OCO Order Sets


The OCO Order Set area is where the entry, profit target, and stop-loss orders are defined.  OCO is short for One-Cancels-Other.  This term applies to the profit target and stop-loss orders as a connected set.  When one of those orders is filled the other order is canceled.  Multiple OCO sets can be created, and are automatically named A, B, C, D, etc.  Unlike the ATM, each OCO set can have a different entry order type and price, when using a Limit or Stop order, which provides a way to average in or create a break-out entry.  Each OCO set can mix and match any order types you wish.  The first step is to select the entry order type.

OCO Components

Number 1 Number of contracts, Name, & Order management options.
Number 2 The Entry order.
Number 3 The Profit target order.
Number 4 The Stop-loss order.

Order Management Options

These options setup various management controls for the number of contracts and auto-trading safeguards and constraints.
The number of contracts, for each OCO set, is selected in the left blue area. The name of the OCO set can be changed by clicking on the letter in the right blue area. Then, change it in the Name field.

Quantity   Scaling

Checking the box will allow BlackBird to automatically increase the number of contracts to maximize the risk per trade as set in Money Management » Risk Per Trade.  If the Money Management » Risk Per Trade options is not enabled then Allow Upscaling is ignored.

 

 

Upscaling slider:  This allows you to control the ease or restriction that BlackBird has to increase the number of contracts.  This is only necessary when using multiple order sets.  None will prevent BlackBird from increasing the number of contracts.  Flexible instructs BlackBird to add more contracts to this order set first.
E.G.  If you want to trade using three profit targets with the following scenario.  The first P/T is the quick couple of ticks target with the most number of contracts.  Then, set the slider to Flexible.  The second P/T is the middle distance target which has fewer contracts than the first. Then, leave the slider on Balanced.  And, the third P/T is the furthest target with the least number of contracts. Then, set the slider just to the right of None.

Acceptable Variance:  This controls the maximum number of contracts that can be added to this order set.  E.G.  The default value of 10 allows a maximum of 10 more contracts to be added.  If the number of contracts is set to 1, then the range of contracts can vary from 1 to 11.  If the number of contracts is increased to 4, then the range of contracts can vary from 4 to 14.

Checking the box will allow BlackBird to automatically decrease the number of contracts to match the risk per trade amount as set in Money Management » Risk Per Trade.  If Money Management » Risk Per Trade options is not enabled then Allow Downscaling is ignored.

Downscaling slider:  This allows you to control the ease or restriction that BlackBird has to reduce the number of contracts.  This is only necessary when using multiple order sets.  None will prevent BlackBird from reducing the number of contracts.  Flexible instructs BlackBird to decrease the contracts to this order set first.
E.G.  If you want to trade using three profit targets with the following scenario.  The first P/T is the quick couple of ticks target with the most number of contracts.  Then, set the slider just to the right of None.  The second P/T is the middle distance target which has fewer contracts than the first. Then, leave the slider on Balanced.  And, the third P/T is the furthest target with the least number of contracts.  Then, set the slider to Flexible.

Acceptable Variance:  This controls the maximum number of contracts that can be removed from this order set.  E.G.  The default value of 10 allows a maximum of 10 contracts to be removed.  If the number of contracts is set to 1, then the range of contracts can vary from 1 to 0.  If the number of contracts is set to 12, then the range of contracts can vary from 12 to 2.

When using multiple order sets (I.E. multiple profit targets), this option provide control over the ration of contracts between each order set.  Exact will keep a strict ratio of contract.  Flexible allows the ratio to easily be changed in favor of increasing the number of contracts to maximize the risk per trade as set in Money Management » Risk Per Trade.

E.G. Using this scenario, the first order set has 3 contracts, the second order set has 1 contract, and the third has 1 contract. The ratio of 3-1-1 can be maintained exactly by setting the slider on all three order sets to Exact.  The number of contracts would increase like this  6-2-2,  9-3-3, 12-4-4, etc. as long as it does not exceed the Risk Per Trade.
If you want the first order set, with 3 contracts, to increase or decrease its number of contracts more easily, to maintain a maximum risk per trade value, then set the slider to Flexible.

Placement   Safeguards

These options ensure the profit target or stop-loss orders are kept within a minimum distance or maximum distance from the entry price.
The safeguards are primarily necessary when using indicators to dynamically calculate a order’s distance from the entry price.  It is possible the indicator could place the order to far or to near to the entry price.
The safeguards can also be helpful for discretionary traders who will use the Dynamic Planner and manually move the stop-loss or profit target to support/resistance areas, before executing the trade.

This option determines what BlackBird will do if the profit target or stop-loss placement exceed any of these Placement Safegaurd rules.

Skip Trade:  If the Initial Placement of the profit target or stop-loss exceeds any of the Min/Max Distance options (below), the entry order will be skipped and not submitted to your broker.  This does not affect other OCO order sets.

Constrain Target & Stop Loss:  This setting will constrain the profit target and stop-loss initial placement distance from the entry price, so they do not exceed the Min/Max Distance options (below).

This option is only available when Mode is set to Constrain Target & Stop Loss.  The Mode options (above) only apply to the initial placement price of the orders.  After the profit target and stop-loss have been placed it is possible for a Trailing Action rule to move an order to far from the entry price, than desired.  Enabling this option will prevent a Trailing Action rule from moving a profit target or stop-loss in excess of the Max Distance options
Enabling this option will prevent this entry order from executing if the profit target’s Initial Placement price is less than this number of ticks from the entry price.  This option only applies when Mode is set to Skip Trade.
E.G. If this option is set to 10, and the profit target’s Initial Placement would place the profit target 9 ticks from the entry price, then the entry order would be skipped (not executed).
When Mode is set to Skip Trade, Enabling this option will prevent this entry order from executing if the profit target’s Initial Placement price is more than this number of ticks away from the entry price.
E.G. If this option is set to 40, and the profit target’s Initial Placement would place the profit target 41 ticks away from the entry price, then the entry order would be skipped (not executed).

When Mode is set to Constrain Target & Stop Loss, Enabling this option will prevent the profit target’s Initial Placement price from exceeding this number of ticks away from the entry price.
E.G. If this option is set to 40, and the profit target’s Initial Placement would place the profit target 45 ticks away from the entry price, then the profit target’s Initial Placement would be reduced to 40 ticks away from the entry price.

Enabling this option will prevent this order from executing if the stop-loss’s Initial Placement price is less than this number of ticks from the entry price.  This option only applies when Mode is set to Skip Trade.
E.G. If this option is set to 12, and the stop-loss’s Initial Placement would place the stop-loss 11 ticks from the entry price, then the entry order would be skipped (not executed).
When Mode is set to Skip Trade, Enabling this option will prevent this entry order from executing if the stop-loss’s Initial Placement price is more than this number of ticks away from the entry price.
E.G. If this option is set to 20, and the stop-loss’s Initial Placement would place the stop-loss 24 ticks away from the entry price, then the entry order would be skipped (not executed).

When Mode is set to Constrain Target & Stop Loss, Enabling this option will prevent the stop-loss’s Initial Placement price from exceeding this number of ticks away from the entry price.
E.G. If this option is set to 20, and the stop-loss’s Initial Placement would place the stop-loss 24 ticks away from the entry price, then the stop-loss’s Initial Placement would be reduced to 20 ticks away from the entry price.


Entry Order

Start creating your OCO order by first selecting the type of entry order you desire to use.  NinjaTrader 7 supports Market, Limit, and Stop order types.  See Order Options tab for an explanation of the Automatic Order Type.

Profit Target Order

Next, setup the profit target. If you want to create a “runner” contract, without a profit target, then leave this setting blank. NinjaTrader 7 only supports the Limit order type.

Stop-Loss Order

Lastly, setup the stop-loss.  NinjaTrader 7 supports Limit and Market order type.

Important Stop-loss Info
Some instruments Do Not support stop-loss Limit order types. This is controlled by the exchange. If you setup your stop-loss as a Limit and try to use it on an instrument that does not support the Limit order type it will get rejected by the exchange, and your position will not be protected by a stop-loss. NinjaTrader and BlackBird will not rectify or correct this issue. Check with your broker and/or NinjaTrader to verify which instruments support stop-loss Limit orders.
Where do the Orders Reside?
All order reside at the exchange and broker.  E.G. Limit entry orders, profit targets, stop-losses, etc.  If there is a crash, those orders still remain at the exchange/broker.  However, trailing functionality will cease and can not be restored when BlackBird and/or NinjaTrader loses connection with the orders.

Order Options tab

Clicking on any order will open the Options window. This is where you setup the initial information about the order.

This field is where you can type a custom name for the order.  This is handy when using multiple OCO sets, running multiple BlackBirds with different OCO order settings, and for reading the Control Center » Log tab messages.  Naming them will help you distinguish which order is which.  Leaving the field blank will use a default naming convention.
This option changes the order flag color that appears on the chart.
This option selects the type of order to use. This is available for entry and stop-loss orders, not the profit target.
The option is only necessary and available for entry orders, and is only used when an indicator is being used to set the entry order’s price.  This enables BlackBird to automatically select whether a Limit or Stop order should be used.
I.E.  Some 3rd party indicators will generate an entry price, and that entry price could be above or below where the market is trading.  For a long trade, this option will automatically submit a Limit order if the indicator’s entry price is below the market, or submit a Stop order if the indicator’s entry price is above the market.

bb_order_settings_oco_order_set_entry_order_enable_automatic_order_type_dropdown

This option determines the price the order will be placed at, when the order is first executed.
Entry orders:  This determines the price for a Limit or Stop entry order. This is disabled for Market orders.
Profit Target:  This determines how far from the entry price, or at what price, via an indicator, the profit target is placed.
Stop-loss:  This determines how far from the entry price, or at what price, via an indicator,  the stop-loss is placed.
This is only available for entry orders.
This option provides various ways to include a delay before the entry order is submitted.  The delay starts when the trade signal occurs or when one of the Trade Controls buttons is pressed.

Bars:   The entry order submission must wait until this many bars has passed, and then the entry order can be submitted.

Seconds:   The entry order submission must wait until this many seconds has passed, and then the entry order can be submitted.

Ticks (in direction):  The entry order submission must wait until the market has moved this many ticks in the direction of the trade, and then the entry order can be submitted.
E.G.  Assuming this option is set to 10.  If a long trade signal occurs, the entry order will wait until the market moves 10 ticks higher(10 tick continuation) from the market price where the long trade signal occurred.

Ticks (against direction):   The entry order submission must wait until the market has moved this many ticks in the opposite direction of the trade, and then the entry order can be submitted.
E.G.  Assuming this option is set to 15.  If a long trade signal occurs, the entry order will wait until the market moves 15 ticks lower(15 tick pull-back) from the market price where the long trade signal occurred.

This is only available for entry orders, and applies to automated trading and the Trade Control buttons.  Currently this option does not apply to Dynamic Planning, but will in the future.

This option serves two primary functions.  The first, it provides an easy way to scale-in/adding-on to a position, for automated traders, by using the Trade Signal Trigger option.  The second, it provides a way to attach a triggering condition to the entry order.  If the condition is met the entry order is submitted immediately.  If the condition is not yet met, the order is placed in a pending state until the condition is met.  Once the trigger condition is fulfilled, the entry order is submitted to the market.
E.G.  This option makes it easy to apply an indicator filter (a MACD filter for example) to your trade signals or discretionary trading.  Using the Indicator Value option provides a way to allow long trades only when the MACD is above the zero line, and short trades only when the MACD is below the zero line.  If a long trade signal occurs and the MACD is above zero then the entry order is submitted immediately.  However, if the MACD is below zero then the long order is  placed in a pending state and will remain pending until either, the MACD crosses above zero at which time the order is submitted to the market, or a short trade signal occurs first which cancels the pending long order and the short order is submitted immediately.

These trigger conditions are also used in Trailing Rules.  Please keep that in mind when you read the Trigger On section below for detailed information on each of the trigger conditions.

This is only available for Limit and Stop entry orders.
When enabled, this option provides various ways to cancel the entry order if it is not filled.
Note:  This function is disabled when Order Monitor panel » Auto Trailing is turned Off.  This option uses the infrastructure of the Trailing Actions » Trailing Rule Components » Delay and Action options to cancel orders.

Trailing Actions tab

This component is another major feature that sets BlackBird apart from all other strategies in its class.  Trailing Actions allow you to create rules that automatically move orders in any direction.  Rules consist of four events that occur in the following order: First the Initial Delay must pass.  Next, the rule waits for the Trigger On condition/event to occur.  Then the Action will move the order, and Repeat determines how many times the Action will run and how often.

The Mode determines how trailing rules operate.

No Movement:  This is the default setting.  Trailing Rules are disabled, except for Actions that Cancel Orders.
I.E.  If trailing rules are created, and then turned off by setting Mode to No Movement, any trailing rule that has an Action set to Cancel Order will always be executed.  This is because on the Option tab the Cancel After setting creates a trailing rule that uses the Delay option and Action » Cancel Order command.  See Order Options tab » Cancel After for more info.

Custom:  This option enables custom Trailing Rules to be created and used.

Standard Trailing:  This option enables a simple fixed offset stop-loss trailing.  The fixed offset distance is determined by the Options tab » Initial Placement setting.  The initial stop-loss distance to the entry price is the fixed trailing distance.  Custom trailing rules can not be used.  This option is only available for stop-loss orders.

This option determines which trailing rule has priority to move an order.
I.E. When you have multiple trailing rules it is very likely that several of the rules will want to move the order at the same time. Therefore, a decision has to be made of which rule shall move the order.

Action closest to Price:  If multiple trailing rules trigger at the same time, the rule that moves the order closest to the market price (Last price) will be used to move the order.

Action Farthest from Price:  If multiple trailing rules trigger at the same time, the rule that moves the order farthest away from the market price (Last price) will be used to move the order.

First Action to Trigger:  The first trailing rule that moves the order will always be used to move the order.

Last Action to Trigger:    The last trailing rule that moves the order will always be used to move the order.

Click the button to create new trailing rules.

Trailing Rule Components

Name

This field is where a custom name can typed for the trailing rule, as a reminder of what the rule does. The rules are automatically named Rule A, Rule B, Rule C, etc.

Initial Delay

This option provides various ways to add a delay before the rule can execute.

None:

Ticks (in direction):  This is the same as ticks in profit.  The Trigger On and Action must wait until this many ticks in profit has been achieved, and then the rest of the rule may continue.
E.G.  A typical use would be to wait until 25 ticks of profit before tightening the stop-loss.  Or, if price moves 20 ticks away from a Limit entry order then have the Action cancel the entry order.

Ticks (against direction):   This is the same as ticks of loss.  The Trigger On and Action must wait until this many ticks in loss has occurred, and then the rest of the rule may continue.

Points (in direction):  This is the same as points in profit.  The Trigger On and Action must wait until this many points in profit has been achieved, and then the rest of the rule may continue.
E.G.  A typical use would be to wait until 3.25 points of profit before tightening the stop-loss.  Or, if price moves 1.5 points away from a Limit entry order then have the Action cancel the entry order.

Points (against direction):   This is the same as points of loss.  The Trigger On and Action must wait until this many points in loss has occurred, and then the rest of the rule may continue.

Bars:   The Trigger On and Action must wait until this many bars has passed, and then the rest of the rule may continue.

Seconds:   The Trigger On and Action must wait until this many seconds has passed, and then the rest of the rule may continue.

Minutes:   The Trigger On and Action must wait until this many minutes has passed, and then the rest of the rule may continue.

Days:   The Trigger On and Action must wait until this many days has passed, and then the rest of the rule may continue.

Trigger On

This option provides various trigger conditions that activates the trailing rule (after the Initial Delay has passed).  Once the Trigger On condition has triggered it stays activated, and the Action will continue to execute for the remainder of the trade, according to the Repeat settings.  If set to None, then the rule is immediately activated after the Initial Delay has passed.
E.G.  With Trigger On set to Indicator Value, and the condition is setup to look for the  CCI greater than 300 (or less than -300).  The first time that condition occurs the Action will keep executing for as long and as often as the Repeat settings will allow.

None:  A trigger event is not required.  When set to None the rule will wait until the Initial Delay is over and then the trailing rule will execute.

BloodHound Signal:  This trigger type uses a BloodHound signal to trigger the trailing rule.  This options is very powerful, because you can use advance Bloodhound logic to trigger order movements. †
You must own BloodHound for this option to work correctly.

Indicator Value:  This trigger type looks for an indicator value to trigger the trailing rule. †

Trade Signal Trigger: This option monitors the trade signals, from the Trade Signal section, as the triggering event that executes the trailing rule. †

Price vs Indicator:  This trigger type checks if price, or an indicator, is above or below an indicator to trigger the trailing rule. †

Profit or Loss:  This trigger type waits for a certain profit or loss amount (similar to the Initial Delay options)  to trigger the trailing rule.

Order Status Changed: This trigger type looks for an order, from another OCO set, to change and then triggers the trailing rule.

BloodHound Signal, Indicator Value, Trade Signal Trigger, & Price vs Indicator options use indicators and therefore the timing of when they are calculated/triggered is determined by the ‘Calculate on Bar Close’ setting (found in the Chart » Strategy window).
I.E. If CoBC = True (NinjaTrader’s default setting) these Trigger On conditions are calculated when the bar closes, not intrabar or real-time.  If CoBC = False then these Trigger On conditions are calculated in real-time in accordance with the Incoming Market Data Throttle setting.

For more info
see Trigger On Options in Detail below for a detailed description on each option.

Action

This option is typically used to move the order to a new price, such as trailing a stop-loss to lock in profits, or even move an entry order closer to price making it easier to fill. There are various alert options that can be executed as well. If you wish to perform two actions, such as move a stop-loss and send an alert when the stop-loss moves, then two identical trailing rules must be created with the different actions.

Post to Alerts Window:  Please see the Alerts » Alerts type section for more information.

Log Message: Please see the Alerts » Alerts type section for more information.

Chart Symbol:  Please see the Alerts » Alerts type section for more information.

Chart Message:  Please see the Alerts » Alerts type section for more information.

Play Sound:  Please see the Alerts » Alerts type section for more information.

Send Email:  Please see the Alerts » Alerts type section for more information.

Freeze Order:  This action will lock/freeze the order in place for the remainder of the trade.  The order can not be moved by any other trailing rule.

Move Order To:  This action moves the order to the specified location.  This is the most commonly used action.  Typical uses include; trailing or tightening a stop-loss as profits increase, moving a profit target in when momentum slows, or moving an entry order closer to the market price when it is not filled.  For more detailed information see Action » Move Order To section below.

Cancel Order:  This action will cancel the order.  A canceled order can not be replaced during the remainder of the trade.  Removing a stop-loss will not remove the profit target associated with it, and removing a profit target will not remove the stop-loss associated with it.  This option is more practical for removing an entry order that has not been filled.

Repeat

This option sets the number of times this rule is repeated (executed).  Some rules you may only want to execute once, or every time the Trigger On event occurs.

No Repeat:  This options allows the rule to only execute once.  This would be useful for moving a stop-loss to break-even once a certain profit is achieved.

Repeat X times:  This option sets a limited number of times the trailing rule can be executed/repeated.  See the section below for more information.

Repeat Indefinitely:  This option will repeat/execute the rule indefinitely.  Keep in mind, the Initial Delay and/or Trigger On conditions, if used, must trigger first.

Repeat Until:  This option will repeat/execute the rule until a user defined condition occurs.  The conditions are the same conditions used in the Trigger On column.  See the section below for more information.

Set the maximum number of times the rule can execute.  Use the Repeat Every option to limit how often the rule can repeat.
Repeat X Times
The rule will keep executing until this condition has occurred.  These conditions are the same as the Trigger On events.  See the Trigger On documentation above.  Use the Repeat Until option to disable a rule after a certain condition.
Repeat Until
Use this option to set how often the trailing rule can repeat.

E.G.  If you want the rule to execute on every tick movement of the market then set to 1 Tick.

If you want the rule to only execute once per bar then set to 1 Bar.
Repeat Every 1 Bar

If you want to limit the rule to only execute once every 5 minutes then set to 5 Minutes.
Repeat Every 5 Minutes

Once the Trigger On condition has occurred the Action will continue to repeat/execute, according the Repeat setting.  Enabling this option restricts when the Action can execute.  The Action can only execute when the Trigger On condition occurs.  When the Trigger On condition is not met the Action will not execute.


Trigger On Options (in Detail)

There are various triggers available for building conditions that activates a rule.  Once the Trigger On condition has triggered it stays activated, and the Action will continue to execute for the remainder of the trade.
BloodHound Signal, Indicator Value, Trade Signal Trigger, & Price vs Indicator options use indicators and therefore the timing of when they are calculated/triggered is determined by the ‘Calculate on Bar Close’ setting (found in the Chart » Strategy window).
I.E. If CoBC = True (NinjaTrader’s default setting) these Trigger On conditions are calculated when the bar closes, not intrabar/real-time.  If CoBC = False then these Trigger On conditions are calculated real-time.
Side Note: Some of these options may be used in other places.

BloodHound Signal

This option uses a BloodHound signal to trigger the trailing rule.  This option is very powerful, because you can use advanced BloodHound logic to trigger an order movement.  See † statement above.
You must own BloodHound for this option to work correctly.

This field is used to load the BloodHound template/file. Clicking on this field will reveal an […] ellipsis button. Click the button to open the BloodHound interface and load the file you want trade signals from.
This pull-down menu is used to select which BloodHound Logic template that is use to execute the rule. After the BloodHound file is loaded (see BloodHound Template above) this pull-down menu will reveal all the Logic templates in that file. BlackBird will use the signals from the selected Logic template to execute the rule.
Signal In Same Direction:  When in a long trade, only a long signal will execute the rule.  When in a short trade, only a short signal will execute the rule.

Signal In Opposite Direction:  When in a long trade, only a short signal will execute the rule.  When in a short trade, only a long signal will execute the rule.

Signal In Either Direction:  A signal in any direction (long or short signal) will execute the rule.

Signal In Both Direction:  There must be a long & short signal, on the same bare, to execute the rule.

No Signal In Same Direction:  When in a long trade, the absence of a long signal will execute the rule.  When in a short trade, the absence of a short signal will execute the rule.

No Signal In Opposite Direction:  When in a long trade, the absence of a short signal will execute the rule.  When in a short trade, the absence of a long signal will execute the rule.

Compare the long and short confidence values(BloodHound’s long & short output values) to verify the trade direction in question is greater than the opposite direction (by a factor of the Confidence Ratio).

E.G.  With the ration at 1.5, a Long signal is only valid if the long confidence is 1.5 times greater than the short confidence, and vice versa.

This setting is common to the same BloodHound parameter. A description can be found on this page.
This setting is common to the same BloodHound parameter. A description can be found on this page.

Indicator Value

This option looks for an indicator threshold value to activate the trailing rule.  See † statement above.
E.G.  Wait until the CCI is greater than 200 or less than -200, and then begin executing the rule.

Click this option to open the window seen below. Then click the Configure button to select the indicator, set its parameters, and select the indicator’s plot to use.

Setup Indicator window

Long/Short Factor:  This applies a multiplying factor to the indicator’s value.
E.G.  If the Long Factor is set to 1.5, and the MACD plot has a value of 0.55, then the value that is compared to the Long Threshold setting is 1.5 × 0.55 = 0.825.  If the Short Factor is set to 2, and the MACD plot has a value of 0.55, then the value that is compared to the short Threshold setting is 2 × 0.55 = 1.1.

Long Factor:  This setting applies to long positions.
Short Factor:  This setting applies to short positions.

This determines the formula that is used with the Long Threshold value to trigger the rule, for a long trade.

Greater Than:  The indicator value must be greater than the Long Threshold value to trigger the rule.

Greater Than or Equal To:  The indicator value must be greater or equal to the Long Threshold value to trigger the rule.

Equal To:  The indicator value must equal the Long Threshold value exactly to trigger the rule.

Less Than or Equal To:  The indicator value must be less or equal to the Long Threshold value to trigger the rule.

Less Than:  The indicator value must be less than the Long Threshold value to trigger the rule.

The indicator value is compared to this threshold value, according to the Long Mode formula, to trigger the rule for a long trade.
E.G.  #1  Indicator is set to the MACD, Long Mode is set to Less Than, Long Threshold is set to -0.35.  When the MACD is less than -0.35 the rule will trigger for a long trade.
#2  Indicator is set to the CCI, Long Mode is set to Greater Than, Long Threshold is set to 200.  When the CCI is greater than 200 the rule will trigger for a long trade.

 

This determines the formula that is used with the Short Threshold value to trigger the rule, for a short trade.

Greater Than:  The indicator value must be greater than the Short Threshold value to trigger the rule.

Greater Than or Equal To:  The indicator value must be greater or equal to the Short  Threshold value to trigger the rule.

Equal To:  The indicator value must equal the Short Threshold value exactly to trigger the rule.

Less Than or Equal To:  The indicator value must be less or equal to the Short Threshold value to trigger the rule.

Less Than:  The indicator value must be less than the Short Threshold value to trigger the rule.

The indicator value is compared to this threshold value, according to the short Mode formula, to trigger the rule for a short trade.
E.G.  #1  Indicator is set to the MACD, Short Mode is set to Greater Than, Short Threshold is set to 0.35.  When the MACD is greater than 0.35 the rule will trigger for a short trade.
#2  Indicator is set to the CCI, Short Mode is set to Less Than, Short Threshold is set to –200.  When the CCI is less than -200 the rule will trigger for a short trade.
This option determines which bar the indicator value is taken from. Either the current bar or a previous bar back.
The default value 0 is the current indicator value. A value of 1 is the indicator value from the previous bar. A value of 2 is the indicator value from two bars back.

Trade Signal Trigger

This option monitors the trade signals, from the Trade Signal section, as the triggering event that executes the trailing rule.
E.G.  If your BloodHound system sometimes gives 2 or more long signals during an uptrend, those additional signals can be used to add more positions on (scale-in).  Therefore, if you want to scale-in with a second entry order when BloodHound gives a second long signal, set Mode to In Same Direction, and Signals After 1st Entry to 2.

This determines the trade signal direction that triggers this option.  Click the [▼] pull-down button to open the menu.

Either Direction:  Use trade signals from any direction (long or short).

In Same Direction:  Use trade signals only in the same direction of the trade.  E.G. If the trade is a long trade, then only use long trade signals as the trigger.

in Opposite Direction:  Use trade signals only in the opposite direction of the trade.  E.G. If the trade is a long trade, then only use short trade signals as the trigger.

Long Signals Only:  Only use long trade signals as the trigger, regardless of the trade direction.

Short Signals Only:  Only use short trade signals as the trigger, regardless of the trade direction.

Before this option begins to scale-in additional positions/contracts, a position (the initial position) must already be open.  To open an initial position leave Placement Trigger set to None.  This option only adds new positions/contracts to an existing position.  When scaling-in, terminology needs to be more precise.  The very first trade signal that opens a new position(the initial position) is called the initial signal.  Any signals afterwards used to scale-in more contracts are called the scale-in signals.  An entry order with Placement Trigger = None will execute on the initial signal.  This option will scale-in more orders on trade signals after the initial signal.
The value of this setting determines which scale-in signal is used to open an additional position.
I.E.  A value of 1 is the first scale-in trade signal, after a position in the same direction is already open.  A value of 2 is the second scale-in trade signal.
This option executes only once on the scale-in signal number specified in this option.  It will not execute again on trade signals that occur afterwards.

Price vs Indicator

This option checks if price or indicator is above or below an indicator, and then activates the trailing rule.  See † statement above.
E.G.  For a long trade, if price drops below a moving average then trigger a rule to tighten the profit target or stop-loss.
Or, if a fast moving average drops below a slower moving average then trigger a rule to tighten the profit target or stop-loss.

This option determines how many bars back to look for the above or below condition. The default value 0 is the current bar. A value of 1 is the previous bar back. A value of 2 is two bars ago.
Click the [▼] pull-down button to open the Select Input window. This reveals the option to select price or an indicator.
See the Select Input window section below for more information on using price or an indicator.
Click the [▼] pull-down button to open the Select Input window. This reveals the option to select price or an indicator.
See the Select Input window section below for more information on using price or an indicator.
This determines the formula used to compare the value of Input A against Input B, to trigger the rule for a long trade.  Click the [▼] pull-down button to open the menu.

A Above B:  The value of Input A must be above/greater then Input B, to trigger the rule for a long trade.

A Equal or Above B:  The value of Input A must be equal or above/greater then Input B, to trigger the rule for a long trade.

A Equal or Below B:  The value of Input A must be equal or below/less then Input B, to trigger the rule for a long trade.

A Below B:  The value of Input A must be below/less then Input B, to trigger the rule for a long trade.

This determines the formula used to compare the value of Input A against Input B, to trigger the rule for a short trade.  Click the [▼] pull-down button to open the menu.

A Above B:  The value of Input A must be above/greater then Input B, to trigger the rule for a short trade.

A Equal or Above B:  The value of Input A must be equal or above/greater then Input B, to trigger the rule for a short trade.

A Equal or Below B:  The value of Input A must be equal or below/less then Input B, to trigger the rule for a short trade.

A Below B:  The value of Input A must be below/less then Input B, to trigger the rule for a short trade.

Profit or Loss

This option waits for a certain profit or loss amount (similar to the Initial Delay options) and then activates the trailing rule.

Choose whether you want a Profit to activate the trailing rule, or a Loss.
Type in the amount of profit or loss that coincides with the Unit setting.
Choose which measurement unit used to calculate the profit or loss.

Ticks:  This option measures  the profit or loss in ticks.  In the Amount field, type in a number of ticks.

Points:  This option measures  the profit or loss in points.  In the Amount field, type in a number of points.

Currency:  This option measures  the profit or loss in a currency.  In the Amount field, type in the currency amount.

ATR:  This option measures  the profit or loss in ATR units.  In the Amount field, type in the number of ATR units.

 

This sets the ATR period when the Unit option is measuring in ATR.

Order Status Changed

This option detects when another order has been filled or canceled, and then triggers the trailing rule to run.
E.G. When the first profit target is filled, then trigger the remaining stop-loss to move (to breakeven for example).

Select the order to be monitored. This will show a list of all the other orders (Entry, Profit, & Stop-loss orders) that can be monitored for a fill or cancel status.

All Filled:  This option requires all the contracts be filled before this trigger condition is true.

Any Filled:  This option requires only 1 contract be filled before this trigger condition is true.

Cancelled:  This option requires the order to be canceled before this trigger condition is true.
E.G.  If the profit target is filled, then the stop-loss is canceled.  Also, this can be used to check if an entry order has been canceled.



Action » Move Order To

After the Initial Delay has expired and/or the Trigger On condition has occurred, then its time to move the order somewhere,  The whole purpose of a trailing rule is to automatically move an order to another price. These are the various options available for calculating that new price.

Select Mode options:

Price:  This option moves the order to any bar price.

Indicator Value:  This option moves the order to an indicator value.

Swing Point Prices:  This option moves the order to a Swing Point price, as calculated by SiSwingsHighsLows indicator.

Linear Regression Channel:  This option moves the order to one of the Linear Regression channel lines.

All of these options also include an Offset function to add or subtract an offset distance.

This option can restrict the direction an order can move.  Keep in mind there are other factors that restrict the direction an order can move.  E.G.  Stop-loss orders can only move in the direction of the trade.  For long trades, stop-loss orders can only move up.  Also, the Trailing Actions » Evaluate Using option may indirectly limit an order’s movement.

Both Directions:  This can be helpful for entry or profit target orders.
E.G.  If you set up a Limit entry order to follow/trail a moving average, you many want to allow the Limit order to move up and down exactly with the moving average.

With Direction Only:  This allows the order to only move up in a long trade, or only down in a short trade.  This is the standard behavior of stop-losses.
E.G.  If you set up an entry order to follow an indicator, this would allow Long entry orders to only move upward, never downward, so that the Long entry order is always moving up and closer to the market.

Against Direction Only:  This allows the order to only move down in a long trade, or only up in a short trade.



Select Input window

This window is used in several areas of BlackBird. It has four types of inputs, as listed below.

Price

This option moves the order relative to any bar price.
E.G. A common stop-loss trailing technique is to move the stop-loss to the previous bar low, or the low of 2 bars back. This option can reference those bar prices, and more.

These are the various prices that an order can be moved to, in addition to having an offset applied.

Average Entry Price:  This is the average entry price of all order.
OCO Entry Price:  This is the average entry price for the OCO order set only.  For more information on what is an OCO order set please see the first paragraph on the OCO Order Set page.
Last:†  This references the last traded price.  I.E.  The current market price.
Bid:†
Ask:†
Order Price:  This references the order’s current price.  If this price is being used in a Stop-loss > Trailing Action window then it is referring to the stop-loss’s current price.  If  used in a Profit Target > Trailing Action window then it is referring to the profit target’s price.
E.G.  If you want to move a stop-loss +5 ticks from it’s current location, then set Long Trades to Order Price and set Offset » Long Ticks to 5.  If the current stop-loss price = 22,600 (on the YM futures), then the new stop-loss price would be 22,600 + 5 = 22,605.
Open:
High:
Low:
Close:
Median:  This price is calculated by NinjaTrader.  See the NinjaTrader documentation for the formula.
Typical:  This price is calculated by NinjaTrader.  See the NinjaTrader documentation for the formula.
Weighted:  This price is calculated by NinjaTrader.  See the NinjaTrader documentation for the formula.

 NinjaTrader only has these prices available in real-time or Market Replay data connections.  Therefore, NinjaTrader can not backtest on historical charts when using these prices.  Market Replay must be used for backtesting.
This sets the number of bars to look back historically when you want to use historical price data in your system. A Lookback of 1 is the current bar. A Lookback of 2 is the first bar back. A Lookback of 3 is the second bar back.
Select how to process the price data in the Lookback Period.

Single Value:  This returns the price from a historical bar referenced by the Lookback Period.  No data processing is done.  This makes the Lookback Period behave similar to the Bars Ago parameter.

Average Values:  This mode returns the average of the Price Type Long prices within the Lookback Period.

Max Values:  This mode returns the highest selected price within the Lookback Period.  It searches the Lookback Period historical bars and returns the highest value found.  I.E. This is used when you want to use the highest High price of the previous 10 bars by setting Price Type Long = High and Lookback Period = 10.

Min Values:  This mode returns the lowest selected price within the Lookback Period.  It searches the Lookback Period historical bars and returns the lowest value found.  I.E. This is used when you want to use the lowest High price of the previous 10 bars by setting Price Type Long = High and Lookback Period = 10.

See Offset section below for a detailed description of this area.

Indicator Value

This option moves the order to the price of an indicator. There are many 3rd party indicator that calculate profit and stop-loss targets, which this option can take advantage of.

Click the Configure button to select the indicator, set its parameters, and select the indicator’s plot to use.

Select Indicator

The Displacement parameter works the same way as the NinjaTrader Displacement parameter.  It is used to analyze indicator plot values from previous bars back.  Setting Displacement to 5 will use the indicator’s value from the 5th bar back.  In effect, this shifts the indicator plot from 5 bars back to the current bar.
See Offset section below for a detailed description of this area.

Swing Point Prices

This option moves the order to a swing point price, as calculated by SiSwingsHighsLows indicator.

This is the Number Swings parameter for the SiSwingsHighsLows indicator. Click the link to visit the SiSwingsHighsLows help page with examples to explain how this parameter works.
This is the Swing Strength parameter for the SiSwingsHighsLows indicator. Click the link to visit the SiSwingsHighsLows help page with examples to explain how this parameter works.
Choose which swing point the order will be to moved to.

Top:  This is the high swing point price.

Bottom:  This is the low swing point price.

Choose which swing point the order will be to moved to.

Widest:  This is the highest highs and lowest lows of the swing points, as tracked according to the Number of Swings parameter.  Click the link to visit the SiSwingsHighsLows Examples section with examples to explain how the Widest plots works.

Tightest:  This is the inside swing high and swing low points, as tracked according to the Number of Swings parameter.   Click the link to visit the SiSwingsHighsLows Examples section with examples to explain how the Widest plots works.

See Offset section below for a detailed description of this area.

Linear Regression Channel

This option moves the order to one of the Linear Regression channel lines.

This sets the period value for the Linear Regression Channel indicator.
This sets the number of standard deviations for the channel width.
Select which channel line to move the order to. Either the upper, middle, or lower channel line.
See Offset section below for a detailed description of this area.

Offset section

Several menus have an Offset section at the bottom of the window.  The Offset feature is used to add or subtract an offset amount from the price calculated in the main section of the menu.

These setting are fixed offset distances in ticks.

Long Ticks:  This is the distance for long positions.

Short Ticks:  This is the distance for short positions.

This option uses an indicator value for the offset distance.  The indicator must provide the offset distance in points.  Click the [···] button to open the Select Indicator window.  First select the indicator and add it.  Next, setup the indicator’s parameters correctly.  Lastly, select the Plot for the offset distance.
E.G.  The ATR indicator is a common for this purpose because it calculates volatility in points.
This applies a multiplying factor to the value of the Indicator.  Such as the ATR indicator.

Long Factor:  This setting applies to long positions.  Typically a positive value is used for profit targets, and a negative value is used for stop-losses.

Short Factor:  This setting applies to short positions.  Typically a negative value is used for profit targets, and a positive value is used for stop-losses.

E.G. #1:  This is how a 2 ATR profit target is calculated.  For a long trade; the Long Factor is set to 2, and if the ATR value is 0.15, then the long offset value that is calculate is 2 × 0.15 = 0.30.  0.30 is then added, as an offset value, to the OCO Entry Price (as set in the upper section of the menu).   For a short trade; the Short Factor is set to 2, and if the ATR value is 0.11, then the short offset value that is calculate is -2 × 0.15 = -0.30.  -0.30 is then added (which is actually subtracted due to the negative sign), as an offset value, to the OCO Entry Price (as set in the upper section of the menu).
E.G. #2:  Assuming the ATR indicator is replaced with the MACD.  If the Long Factor is set to 1.5, and the MACD plot has a value of 0.55, then the long offset value that is calculate is 1.5 × 0.55 = 0.825.  0.825 is then added, as an offset value, to the price calculated in the upper section of the menu.  If the Short Factor is set to -2, and the MACD plot has a value of 0.55, then the short offset value that is calculate is -2 × 0.55 = –1.1.  -1.1 is then added(which is actually subtracted due to the negative sign), as an offset value, to the price calculated in the upper section of the menu.