Global Profit/Loss Management


Introduction

The Global Profit/Loss Management feature is a feature to flatten all of the existing non-simulated Trade Positions when certain defined Profit or Loss conditions are met.

This feature only works with non-simulated trading. It does not currently support Sierra Chart Trade Simulation Mode.

This feature is meant for day traders who carry no overnight positions in their trading accounts.

This feature only works when connected to the market data feed (File >> Connect to Data Feed ).

Notice: This feature has the capability to send market orders to flatten all existing Trade Positions for the symbols that have open charts or Trade DOM windows, in any of the accounts for the Username that you are currently logged into your Trading Service with. It needs to be used with caution. It is important that you fully understand how the functionality works.

This feature has no guarantee it will work as expected because it has a dependency on the Daily Net Profit/Loss calculations which could be incorrect due to invalid or incomplete fill data or pricing data.

The Daily Net Profit/Loss value is determined by adding together the Open Profit/Loss values with the Daily Profit/Loss values for all of the non-simulated charts and Trade DOMs listed on the Trade >> Trade Activity Log >> Trade Stats for Charts tab. A chart or Trade DOM with the same Symbol and non-simulated Trade Account as one already listed, will not be listed.

Refer to Open Position Profit/Loss for information about how this is calculated.

For an explanation of how Daily Profit/Loss is calculated and possible inaccuracies with it, refer to Help With Daily Profit/Loss Value.

Therefore, it should only be used with the full understanding of how it works and the fact that it may not work or it could work unexpectedly.

It is recommended that Global Settings >> General Trade Settings >> Number of Days to Save in Trade Activity Log >> Non-Simulated Fills be set to at least 10.

This feature must not be relied upon when orders are entered outside of Sierra Chart. It should only be used when orders are entered from within Sierra Chart. This is so that the handling of orders, fills and the determination of the Profit and Loss is done in a known and stable environment. Sierra Chart also needs to be running at all times and connected to the Trading service when using this feature.

Functional Description

The Global Profit/Loss Management feature is separated into two categories.

The first category flattens Trade Positions which exist for the symbols which have open Charts or Trade DOMs, based upon certain rules relating to the global Daily Net Profit currency value.

The second category flattens Trade Positions which exist for the symbols which have open Charts or Trade DOMs, when the specified global Daily Net Loss currency value has been reached.

To use this functionality, select Global Settings >> Global Profit/Loss Management.

If you want to have Trade Positions flattened when certain Profit rules are met, then enable the option Flatten Positions When Profit Rules Met. Refer to the Control Descriptions section for information about the controls related to the Profit rules, in order to set those appropriately.

If you want to have Trade Positions flattened when certain Loss rules are met, then enable the option Flatten Positions When Loss Rules Met. Refer to the Control Descriptions section for information about the controls related to the Loss rules, in order to set those appropriately.

When the Trade Positions are flattened because of the Global Profit/Loss Management settings, then a message is added to the Trade Service Log indicating this.

When the Trade Position is flattened for a particular Symbol and Trade Account because of the Global Profit/ Loss Management settings, the working orders, if any, for the Symbol and Trade Account are also canceled.

Once the loss rules have been met during a trading day and the Trade Positions for the symbols which have an open Chart a Trade DOM have been flattened, then this feature to flatten Positions when a Daily Net Loss value is reached is disabled until the next trading day. The trading day is defined as 00:00:00 to 23:59:59 in the Time Zone Sierra Chart is set to.

Control Descriptions

Daily Net Profit Management

Daily Net Profit Management >> Flatten Positions When Profit Rules Met

Enable this option to cause all non-simulated Trade Positions for all Accounts to be flattened when the profit rules are met.

When Sierra Chart is restarted, this option is automatically disabled for safety reasons unless the Disable Global Profit/Loss Management on Startup is unchecked.

Daily Net Profit Management >> Profit Trigger Value

This is the Daily Net Profit as a currency value which has to be met in order for the Daily Net Profit Management >> Profit Value After Trigger To Flatten Positions value to go into effect.

Daily Net Profit Management >> Profit Value After Trigger To Flatten Positions

After the Daily Net Profit Management >> Profit Trigger Value has been met, then the Profit Value After Trigger To Flatten Positions value goes into effect.

When this value has been reached, all non-simulated Trade Positions for all Accounts where there are charts or Trade DOMs open for those Symbols, will be flattened by the sending of market orders.

When this is set to 0, then this means a currency value of zero. So what this means is that after the Profit Trigger Value has been met, the Daily Net Profit/Loss has to go to zero before the current Trade Positions will be flattened.

If you want the Trade Positions to be flattened when the Daily Net Profit Management >> Profit Trigger Value is triggered, then set Profit Value After Trigger To Flatten Positions to the same currency value as the Profit Trigger Value.

Daily Net Profit Management >> Trail Daily Net Profit >> Enable

When this option is enabled, then Profit Value After Trigger To Flatten Positions will be increased by the Increase Profit Value After Trigger to Flatten Positions By amount when after the initial Profit trigger, the Daily Net profit increases by the amount specified with After Trigger When Daily Net Profit Increases By .

Daily Net Profit Management >> Trail Daily Net Profit >> After Trigger When Daily Net Profit Increases By

When the Profit Trigger Value has been reached, and the Daily Net Profit increases by the amount specified for the After Trigger When Daily Net Profit Increases By setting, then the amount specified with the Increase Profit Value After Trigger to Flatten Positions By setting, will increase the Daily Net Profit Management >> Profit Value After Trigger To Flatten Positions currency value.

Daily Net Profit Management >> Trail Daily Net Profit >> Increase Profit Value After Trigger to Flatten Positions By

Refer to the description for After Trigger When Daily Net Profit Increases By.

Daily Net Profit Management >> Status

This is a text display reporting on the current status of the Daily Net Profit Management feature.

When you have just enabled the Flatten Positions When Profit Rules Met option, the status will not be displayed in this text display until you press OK and reopen the Global Profit/Loss Management Settings window.

Lock Trading (Global Settings >> Global Profit/Loss Management)

Lock Trading >> Lock After Positions Flattened

When Trade Positions are flattened from the Daily Net Profit or Loss Management feature, then trading can be locked for a period of time. Enable this option to lock trading after the Positions are flattened.

When trading has been locked after the Profit rules or Loss rules have been met, and you need to perform some trading operation like canceling orders or entering a new order for some reason, this can be accomplished by disabling this option (Global Settings >> Global Profit/Loss Management >> Lock Trading >> Lock After Positions Flattened ). When this option is disabled you can then perform trading operations so long as Trade >> Trading Locked is unchecked.

Lock Trading >> Lock Time In Minutes

This specifies the trading lock time in minutes. After this time has elapsed, trading will be possible.

If you need to enter an order when trading is locked, it is necessary to uncheck the Lock After Positions Flattened option.

Daily Net Loss Management

Daily Net Loss Management >> Flatten Positions When Loss Rules Met

Enable this option to cause all non-simulated Trade Positions for all Accounts to be flattened when the Loss Trigger Value has been met.

When Sierra Chart is restarted, this option is automatically disabled for safety reasons unless the Disable Global Profit/Loss Management on Startup is unchecked.

Daily Net Loss Management >> Loss Trigger Value

This is the Daily Net Loss which needs to be reached for the current Trade Positions to be flattened. It is entered as a negative number.

Daily Net Loss includes the Profit/Loss for all currently open Trade Positions and closed Positions for the trading day.

As an example, if you want to have the currently open Trade Positions flattened when the Daily Net Loss is -500 or higher in the account currency, then enter -500.

Daily Net Loss Management >> Status

This is a text display reporting on the current status of the Daily Net Loss Management feature.

When you have just enabled the Flatten Positions When Loss Rules Met option, the status will not be displayed in this text display until you press OK and reopen the Global Profit/Loss Management Settings window.

Disable Global Profit/Loss Management on Startup

When this option is enabled, the default, then upon starting of Sierra Chart, the Daily Net Profit Management >> Flatten Positions When Profit Rules Met and the Daily Net Loss Management >> Flatten Positions When Loss Rules Met options will automatically be disabled preventing the corresponding functionality from working.

When this option is disabled, then the Daily Net Profit Management and Daily Net Loss Management features will remain enabled/checked if they already are enabled when Sierra Chart is started.


*Last modified Thursday, 08th September, 2016.