Trying to figure out exit strategy logic

[DanDaMan]

Hi,

I am coming over from Sierra Chart- and need to setup my bracket order for take profits and stop-losses.
My understanding is that this is setup as an 'Exit Strategy' in MotiveWave- and i've been having some difficulty figuring out how to set up this particular logic.
If anyone can help it would be greatly appreciated

After I enter a position with let's say 4 contracts, setup the following OCO orders:

- Set Stop Loss at 8 ticks for 100% of contracts.
- 1st take-profit limit order at 4 ticks for 75% of contracts
- 2nd take-profit limit order at 14 ticks for remaining 25% of contracts
- When 1st take-profit limit order is hit, modify original stop-loss to amount of remaining contracts

I can't seem to figure out how to get MotiveWave to keep the stop-loss in place and simply modify it to the remaining amount of contracts left for the 2nd take-profit after the 1st one has been reached. Right now it is creating two separate stop losses- one for the first and one for the second take-profit, but this is no good. It should be only 1 stop-loss that gets adjusted to the remaining contracts once the first take-profit is reached. Otherwise I need to manually move around two-stop losses, and this would be horrible during a trade to manage.
These all need to be OCO.

Any help is greatly appreciated!

Cheers

 

[sas7085]

You can refer this thread - https://support.motivewave.com/foru...nd-limit-order-in-to-one-group.433/#post-1610

In addition to this i have done one stop loss for multiple contract and 2 different Limit profit orders. Once the one Profit target was hit i used re place the whole OCC order as if new one with new Profit target and stop loss. I guess i face some issue that time so i took this approach.
So in your case you can do 2 limit order and 1 stop order.

You have you logic in onOrderFilled() .

 

[QJTrader]

Hi,

I am coming over from Sierra Chart- and need to setup my bracket order for take profits and stop-losses.
My understanding is that this is setup as an 'Exit Strategy' in MotiveWave- and i've been having some difficulty figuring out how to set up this particular logic.
If anyone can help it would be greatly appreciated

After I enter a position with let's say 4 contracts, setup the following OCO orders:

- Set Stop Loss at 8 ticks for 100% of contracts.
- 1st take-profit limit order at 4 ticks for 75% of contracts
- 2nd take-profit limit order at 14 ticks for remaining 25% of contracts
- When 1st take-profit limit order is hit, modify original stop-loss to amount of remaining contracts

I can't seem to figure out how to get MotiveWave to keep the stop-loss in place and simply modify it to the remaining amount of contracts left for the 2nd take-profit after the 1st one has been reached. Right now it is creating two separate stop losses- one for the first and one for the second take-profit, but this is no good. It should be only 1 stop-loss that gets adjusted to the remaining contracts once the first take-profit is reached. Otherwise I need to manually move around two-stop losses, and this would be horrible during a trade to manage.
These all need to be OCO.

Any help is greatly appreciated!

Cheers

Not sure if you were able to resolve your issue, but I have a similar requirement.

In any event I also struggled with automatically reducing orders remaining quantities, which seems very manual.
However, I am now trying the OFA Algo, which allows or a great number of variations to be pre-configured, including % partial closures etc.

QJTrader