Exit With Stop - Previous Bar

Exit With Stop - Previous Bar

Overview -

The Problem - 

  • How many times, have you used your cross hairs to try to determine what the exact price of the last 5, 10, or any minute chart was?
  • You did this to try to place a stop order to exit the market. 
  • Then fumbled placing this order using Ninja's Chart Trader?  
  • Then after all this work and time, you failed and got it wrong? 

I know, I did this too, it is not easy! 

The solution - 

With GFP, you can make all these steps happen with ONE CLICK.  

You can preset the input any time frame for the following:

  • Set the qty
  • Set the + or - Ticks above or below the previous bar's range. 

Option - 

  • Set to use the OPEN instead.
  • Set to use the current bar.
  • Auto move the order until filled.

Then with ONE click the exact order you want to place is sent. 

GFP knows how many contracts you have, and if you are long or short. With one click, it will place the exact order you want it to.

There are no errors placing these orders. GFP knows if you are through your stop price and not send that order because it would come back as an error. 

If I change my Qty before this order is filled, will it update?

YES! It will. 

Note: When you click the button, that background color will change to gray. Meaning, you are working this order. If you click it again, it will cancel THAT order and turn it back to blue.

Why would you use this function?

To easily and without guessing be able to send your exact order exit using stop. It does NOT get any better than this. 

So many times, we make errors not getting the right price or Qty. 

All the time trying to do this is just not worth it if you have a feature like this on GFP.

Settings -

Chart Min - This would be the chart time frame to use. If set for 10, then it would use a 10 min chart to determine the values.

+ Ticks - if positive (default), then it will place the order X ticks above for a buy or below for a sell to enter. 

  • For example, if the high of the previous bar was 4778.00 and you had 2 tick in there, then it would place the buy stop order at 4778.50.
  • If you click the + sign, it will turn to a - sign. This would place the order X tick below the high. Meaning, it would send the buy stop order at 4777.50 (2 ticks below the high)

Note: you can change this while the order is working, If you send it first with the + sign active, and choose to move it, just click the plus sign and it will drop the order down while the order is working.  

Use Open On/Off  - If you prefer to use the open of the previous bar to get an advantage, then use this function as on/off. 

Use Curr Bar - Use the current bar's range information rather than the previous bar's range's information.

Move Orders - If the order is not filled, it will make adjustment and move the current working order to the next new bar until filled or  canceled.

Previous Bar Stop Loss Button - When you place the order, the back ground color will change to ray. 

When you click it again,  it will CANCEL the order and turn the back ground color back to Red. 

Free Demo

Cycle Pro Go Fish Pro Index

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Cycle Trader Pro is a complete trading software company that has created many custom indicators that show momentum and cycle reversals better than most others. We build custom auto order entry and exit applications, and auto trade system strategies.

The overall purpose of the Cycle Trader has been to continue to create trading indicators to show market momentum & reversals better than most other indicators. To create trading models to help traders understand what pattern the market may be in at the time to help them make the best choice in direction at the time.

We have designed trading apps to help traders save money entering and exiting positions. The goal was to make the trading apps automatically handle orders after entry. This way, you our traders could concentrate more on the direction of the markets than placing orders all the time. Then we added value for each trade from start to finish displaying personal trade data. The trade data with the CycleTraderPro apps is data one would not expect from others apps.

We run all the indicators, charts, Go Fish Pro and the Auto Entry on NinjaTrader

We offer just the indicators on MetaStock, TradeStation, MetaTrader and MultiCharts

Futures, Options on Futures and Forex trading involves a substantial degree of risk of loss and is not suitable for all individuals. An investor could lose the entire investment or, in some cases, more than the initial investment. Past performance is not necessarily indicative of future results.