Note: The Second Entry Strategy has been discontinued and is no longer available for download. This walkthrough stays up for reference — the WiSE Indicator it was built on is still available and supports third-party strategies.
Let's take a quick look at the second entry strategy. It was built on the WiSE Indicator.
Installation
The strategy installed like any NinjaScript add-on: in the NinjaTrader Control Center, open Tools > Import NinjaScript add-on, select the strategy zip file, and answer any questions during the installation process.
Next, go to your chart, right-click, select Strategies, and in the window that opens find the folder Wizdough and select Wizdough Second Entry Strategy. Double-click it to open the settings. On the right side, enable the strategy and click OK.
Testing with Playback
To test how the strategy works, you can use Playback Connection. Playback requires market replay data, so download that first. Disconnect from the live connection and connect to the playback connection. You'll see a small window controlling the playback.
Sometimes when you change accounts or go offline, the account may be lost and the checkbox becomes grayed out. In this case, turn the strategy back on by opening the settings and checking that the account is selected.
With the strategy turned on, the indicator shows up and the buttons appear on the chart. Start the playback and speed it up a bit. When an entry is made, pause it.
You can see that the strategy triggered and placed an order — it was a market order, and it filled right at the signal location. Sometimes the price slips, so you can also use limit orders. The blue triangle shows the profit target and the stop loss levels.
Configuration
To edit the settings, go to the Control Center, uncheck the strategy, right-click Edit Strategy, and change the settings:
- Filter long/short — Control which direction to trade
- Show/hide indicator — Toggle the indicator display
- Show/hide targets — Toggle profit target and stop loss plots
- Order type — Choose between market and limit orders (with offset)
Targets
You could run up to four targets:
- Target 1 (Scalp) — Three contracts, taking profit as early as possible
- Target 2 (Runner) — A single contract with no profit target, protected by a break-even stop
When the price moves in your favor, the stop moves up to the average fill price.
Risk Management
The risk management filter helps avoid:
- Situations where the stop ends up too close to the price
- Very small or very tall signal bars
Indicator Parameters
Two trend filters allow long entries only during bullish trends and short entries only during bearish trends.
That's it. The strategy itself has been retired, but the approach lives on: the WiSE Indicator still flags second entries in real time and works as a foundation for your own automation.
Good trading!