How to use Chart Trader (OCOs)

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Video Transcript:

Hello, traders. Welcome to the NinjaTrader tutorial and the second module, charting. In this lesson, we’re going to learn everything about the chart trader and how to place trades with the chart on Ninja Trader. So let’s go to a chart and I’ll show you how it’s done.

Chart Trader ninjatrader

Okay, so this the ES November contracts or the E-mini S&P 500 November contracts and I’m going to show you where you can look for the chart trader. The chart trader will prompt out if you click on this icon right here. Okay, when you click it you will have this arrow pointing to the downside at the top right quarter of your chart, and if you click on it, you will get the chart trader.

Chart Trader

Now, this is what the chart looks like. Here you can choose the account you want to trade from. Here, the quantity of contracts or the quantity of lots if you’re trading Forex. And, of course, right here you can tell the platform to buy at market, to sell at market. This means that if you click two contracts right now and we click buy market, the NinjaTrader platform will automatically field our buy order at the best ask price and our sell order at the best bid price.

Now, right here you can actually use your mouse to place pending orders. And let’s say that we’re waiting for the price to go all the way up to this high right here. When the price comes all the way up to this high, we want to sell the market. Now what we’re going to do is we’re going to place our mouse, our crosshair tool right below this horizontal line and we’re going to right-click the mouse. Then, right here on the menu you can see that we have a sell limit order and we are only going to click the sell limit order. We are going to get the confirm order placement pop-up and we click on yes. And as you can see, our order is pending for price to go all the way up here and get us filled.

If, for example, we want to buy the market when price retraces back to the bottom of the gap, we do the same by right-clicking the mouse and just clicking on buy limit, okay? Now, these are ways that you are going to be placing pending orders and market orders. Right now we’re going to go to the three minute chart or the E-mini S&P 500, and we are going to place one trade.

Sell order on chart trader

All right, so this is the three minute chart and what we’re going to do is we’re going to sell the market with two contracts, okay? Now, as you can see, we got filled immediately at the best bid price. And the first thing I want to show you is this. When you are in a trade, you can see that right here you have your profit. And this profit, you can change it to a percentage or to a point base, or pip base by just clicking on this black square on your chart trader, okay? Now, right now we are one tick in the money. And as you can see if I click it we are 0.01% or twenty-five cents because one tick is twenty-five cents on the E-mini S&P 500. Now, for example, if we want to close a trade, we click on the close button and it will close the trade at the best possible price. But, let’s say that we want to reverse the trade. For example, let’s say that we went short right here, two contracts and price continues to move to the upside. So we want not only to close our trade at a loss, but reverse our position and go long.

We just click on this button, reverse. Now, we are long two contracts with the E-mini S&P 500, okay? Now, this is basically how you’re going to be using the chart trader and, of course, if you are long and you want your stocks all the way down here, I mean, you should always use stops. If you’re long, just right-click on the chart and just use a sell stop. If you’re long, and if you’re short use a buy stop as your stops.

And this is basically how you trade with NinjaTrader and how you place orders, how you reverse orders, how you close your trades, and how you put on stops.

Adam

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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