Rainbow adds several awesome behavior enhancements to NinjaTrader chart trader, that simplify order entry and visual orientation while entering and managing trades. These are…
One click order entry
When you hold Ctrl or Alt keys and your chart is live, you’re ready to create a pending order using a single mouse click. Once you move your mouse above the chart, you’ll see that a price level is highlighted with action description of what type of order is going to be created when you click your left mouse button (e.g. “Buy Limit 2 @ 2650.25″). Once you click, the order is created the same way as you would have done it using the chart context menu. This feature is communicating directly with the Chart Trader panel, so all the settings regarding quantity and ATM are used to create the order.
The configuration is by default set to Ctrl = Limit / Alt = Stop, but you can as well set it to Ctrl = Long / Alt = Short. The respective value of order type/order action is then determined by the mouse position relative to last price.
Order entry using single-key keyboard shortcuts
If you open the Rainbow indicator properties window and scroll down to “A.2. ChartTrader+ – Hotkeys” section, you’ll see configuration entries for the same actions as are the buttons available on the Chart Trader panel. These are unassigned by default as triggering them accidentally could cause undesireable consequences. Assign a hotkey to any action you’d like to use, just make sure you try it out on your simulation account first.
Open position profit/loss markers
After your pending order gets filled, you’ll notice that an axis with markers is shown on the right side of the chart. These markers are displayed in the same units as your trade results, i.e. as configured by the “9.6 Plot trade results as” parameter. Also if you move your mouse crosshair around, you’ll see that the price marker at cursor is no longer displaying current price level, but a profit/loss value relative to the open position. Once your trade profit/loss moves to either direction, a green/red bar is shown on the trade axis to highlight current position state.