Multiple Take Profit Levels

Pipsaholic · Jun 4, 2011

Hi,

I have seen some traders use 2 take profit level, however in MT4 there is only 1 t/p level? Can you have more than 2 target levels how do I adjust mt4 to have multiple t/p levels?

Thanks.

rc450 · Jun 4, 2011

if i'm short 5 lots of xyz at 100 and want to tp at different levels i place long orders say 1lot @ 97, 1@ 95, 1@93 and so on. not sure if this works on mt4 but worth a try.

Pipsaholic · Jun 4, 2011

what platform do you use this on? Do you know if Ninja Trader or Tradestation can do multiple take profit levels the most I seen is 2 but unsure if MT4 can do it or if you require a programmer to code it in? Also, don't know if the brokers will be happy about 2 or more tp levels.

rc450 · Jun 4, 2011

last time i did it was about a year ago on a spreadbetting platform. not sure about nt/ts.
can't see why it won't work on mt4, give it a go, whats the worst that can happen?!
sure someone else will be along shortly to clarify this.

Pipsaholic · Jun 4, 2011

RC450 how many levels of t/p did you have did you have an option with the broker or was it set? I only see 1 option in the settings for take profit how do people get 2 or more?

shadowpug · Jun 4, 2011

Pipsaholic said:
what platform do you use this on? Do you know if Ninja Trader or Tradestation can do multiple take profit levels the most I seen is 2 but unsure if MT4 can do it or if you require a programmer to code it in? Also, don't know if the brokers will be happy about 2 or more tp levels.

NinjaTrader can do 3 using ATM strategies for discretionary trading. For automated trading, you can do as much as you wish.

rc450 · Jun 4, 2011

Pipsaholic said:
RC450 how many levels of t/p did you have did you have an option with the broker or was it set? I only see 1 option in the settings for take profit how do people get 2 or more?

the broker i use only has one tp option, what a wrote earlier is the way i'd get around this if i needed to.

Pipsaholic · Jun 4, 2011

shadowpug said:
NinjaTrader can do 3 using ATM strategies for discretionary trading. For automated trading, you can do as much as you wish.

What does ATM stand for sorry? automated trading is that setting limit and buy orders pending execution?

rc450 said:
the broker i use only has one tp option, what a wrote earlier is the way i'd get around this if i needed to.

Cool. Are they many brokers which give you these option or are they rare?

shadowpug · Jun 4, 2011

Pipsaholic said:
What does ATM stand for sorry? automated trading is that setting limit and buy orders pending execution?

Cool. Are they many brokers which give you these option or are they rare?

ATM - http://www.ninjatrader.com/support/helpGuides/nt7/advanced_trade_management_atm.htm

NinjaTrader is supported by 100's of brokers globally. Here is a list of preferred - http://www.ninjatrader.com/partners#Brokers

Pipsaholic · Jun 4, 2011

Found this seems like its possible with Ninjatrader

psycho760, if you would like the trader to manually interact with the running NinjaScript strategy you would have to use the ATM strategies - the trade can setup his custom ATM strategy template including his custom take profit level as long as he names the template called correctly as expected by your strategy, for a complete sample please see the SampleAtmStrategy we install per default with NinjaTrader.

rc450 · Jun 5, 2011

Pipsaholic said:
Cool. Are they many brokers which give you these option or are they rare?

most brokers if not all give the option of buy/sell orders.

Barramundi · Jun 5, 2011

Pipsaholic said:
Found this seems like its possible with Ninjatrader

Yes, I've used 3 targets with Ninja Trader ATM in futures, it works well. You should be able to set up OCO orders for targets and stops in MT4 I would think after entry, but I find it is quicker and easier just to enter multiple orders at entry using the 'double click at best' with pre-defined volume, stops and targets and then manage them independently as separate positions with Trading Station II.

Pipsaholic · Jun 5, 2011

Great is their a limit on take profit levels on Ninja Trader is 3 the max. Thing is if you enter multiple orders when the market is rallying it will cost you 3 or 4 times the spreads wouldn't it? Did you pay 3 different spreads for multiple t/p levels or just 1? Is trade station 2 out?

Barramundi · Jun 5, 2011

Pipsaholic said:
Great is their a limit on take profit levels on Ninja Trader is 3 the max.

3 is the maximum with the ATM on NT, yes.

Pipsaholic said:
Thing is if you enter multiple orders when the market is rallying it will cost you 3 or 4 times the spreads wouldn't it? Did you pay 3 different spreads for multiple t/p levels or just 1?

You pay the spread based on your trading volume, not on the number of profit targets.
If you traded 3 lots or contracts with the same target, that would equate to the same amount of spread or brokerage as 3 lots each with their separate target.

Pipsaholic said:
Is trade station 2 out?

I'm not familiar with Trade Station 2, only Trading Station 2, but I'd be surprised if you couldn't add OCO orders with as many targets as you like after entry.

Pipsaholic · Jun 5, 2011

What I am saying is that doing multiple open and close orders will that only incurr 1 spread charge or the amount of orders you close.

Barramundi · Jun 6, 2011

Pipsaholic said:
What I am saying is that doing multiple open and close orders will that only incurr 1 spread charge or the amount of orders you close.

Total spread paid can be approximated as ((Spread at entry + Spread at exit)/2)x volume.
You won't incur more spread by closing a large order all at once, or closing it in smaller chunks, assuming the spread is roughly constant.
You will pay the spread each time you open and close a position, based on the volume of that transaction, the higher the volume the higher the total spread payable. If you have several targets, each lot you take off will attract less spread, but it will add up to the same amount in the end as if you took all of it off at once.
If you are aiming to get say 40 pips, and you have to open and close several positions to do that, you will of course end up paying more spread than if you were to get the 40 pips from a single move with a single open and close. This is where scalpers are at a disadvantage, as they have to overcome a large proportion of spread to be profitable.

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