Using BloodHound as the foundation logic for an automated trading system has many advantages, not the least of which is the ability to rapidly prototype and deploy trading strategies. BloodHound can be employed as your trading signal engine, which can then be used in Raven, a custom strategy, or BlackBird to take live trades automatically.
There are three main options for auto-trading your BloodHound templates. But before setting up your auto-trading system, it is important to understand a simple distinction used by NinjaTrader. NinjaTrader separates custom add-ons into two categories: Indicators and Strategies.
- Indicators – calculate and show visual information on charts, but can Not place or manage trades.
- Strategies – on the other-hand, are for placing and managing trades.
Strategies often incorporate indicators to drive its logic and it is the strategy class that ultimately allows you to automate your trading. BloodHound is a NinjaTrader indicator and thus only provides visual feedback on your charts depicting trade signals, trend bias, potential trade setups, etc. Thus, to actually automate trading you need to employ the use of a NinjaTrader Strategy.
SharkIndicators provides three possible solutions for auto-trading depending on your needs and abilities.
BlackBird is the most advanced trade manager in the NinjaTrader ecosystem. This revolutionary Trade Designer allows you to thoroughly manage every aspect of your trade with risk management, money management, stop-loss management, and much much more. For both discretionary and automated traders.
Included with BloodHound, Raven is a rapid, out-the-box solution that allows you to quickly adapt your BloodHound templates (which describe your entry signals) into a simple auto-trading system, It includes a simple profit target & stop loss, or use your own ATM to manage the trade.
SiBloodHoundStrategy is for strategy developers looking to quickly incorporate BloodHound’s logic engine into a custom strategy and who require fine-tuned control over trade and risk management. SiBloodHoundStrategy is for developers who already have a background with NinjaScript strategy development.