Support Board
Date/Time: Wed, 12 Mar 2025 12:36:27 +0000
Trailing take porfit order
View Count: 1149
| [2022-05-12 14:27:35] |
| User132992 - Posts: 34 |
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Hey Sierra team, Can anyone tell me how to put on a trailing take profit order on Sierra please? i.e. rather than come out of a trade at defined target, instead a trailing order is placed at a predefined offset from your stated profit level. Then if price runs, your trade runs with it (trailing at a pre-specificed offset). If price reverses then you come out but, but again, at your predefined offset based on how for that trailing order has moved. V much appreciated, ND |
| [2022-05-12 16:02:31] |
| John - SC Support - Posts: 38598 |
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Refer to the following, as it sounds like what you are looking for: Order Types: Limit Touch Chase If the above is not what you want, then review the other Order Types to see if there is one that does what you want. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2022-05-12 16:40:30] |
| User132992 - Posts: 34 |
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Thanks for pointing me in the direction John, Is it possible to designate the trade exit (when in profit) as a market order rather than a limit order? Much appreciated, ND |
| [2022-05-12 16:48:29] |
| John - SC Support - Posts: 38598 |
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That would be a Market if Touched, but most trading services (including our Teton Order Routing Service) do not handle this as a server-side order, therefore it would be on your local copy of Sierra Chart until the price reaches that point and then a Market Order is sent. Refer to the information here: Order Types: Market If Touched And you might want to use a Trailing Stop with that: Order Types: Trailing Stop For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2022-05-13 08:46:05] |
| User132992 - Posts: 34 |
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Hi John, Thats helpful, thank you. If Ive understood correctly, its pretty important to be informed of both A) what the risks are of holding a MIT on your local computer and B) the probability of those risks occurring. Can I please ask then in follow-up: 1) If Im using Teton order routing (I am), can I use MIT at all or is it just not possible? 2) How can I get a sense of the material risk of holding MIT orders on my local copy of Sierra? How likely is something to go wrong and what might the consequences be? Im typically in very quick trades and getting out with limit orders is not ideal when the market is moving really fast. So, I need to give MIT orders serious consideration. Appreciate any advice you can offer. All the best ND |
| [2022-05-13 08:59:47] |
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1. Only a client-side MIT can be used with Teton and some other services: Order Types: Market if Touched - Client 2. We would not know the answer to this. Only you can make that judgment. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing Date Time Of Last Edit: 2022-05-13 09:00:14
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| [2022-05-15 09:26:27] |
| User132992 - Posts: 34 |
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Hi John, Thank you for the advice on the limit chase orders. Ive been having a look at this in replay mode this morning. I think its the exact opposite of what I need. I apologise for not explaining properly - to make things easier, Ive found a link with a v short clip explining what I mean Could you spare 30s to take a look? An illustration is probably better than me doing a bad job of trying to explain this again! link: https://help.3commas.io/en/articles/3108982-trailing-take-profit-catch-the-rise (the clip is about 1/2 way down the page). Really aprpeciate your help. ND |
| [2022-05-16 16:25:03] |
| John - SC Support - Posts: 38598 |
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From that example it looks like you would want a Triggered Trailing Stop and you would not want to enter a Target at all. Refer to the following: Order Types: Triggered Trailing Stop For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
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