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Open Feature request MC-811

Unable to issue independent bracket exit orders on multiple trades

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Many traders scale in & scale out of their position using bracket orders. The way it is implemented now attach all bracket orders from subsequent entries to the bracket from the first position.

Technically, this isn't wrong. As a matter of fact, one of the free/$100 IB tool BracketTrader implemented this the same way. However, there are 3 problems with this approach.

  1. Traders cannot trade different setups with bracket order exit because all exits are now tied to the first setup/position's bracket which often have nothing to do with the later trades/setups.

  2. Even if traders are trading the same setup with multiple entries, we cannot have multiple exits and risk/reward bracket pairs because MC requires you to have only one if you use scaling in. I was told to use master strategy but it has the same issue since it assumes you enter all at first. If you enter multiple times with master strategy, it also tied the brackets to the first one.

  3. When the bracket order is modified with each new entry, the limit order on the target side is sent back to the end of the queue. That is an unfair disadvantage putting on the trader due to a software issue. With independent brackets, this would never happen.

The alternative is simply to add an option in the strategy to allow additional trades in the same direction using bracket independently. It is actually simpler to implement this way without tying to the first position and more flexible for the users.

This is how IB and TS DOM and charttrader are implemented. And the author of BracketTrader also realized this problem and are working on a version that allows for multiple trades to have independent bracket.

BTW, I was told if I check bracket strategy as exit, the rest of the strategies are disabled. I was hoping the GUI would dim out the rest of the options to show them being unavailable because I was wondering why the master strategy was not working at all. (cos I didn't realize the bracket strategy would dominate the other strategies and this side feature is also not in the manual)

I put this as critical since I cannot picture myself trading with just 1 setup or use just 1 bracket order or I have to enter the full size in one shot (in order to use master strategy which have multiple brackets). So, lack of independent bracket exit is a deal breaker for me. Unfortunately, that goes with both charttrader and DOM in MC.
And this PM thing is nice except it "eats" up return each time I confirm. And the orderlist also screwed up after I clicked confirm. I had to add 2 returns at the end of each paragraph to make this more readable. I have tried Chrome 16.09 and IE 9, both have the same issue.

Steps to reproduce this issue

See above

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Issue basics
  • Type of issue
    Feature request
  • Category
    Not determined
  • Targeted for
    MultiCharts 8.7 (RELEASED)
  • Status
User pain
  • Type of bug
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    user-offline.png  Etrader
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