settings, please save them in a default template by clicking on ‘Template’ at the bottom of the Properties window. This will enable you to use these settings on every new Position Sizing drawing you create.

Account value offset when using %
When entering a non-zero number in this setting, the selected Account value will be offset by this number when the Risk Method is set to one of the Percentage of Account value.

A positive offset number will increase the account value.
A negative offset number will decrease the account value.

This setting is useful for trading funded account. For instance, if the allowed drawdown is only $1500 for a $25000 account, effectively reducing the available trading funds to $1500,the trader can set an offset of -23500. This ensures that the tool calculates the percentage of risk based on the adjusted account value of $1500.

Risk calculation method:
You can select from:

• Percentage_of_selected_account_Cash_Value
  With this setting, the quantity (number of units to trade) will be calculated from the percentage of the account Cash Value that you set into the Risk value setting box. If you want to risk 0.5% of your account Cash Value, set 0.5 into the Risk value setting box.
  Note: The NT 8 definition of Cash Value is simply the cash value of the account.
• Percentage_of_selected_account_Buying_Power
  With this setting, the quantity (number of units to trade) will be calculated from the percentage of the account Buying Power that you set into the Risk value setting box. If you want to risk 0.5% of your account Buying Power, set 0.5 into the Risk value setting box.
  Note: The NT 8 definition of Buying Power is the account’s buying power, taking margin into account.
• Percentage_of_selected_account_Total_Cash_Balance
  With this setting, the quantity (number of units to trade) will be calculated from the percentage of the account Total Cash Balance that you set into the Risk value setting box. If you want to risk 0.5% of your account Total Cash Balance, set 0.5 into the Risk value setting box.
  Note: The NT 8 definition of Total Cash Balance is the total cash available in the account including any debits or credits.
• Percentage_of_selected_account_Net_Liquidation
  With this setting, the quantity (number of units to trade) will be calculated from the percentage of the account Net Liquidation that you set into the Risk value setting box. If you want to risk 0.5% of your account Net Liquidation, set 0.5 into the Risk value setting box.
  Note: The NT 8 definition of Net Liquidation is the total worth of the account’s assets (including margin).

Risk Template Name:
This setting allows you to set the applicable Risk Template Name. The Risk Template allows you to set a maximum order quantity for each instrument. The Position Sizing drawing tool will read the “Max Order Size” from the Risk Template applicable to the instrument and will limit the position size to this value. You can review the NT8 help guide for more information about Using the Risk window.

Do not calculate exchange rate:
When the instrument currency is different than the account currency, by default the tool automatically calculates all amounts in the account currency and adjust the number of units accordingly. To do so, a valid exchange rate is required. You therefore need to have data for the corresponding Forex pair. For example if the account is in Euro and the instrument is ES, you need to have recent data for EURUSD Forex instrument. There are different ways to get the data such as opening a chart or adding this instrument to the Market Analyser window. You can use the free end of day Kinetick data or a realtime data feed service that includes Forex data.

When this option is active, the tool will not calculate the amounts in the account currency but will instead use the instrument currency.

Round Qty to board lot for stock:
When selected, the quantity (number of shares) will be rounded down to the nearest block of 100 for the American stock. For the Toronto Stock exchange, the board lot is defined as follow:

• Share price lower than 0.10$, the board lot is 1000
• Share price from 0.10$ and lower than 1$, the board lot is 500
• Share price from 1$ and above, the board lot is 100.

Note: This setting will only round the quantity if the chart instrument has a type defined as Stock in the NinjaTrader Instrument settings.

Round Qty to Forex lot for Forex:
The quantity (number of units) will be rounded to Forex lot, ie in block of 1000 units.
Note: This setting will only round the quantity if the chart instrument has a type defined as Forex in the NinjaTrader instrument settings.

Round Qty from the last reward:
When using more than one reward, when the total quantity for the trade can not be divided evenly across all rewards, by default the rounding will be done from the first reward. With this option active, the rounding will be done from the last reward.

Do not use a Target for the last reward:
When this option is active, only a Stop order will be place but the associated Target order won’t be placed and won’t be visible. This allows to trail the stop.

If the Properties window is used to change the option from don’t use the last reward to use the last reward, the last reward anchor will be behind the entry anchor.

Use a single Stop order:
When this option is active, instead of using a specific Stop order for each target, a single Stop order will be used for all targets. This proves especially beneficial for stock trading, given the commission cost structure. Employing a single Stop Order can effectively reduce commission expenses should the price trigger the stop.

Risk offset in ticks:
When a value different than 0 is set, the risk price will automatically be offset by this many ticks. The value could be positive or negative. A positive offset value increases the risk whereas a negative offset value reduces the risk.

For example when this setting has a value of 1, for a long position on ES if you drew the risk at a price of 3900.50 the tool will automatically move the risk anchor to 3900.25 increasing the risk by 1 tick. When this setting has a value of -1, for a long position on ES if you drew the risk at a price of 3900.50 the tool will automatically move the risk anchor to 3900.75 decreasing the risk by 1 tick.

This setting is useful for traders who like to snap the risk to a previous bar point like the low of the bar but prefer to have a small offset.

Please note that this setting won’t have any effect if changed for an existing drawing. Instead you need to save this setting as a Default Template and it will be effective for the subsequent Position Sizing tool you draw.

# of ticks to stagger Stop Orders:
NinjaTrader combine all orders that are at the same price into a single order line that is visible on the chart. When you are using multiple rewards, if you would like to independently manage each stop associated to each reward from your chart, then the workaround is to use a different price value for each stop. This way NinjaTrader will show a specific order line on the chart for each Stop and you can therefore manually manage each stop independently from your chart.

To activate this feature you need to you input by how many tick(s) increment each Stop order price should be. A positive value will move the Stops further away from the Entry and a negative value will move the Stops closer from the Entry.

Entry offset in ticks:
When a value different than 0 is set, the entry price will automatically be offset by this many ticks. The value could be positive or negative. A positive offset value will move the entry towards the profit target by that number of ticks. A negative offset value will move the entry towards the risk by that number of ticks.

For example when this setting has a value of 1, for a long position on ES if you drew the entry at a price of 3900.50 the tool will automatically move the entry anchor to 3900.75. When this setting has a value of -1, for a long position on ES if you drew the entry at a price of 3900.50 the tool will automatically move the entry anchor to 3900.25.

This setting is useful for traders who like to snap the entry to a previous bar point like the low of the bar but prefer to have a small offset.

Please note that this setting won’t have any effect if changed for an existing drawing. Instead you need to save this setting as a Default Template and it will be effective for the subsequent Position Sizing tool you draw.

Use Buy/Sell MIT for Entry:
By default, if the entry is a Limit Order (for example this will happen if the entry price is below the current market price for a long position) the tool will place a pending Buy Limit order.

Select this option if you prefer to have a ‘Market If Touched’ (MIT) Order instead of a Limit Order for your Entry.

Use Buy/Sell Stop Limit for Entry:
By default, if the entry is a Stop Order (for example this will happen if the entry price is above the current market price for a long position) the tool will place a pending Stop Market order.

Select this option if you prefer to have a Stop Limit Order instead of a Stop Market Order for your Entry.

Buy/Sell Stop Limit offset in ticks:
This setting allows you to specify how many ticks beyond the Entry price you are willing the Entry Stop Limit Order to be filled. Please note the setting “Use Buy/Sell Stop Limit for Entry” must be selected for this setting to be effective.

For example if you enter 2 in this setting, and your entry price for a long position is at 3900.00 on ES, then at the worst case scenario you could to be filled 2 ticks beyond your Limit price at 3900.50.

Hold SHIFT key to snap Entry price to current price:
When this option is active, when the Position Sizing drawing is selected and when you hold down the SHIFT key, the Entry anchor price will follow the current market price.

Place Market Order for Entry when SHIFT key is down:
You now have the option to use a Market Order to enter by holding down the Shift key while the “Automatically place the Entry order” option is active.
To place a market order instead of a limit order, the following settings need to be adjusted:

• – Ensure that the “Automatically place the Entry order” option is active.
• – Ensure that the “Hold SHIFT key to snap Entry price to the current price” option is active.
• – Ensure that the “Place Market Order for Entry when SHIFT key is down” option is active.

Then, use the Position Sizing tool to draw the Stop Loss, the Entry, and possibly the Target at their desired locations. When holding down the Shift key, the entry price will snap to the current price. If the Shift key is held down while clicking outside of the Position Sizing drawing, a market order is placed. However, if the Shift key is not held down when clicking outside of the Position Sizing drawing, a limit order is placed.

Use Buy/Sell MIT for Reward(s):
By default, the tool will place a pending Limit order for the Reward(s) (Targets).

Select this option if you prefer to have a ‘Market If Touched’ (MIT) Order instead of a Limit Order for all Reward(s).

Reward 1 to 5 scale out %:
These settings allow you set how the position size should be split among the number of rewards.

If you selected the Position Sizing with 1 target, then you need to leave the Reward 1 scale out % to 100. All other Reward scale out % won’t have any effect.

If you selected the Position Sizing with 3 targets, then you need to:

• – set the percentage of the trade quantity to close when the price reaches the target 1 in the Reward 1 scale out % setting box, and you also need to
• – set the percentage of the trade quantity to close when the price reaches the target 2 in the Reward 2 scale out % setting box, and you also need to
• – set the percentage of the trade quantity to close when the price reaches the target 3 in the Reward 3 scale out % setting box and
• The values in the box Reward 4 scale out % and Reward 5 scale out % wont have any effect.
• Please make sure the sum of Reward 1, Reward 2 and Reward 3 % is 100. If the sum is not 100 you will get this error message
  and your values have been automatically replaced by the default scale out values.

Reward zero quantity notification:
The tool will, by default, block the placement of an entry order if any target has a quantity of zero. This situation can arise when the risk amount is insufficient to allocate at least a quantity of one to all targets. When this setting is enabled, the entry order will still be placed even if one target has a quantity of zero, as long as the entry order quantity is at least 1. In such cases, a warning message will notify that one target has a quantity of zero.

Auto target : Calculate from net amount values:
By default the tool calculate the auto target from ticks, which means if you set 2 in the option called “Reward 1 ratio for auto target” and you have 10 ticks between the stop and the entry, the target 1 will be automatically placed 10 ticks away from the entry.

If you activate the option called “Calculate auto target from net amount values” the target will be placed with the required number of ticks away from the entry such that the target amount value will be as close as possible to the net amount of risk including the commission cost.

Auto target : Allow manual override:
This setting works in conjunction with the “Reward ratio for auto target” settings.
When this setting is active, you can manually move the Reward anchor points manually. If the trader decides to move a reward anchor, that anchor is no longer automatically calculated so it will remain static until the trader manually move it again.
When not active, the Reward anchors can’t be adjusted as the value is automatically calculated from the “Reward ratio for auto target” settings.

Auto target : Reward 1 to 5 ratio:
When you input a number different than 0, that number is used to automatically calculate the respective Reward price based on the number of ticks for the Risk. For example, if there are 10 ticks between the Entry and the Risk, and this setting has a value of 1.5, that the Reward will automatically be created 15 ticks away from the Entry.

When this setting is active, you don’t need to draw the Reward anchors. Please note that for multiple targets, you can set a ratio only for specific targets. In that case, you will manually draw the Rewards that don’t have a ratio set and the tool will automatically draw the Rewards that have a ratio value different than 0.

News Events restriction:
Some traders have restriction to trade around news events, for example some Prop Firms do not allow traders to open a trade a number of minutes before/after high impact news. The following settings allow you to setup the drawing tool to take into account these restrictions.

News events source:
You can select either Myfxbook or Forex Factory as the news provided. Forex Factory news will be downloaded automatically from the Forex Factory website. If you select Myfxbook, you need to manually get the news source file from Myfxbook website. Please follow this instruction for how to do that.

Minimum News event impact to restrict new position:
This setting allow you to select from which news event Impact the restriction will be applicable. For example, if you are not allowed to trade around High impact news events, select High. If you are not allowed to trade around Medium and High impact news event, select Medium_High. Setting the value to No_restriction will not cause any restriction related to news Impact level.

Restrict news Title by instrument:
Some Prop Firm do not allow to trade some instruments around some specific news events. For example, a Prop Firm could not allow to trade CL around the “Crude Oil Inventories”. If such restrictions apply to your trading, set the values as follow in this setting box.
You need to put the instrument name followed by a comma followed by the news event title. No space between the delimiters. The separate each instrument by a ; (without any space).
For example:

CL,Crude Oil Inventories,API Weekly Statistical Bulletin;ES,FOMC,Unemployment Rate

# of minutes before news event to restrict new position:
This setting allow you to set how many minutes before the restrictive news event a new position can not be open.

# of minutes after news event to restrict new position:
This setting allow you to set how many minutes after the restrictive news event a new position can not be open.

Auto Breakeven settings section:
You can configure up to 5 different breakeven rules. Each rule has the following parameters to configure:

Applicable to:
Select to which Reward the associated Stop Loss will move to breakeven. Selecting “All Stops” will move all Stops Loss together. Selecting “Stop 1” will only move the Stop Loss associated to the Reward #1 order.

Trigger type:
You can select from “Typical Bid Ask”, “Opposite Bid Ask” or “Last Price”.

• Typical Bid Ask :
  • For a Long position, the Ask price is monitored to trigger the B/E.
  • For a short position, the Bid price is monitored to trigger the B/E.
• Opposite Bid Ask :
  • For a long position, the Bid price is monitored to trigger the B/E.
  • For a short position, the Ask price is monitored to trigger the B/E.
• Last Price :
  • For a long position, the Last price is monitored to trigger the B/E.
  • For a short position, the Last price is monitored to trigger the B/E.

Trigger offset:
This setting allows to define the amount of profit required to move the Stop Loss. If you leave this setting empty, the Stop Loss will not be moved to Breakeven. The syntax of this setting could be one of the 3 following:
– a number followed by R
– a number followed by %T followed by the referenced reward number
– a number followed by T
Examples:

• 0.5R : Once the profit reaches 50% of the initial risk (0.5R) the Stop Loss will be moved.
• 1.5R : Once the profit reaches 150% of the initial risk (1.5R) the Stop Loss will be moved.
• 50%T1 : Once the profit reaches 50% of the targeted profit defined by the Reward #1 (1st target) the Stop Loss will be moved.
• 100%T3 : Once the profit reaches the Reward #3 (3rd target) the Stop Loss will be moved.
• 10T : Once the profit reaches 10 ticks, the Stop Loss will be moved.

Offset from Entry:
This setting allows to configure the offset to move the Stop Loss relative to the average entry price. If you leave this setting empty, the Stop Loss will move to the average entry price. The syntax of this setting could be a number followed by R or T.
Examples for a long position:

• 0.5R : this value will move the Stop Loss to 50% of the initial risk range relative to the average entry price.
• 1.2R : this value will move the Stop Loss above the average Entry price by 20% of the initial risk range.
• 3T : this value will move the Stop Loss 3 ticks above the average entry price.
• -2T : this value will move the Stop Loss 2 ticks below the average entry price.

Auto trailing stop section:
You can configure up to 5 different auto trailing stop rules. Each rule has the following parameters to configure:

Applicable to:
Select to which Reward the associated Stop Loss will trail. Selecting “All Stops” will move all Stops Loss together. Selecting “Stop 1” will only move the Stop Loss associated to the Reward #1 order.

Trailing type:
You can select from “Typical Bid Ask”, “Opposite Bid Ask” or “Last Price”.

• Typical Bid Ask :
  • For a Long position, the Ask price is monitored to trigger the B/E.
  • For a short position, the Bid price is monitored to trigger the B/E.
• Opposite Bid Ask :
  • For a long position, the Bid price is monitored to trigger the B/E.
  • For a short position, the Ask price is monitored to trigger the B/E.
• Last Price :
  • For a long position, the Last price is monitored to trigger the B/E.
  • For a short position, the Last price is monitored to trigger the B/E.

Trigger offset:
This setting allows to define the amount of profit required to trigger the initial Stop Loss adjustment (to begin to trail the Stop Loss). If you leave this setting empty, the stop will trail from the moment price moves in profit. The syntax of this setting could be one of the 3 following:

• – a number followed by R
• – a number followed by %T followed by the referenced reward number
• – a number followed by T

Examples:

• 0.5R : Once the profit reaches 50% of the initial risk (0.5R) the Stop Loss will begin trailing.
• 1.5R : Once the profit reaches 150% of the initial risk (1.5R) the Stop Loss will begin trailing.
• 50%T1 : Once the profit reaches 50% of the targeted profit defined by the Reward #1 (1st target) the Stop Loss will begin trailing.
• 100%T3 : Once the profit reaches the Reward #3 (3rd target) the Stop Loss will begin trailing.
• 10T : Once the profit reaches 10 ticks, the Stop Loss will begin trailing.

Trail offset:
This setting adjust how wide the trailing stop will be. If you leave this setting empty, the original range between the Stop Loss and the average entry price will be used (1R). The syntax of this setting could be one of the 4 following:

• – a number followed by R
• – a number followed by T
• – a number followed by TR
• – a number followed by %P

Examples:

• 0.5R : The stop will trail with 50% of the original stop range.
• 1.2R : The stop will trail with 120% of the original stop range.
• 10T : The stop will trail with 10 ticks meaning a pullback of 10 ticks will trigger the stop order.
• 1TR : The stop will trail with the original stop range plus 1 more tick.
• -2TR : The stop will trail with the original stop range minus 2 less ticks.
• 20%P : The stop will trail with 20% of profit meaning the stop order will trigger when 80% of the unrealized profit is lost by a pullback to book 20% profit.

Visible info section:

The settings for the Visible info section are as follow:

Number of digits to show Reward to Risk Ratio
You can select with how many decimal places the Reward to Risk ratios are rounded by entering the value in this setting. For example, if the ratio is 1.567 and you enter 1, the ratio will be displayed as 1.6 but if you enter 2 the ratio will be displayed as 1.57.

Reward to Risk projection lines
If you would like to see a visual reference of where some Reward to Risk ratios are, you simply input the ratio values you want separated by ; (the semi colon character). For example, if you would like to see the 1R, the 1.5R and 2R levels you will input the following: 1; 1.5; 2.

Please note that you need to use the Decimal symbol as defined in the Microsoft Windows regional setting, so for example, if your regional settings are set to Germany, you will need to use a , (comma) instead of . as decimal symbol. You can add as many ratios as you want.

You can save your settings in a Default Template file if you want this feature every time you use the tool.

You can customize the Reward to Risk ratio lines style under the Lines style section.

Calculate R:R projection lines from net amount values
By default the tool will use the price range from the Stop to the Entry to calculate the projection lines.

If you prefer to have the projection lines calculated from the Risk amount value (including the commission cost) select this option. For example if the Risk amount is $112.50 a projection of 2 will draw a line at the price level equivalent to a profit of $225.

Show R:R values over projection lines:
When you activate the option called “Show R:R values over projection lines” which is under the “Visible info” section, each Reward to Risk projection lines will be labeled.

Text visibility:
You can select from:

• VisibleWhenSelected
  The text will be visible when you click on the drawing tool. Otherwise it will be hidden.
• AlwaysVisible
  The text will always be visible.
• DoNotShow
  The text will always be hidden.

Text font:
Allow customizing font attributes (family, style, size) for all drawn texts.

Line style section

You can customize the look of the entry, stop and reward(s) lines to your preferences. You can also select to extend the lines to the right edge of the chart and/or to the left edge of the chart.

Context Menu settings

If you would like to be able to quickly change the default risk value for a specific position, you can activate the option “Show predefined risk values” from the “Context menu settings” section. You also need to enter your desired predefined risk values for each risk calculation method in the respective box below. A maximum of 5 different risk values is supported.

For example, let say you would like to be able to quickly change the % of risk of the account Cash Value from 0.5%, 0.8%, 1% and 1.5%. You will need to enter each predefined risk value separated by the semicolon character. Ie, 0.5; 0.8; 1; 1.5 in the “Predefined risk values for % of Cash Value” box.

To get these values by default on all new drawings, please save your settings as the Default Template.
Then when you right click on the Position Sizing drawing tool, you will get this context menu that allow you to quickly change the % of risk used to calculate the position size.

Submitting order:
When you are ready to place the order related to the Position Sizing drawing tool you drew, you can right click on the Position Sizing tool and click on Submit the associated orders.

This will automatically create a pending order for your entry and will automatically place OCO orders for the stop loss and each profit targets. OCO stands for One-Cancels-Other which is similar than creating an ATM strategy that is composed of a profit target and a stop loss but using our tool eliminates all possible typing errors when creating the ATM strategy.

If you drew a long position with the Position Sizing drawing tool:

• If the Position Sizing drawing tool entry price is between the instrument current bid and ask, a buy market order will be submitted.
• If the current instrument price is above the Position Sizing drawing tool entry price, a pending buy limit order will be submitted.
• If the current instrument price is below the Position Sizing drawing tool entry price, a pending buy stop order will be submitted.

If you drew a short position with the Position Sizing drawing tool:

• If the Position Sizing drawing tool entry price is between the instrument current bid and ask, a sell market order will be submitted.
• If the current instrument price is above the Position Sizing drawing tool entry price, a pending sell stop order will be submitted.
• If the current instrument price is below the Position Sizing drawing tool entry price, a pending sell limit order will be submitted.

If a news event restriction is active and you submit the order, the order won’t be submitted and you will get this pop up message:

If you have an active pending Entry order from a Position Sizing drawing tool that has news event restriction, when the news event restriction will become in effect, you will get this pop up message and the pending order will automatically be cancelled.

If you take no action, the order will automatically be re-submitted once the news event restriction is over. If you prefer to not get the order automatically re-submitted once the news restriction is over, you can right click on the drawing tool and select “Cancel the pending re-submission order due for after News Event”. Once you are ready to re-submit the associated order to this drawing tool, you can right click again on that tool and select “Submit associated orders”.

Important note about pending Entry orders:

Deleting the Position Sizing drawing tool while the Entry order is pending
If you submitted a entry order from a Position Sizing tool and while the Entry order is still pending you delete the related Position Sizing drawing tool from the chart, the associated Stop(s) and Target(s) OCO orders should still be placed once the Entry order get filled.

Modifying the Position Sizing drawing properties while the Entry order is pending
If you submitted a entry order from a Position Sizing tool and while the Entry order is still pending you change the related Position Sizing drawing tool properties, the associated Stop(s) and Target(s) OCO orders will still be placed according to the original settings. For example you place a pending Entry order for qty 1 contract and while the Entry is pending, you modify the Position Sizing drawing to qty 2 contrats, the pending Entry order remain for 1 contract the once filled, the Stop and Target OCO order will be placed for 1 contract but for the updated Stop and Target price values.

Disclaimer regarding submitting orders with our Position Sizing Drawing Tool:
Please use a Sim account or the Market Replay connection to get familiar with how the orders are submitted from our Position Sizing drawing tool. We will not be responsible for any loss you may incur by using our Products.