Cobra III Stock Indexes for NinjaTrader
The Cobra III Trading System, was added in 2009 to add to the selectivity of the more conservative version of Cobra II trading system. Cobra III requires more strength of trend than Cobra II. This can cause later entries into the market. Cobra III has a profit target and is limited to one entry per day. The stop loss is still $300 with profit targets between $600-$900. You daily risk is fixed with Cobra III and is also a “middle trend finder” system.
In the latest version of Cobra III version 5, added on March 25th, 2013, the NinjaScript adds additional exit strategies and the ability to cancel the limit order entry and limit orders based on profit targets to the market after a specified number of seconds. This capability matches what we are able to do in Tradestation when we cancel and replace limit order entries and exits to the market after 3 seconds.