KatanaTrade Quick Start Guide

KatanaTrade Quick Start Guide


KatanaTrade shares parts of the NinjaTrader 8 chart trader system.  If hidden or disabled, KatanaTrade will also be unavailable.  To activate on a chart, ensure NinjaTrader's chart trader panel is enabled or in the "hidden" state.  Refer to the NT8 Help Guide for more information.

Placing Trades

Trades can be placed from the KatanaTrade order panel by clicking any of the Scalping Buttons, or Limit and Market Order Entry buttons, or by clicking directly on the chart.  Each of these methods is described below.

Where applicable, refer to the KatanaTrade Panel Controls image at the bottom of this document as directed by the instruction note. For example, [Order Setup, Control Reference 1] indicates that control item 1 is being referenced within the Order Setup section of the KatanaTrade Panel.

Scalp Order Buttons

These buttons allow you to quickly submit a trade order with a pre-determined position size value.

1) Ensure you have the proper account selected. [Order Setup, Control Reference 1]

2) Toggle the Attach Exit switch to the enabled position and select your Quick Bracket options. [Exit Strategy, Control References 1, 2, & 3]

3) Click one of the configurable Scalp Order buttons to place a trade with the pre-determined quantity as indicated by the button text.  A trade will be immediately entered at the current market price in the direction determined by the buy button (green) or sell button (red) clicked.  If an Exit Strategy was also selected, corresponding exit orders will also be placed. [Order Entry and Exit, Control Reference 1]
The default Scalp Order Button quantity values can be changed in the KatanaTrade Settings dialog which can be found within the NinjaTrader Control Center menu under Tools > KatanaTrade > Settings.  This quantity value will override any quantity value entered in the Quantity Selector as well as the calculated Auto Risk position size value.

Order Entry Buttons

1) Ensure you have the proper account selected. [Order Setup, Control Reference 1]

2) Ensure you have a quantity value entered in the Quantity Selector.  If you would prefer to use the automatic risk calculation to determine your position size, toggle the Auto-Risk Setup controls to the enabled position. [Order Setup, Control Reference 2 & Auto-Risk Configuration, Control Reference 1]

If the Auto-Risk Configuration controls are enabled, then the calculated position size will override any value entered in the Quantity Selector. [Auto-Risk Configuration, Control References 1 & 4]
Auto-Risk calculation settings can be configured by clicking the gear icon to the right of the toggle switch.  Additional configuration options can be found in the KatanaTrade Settings dialog located within the NinjaTrader Control Center menu under Tools > KatanaTrade> Settings.

3) Toggle the Attach Exit switch to the enabled position and select the desired Quick Bracket options. [Exit Strategy, Control References 1, 2, & 3]

4) Click one of the various order entry buttons to place the respective order type.  [Order Entry and Exit, Control Reference, 2]
  1. Click the Buy Mkt or Sell Mkt buttons to immediately open a long or short position at the current market price.
  2. Click the BID or ASK button to immediately place a buy or sell limit order at the current bid or ask price, respectively.
  3. Click the Buy Ask or Sell Bid button to immediately place a buy or sell limit order at the current ask or bid price, respectively.
The order position size will be the value entered in the Quantity Selector OR the position size as calculated by the Auto-Risk controls if enabled.

One-Click Trading

KatanaTrade allows you to quickly place a trade by clicking directly on the chart.  The price clicked will determine the location of the order and the order type.

1) Ensure you have the proper account selected. [Order Setup, Control Reference 1]

2) Ensure you have a quantity value entered in the Quantity Selector.  If you would prefer to use the automatic risk calculation to determine your position size, toggle the Auto-Risk Setup controls to the enabled position. [Order Setup, Control Reference 2 & Auto-Risk Configuration, Control Reference 1]

If the Auto-Risk Configuration controls are enabled, then the calculated position size will override any value entered in the Quantity Selector. [Auto-Risk Configuration, Control References 1 & 4]
Auto-Risk calculation settings can be configured by clicking the gear icon to the right of the toggle switch.  Additional configuration options can be found in the KatanaTrade Settings dialog located within the NinjaTrader Control Center menu under Tools > KatanaTrade> Settings.

3) Toggle the Attach Exit switch to the enabled position and select the desired Quick Bracket options. [Exit Strategy, Control References 1, 2, & 3]

4) To place a trade, hold the CTRL key or SHFT key down and click the chart at the price where the order should be submitted.

  1.  Holding down the CTRL key while clicking the chart will place a BUY order at the price clicked.
  2.  Holding down the SHFT key while clicking the chart will place a SELL order at the price clicked.
The order position size will be the value entered in the Quantity Selector OR the position size as calculated by the Auto-Risk controls if enabled.
If the submitted trade is not immediately filled, and an Exit Strategy was selected, then one or more Virtual Orders will be created.  See the Virtual Orders section below for additional information.

Virtual Orders

Unique to KatanaTrade is the concept of virtual orders.  When an entry order is submitted along with a configured Exit Strategy, Virtual Orders are created.  Virtual Orders are visual representations of where your exit bracket orders will be placed once the entry order is filled by the broker.

Virtual Orders are created automatically one the order has been submitted with a configured Exit Strategy.  This allows you to quickly and efficiently create all of your orders with a single trade placement, rather than having to manually place separate orders for entry and exit brackets.

If an Quick Bracket or ATM Strategy is configured when an entry order is placed, a virtual order will be created for each exit order. [Exit Strategy, Control References 1, 2, 3, & 4]


The Virtual Orders will remain until the order is filled, at which time the orders will be replaced with live orders at the broker through the selected account.
Virtual Orders can be adjusted and fine-tuned by dragging the box to the desired price.  To remove a specific Virtual Order click on the Cancel Box to the right of the Virtual Order line.  The Virtual Order will disappear.

      

IMPORTANT
Virtual Orders are NOT actual orders but will be converted to actual orders once the entry order has been filled by the broker.  Virtual Orders are placeholders only, giving you visual representation of your future exit bracket orders.

Additionally, these orders are stored locally on your machine.  Your broker is not aware of these orders until they are converted into actual exit bracket orders and offer no trade protection until that conversion takes place.

Cancelling & Closing Orders

Accepted and Pending Orders

Orders that have been accepted by the broker but not yet filled, can be cancelled by clicking the Cancel All button.  This will remove the pending order along with any associated Virtual Orders. [Quick Entry and Exit, Control Reference 4]

Alternatively, the pending order can be cancelled by clicking the "X" button to the right of the order itself.  


Filled Orders

Orders that have been filled by the broker can be closed by clicking the Close button on the KatanaTrade panel. [Quick Entry and Exit, Control Reference 5]
This will close any associated exit bracket orders as well.  Filled orders can also be closed by clicking the "X" button to the right of the order.

For additional information on working with orders refer to the NT8 Help Guide.

KatanaTrade Panel Components Reference



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