This tool moves a pending entry order along with an indicator.
Universal Entry Management – UEM
So you put in and entry order, limit or stop-maket. You most probably attach stop exit and profit taking target orders with the Sierra Chart Attached Orders feature.
Then you need to enable Auto Trading and the indicator to manage trades (see detailed settings). We advise to customize the Control Bar and add an ACS Toolbar Button to enable/disable this trade management with a single click. Here you can add the button to enable/disable Auto Trading as well.
When Universal Entry Management is active a red label will be displayed on the chart. Moreover, the second line will show a short reference to which study the UEM is tracking.
If and when Universal Entry Management is not enabled the label on the chart will be greyed out.
How to use?
- Put this custom study on your chart and set the referenced study to track.
- Enable Auto Trading.
- Put a trade on the chart.
- Enable Universal Entry Management.
At this moment the UEM will move your trade and the attached bracket to the level of the referenced indicator. There is a protection build in to avoid moving misplaced orders on the other side of the market risking an immediate fill. In this case the order will not be moved and a log message will be printed into the Message Log (Ctrl-M) window.
What happens when the entry order fills?
Universal Entry Managemet becomes inactive and the label gets grayed out. You need to re-enable the UEM for another trade to manage.
Keep in mind that Universal Entry Management can only manage entry orders both limit (waiting for a pullback) and stop-market (waiting for a breakout). UEM cannot manage target or stop orders. We develop another tool for this.
Support for Scale-In?
Yes. Sierra Chart support scaleing in and out. You need to enable this feature before using the Universal Entry Management for scaling in or pyramiding.
After your order got filled the Universal Entry Management becomes inactive. However, if you put in another order into the same direction of your position and then re-enable UEM it will begin to manage that along with the referenced indicator. With this a scale-in can be managed. You can even set the UEM to another indicator before starting a scale-in.
For example, you entered a trade manually or with the UEM. Then you put in another entry order and set the UEM a more steep MA or Trendline and enable it. This way the Universal Entry Management will move the order according the referenced indicator and possibly get a fill to increase the position.
What about cancelling the orders?
You just need to cancel the active orders. As soon as there is no order to manage the Universal Entry Management will deactivate itself.
One more thing!
As shown on the above screenshot you can use the Universal Entry Management with our Active Trendline tool to support manual trading. However, UEM works with any other indicator.
Universal Entry Management settings
Find detailed settings here.