Trendlines are manually placed and armed based on observed support and resistance levels or using your most favored indicator. Once put in place, the trendline(s) can be activated individually or as a group and they will be displayed as solid lines. TrendlineProTrader will automatically trigger the trade upon the break of the trendline and exit the trade based upon your predefined position management parameter settings that you can customize. Once a trade is initiated, the position will be automatically managed using dynamic exit logic and/or profit targets or stop loss orders as well as rules that modify the stop such as breakeven and trailing stops. There are even daily equity stops that will halt trading once a certain equity level is reached for the day. Listed below are a number of key features:
This is the most common type of breakout pattern where the green trendline is positioned along swing highs for a long and along swing lows for a short when the trendline is broken. Initially trendlines on the chart are dashed signifying they are inactive and ready to be positioned. When one trendline is triggered, the other active trendline is deactivated.
This is a great technique to take advantage of range bound markets whereby an activated trendline can be placed above and below a tight price consolidation without the need to commit to one direction or the other. Once the market breaks in one direction, the opposite trendline is disarmed and the open position is managed automatically.
This approach uses a two stage entry trigger. First, one of two trendlines must be broken and then subsequently recrossed before an entry is taken. There is a requirement for a minimum level of price penetration beyond the trendline as well as the price must bull back within a specified number of bars. [Planned]
This technique exploits the nature of the markets to oscillate and revert back to the mean. Instead of initiating an entry in the direction of the breakout, this technique will sell when the price action reaches the magenta trendline at the top of the price range and buy when the price action reaches the blue trendline at the bottom of the pirce range.
Jump on Trend
Sometimes, when the market is on the move, the price action is so good you want to get in now. Buy and sell at market buttons are available to facilitate immediate entry in to the market and the embedded position management functionality will help reduce risk and let profits run. No need to use a separate account or DOM to initiate your manual trade.
Scale-In / Scale-Out
Many traders like to initiate a trade on a breakout and then scale-in on the pullbacks by positioning and activating a pullback line or by clicking the appropriate Buy or Sell button. Allows scaling-in up to 10 levels independent levels and each level can have up to 3 scale out levels for profit target and stop loss orders. Multiple targets and stops can be easily re-positioned if necessary using a DOM or ChartTrader applied to a secondary chart.
Preset Targets Stops
Typically, when using NinjaTraders ChartTrader or DOM, you have to wait until a position is taken before modifying the preset profit targets and stops. The TrendlineProTrader allows visual setting of targets and stops relative to the prevailing price action before a position is taken to enable evaluation of risk / reward before the trade is taken.
Trailing Stop Exit
Once a position is taken and after a specified profit trigger is achieved, a trailing stop can be used to trail trending price action and protect profits. When using multiple lots, some lots can be used to take profit at a specified target while the last lot can be used enable a runner to capture profits on extended trend moves. The trailing exit works seamlessly with other types of exits.
Once a position is taken and after a specified profit trigger is achieved, a breakeven stop can be used to protect profits and prevent a winning trade from moving against your position and turning into a loss. The breakeven stop can be set to move the stop loss to breakeven, plus or minus a specified number of ticks to cover commission or spread costs.
Dynamic Parameter Grid
Markets are dynamic and can change its behavior throughout the trading day so its very useful to be able to configure set parameters quickly and easily. A typical NinjaTrader strategy will require a strategy reset to accommodate a parameter change, however, the TrendlineProTrader supports changing parameters “on-the-fly” to keep pace with ever-changing markets.
TrendlineProTrader works great with raw price action but can also work with your favorite standard or custom indicator.
- Works on all bar-types and will trigger trendlines based on the close of the bar type.
- Market orders are used for entries, emulating a market if touched order, so you don’t have to reveal your intentions to the market.
- Can be used on all markets including equities, futures, and forex.
- Includes equity stops when max daily gain or loss is reached as well as an equity trail stop to protect profits once a specified trigger amount is achieved.