Enhancing Your Trading with Tradovate: Introducing Trailing Stops
We are excited to announce that Tradovate now supports trailing stops, a powerful tool to help you manage risk and lock in profits. In this post, we'll guide you through the process of using trailing stops with Tradovate, including how to set up your webhook JSON to ensure accurate order calculations. Discover how to enhance your trading strategy with this new feature.
Here is an example where we send a $100 trailing stop amount. Since Tradovate does not support fetching quotes, you will need to include a signalPrice in your webhook JSON so that we are able to calculate your orders correctly. In this example we will calculate the starting trailing stop price as $18350.
{
"ticker": "MNQ",
"action": "buy",
"orderType": "trailing_stop",
"signalPrice": 18250,
"trailAmount": 100
}Or if you want to send a percentage instead of a fixed dollar amount, you can do that as well using the trailPercent field.
{
"ticker": "MNQ",
"action": "buy",
"orderType": "trailing_stop",
"signalPrice": 18250,
"trailPercent": 5
}You can also send trailing stop orders along with your entry order as well. In the below example, the entry order will be a limit order with a limit price of $18250 and a trailing stop order with a starting trailing stop price of $18150.
{
"ticker": "MNQ",
"action": "buy",
"orderType": "limit",
"limitPrice": 18250,
"stopLoss": {
"type": "trailing_stop",
"trailAmount": 100
}
}Or with a percent instead of an amount.
{
"ticker": "MNQ",
"action": "buy",
"orderType": "limit",
"limitPrice": 18250,
"stopLoss": {
"type": "trailing_stop",
"trailPercent": 100
}
}Conclusion
With the addition of trailing stops, Tradovate continues to offer robust tools for traders seeking to optimize their strategies. By providing a signal price in your webhook JSON, you can ensure accurate calculations and effective trade management. Whether you are placing a standalone trailing stop or combining it with an entry order, this new feature empowers you to trade more efficiently and confidently. Start leveraging trailing stops in your trading today and take your strategy to the next level.
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