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NinjaTrader Brokerage Services (www.ninjatraderbrokerage.com)

  #677 (permalink)

United Kingdom
 
Trading Experience: Intermediate
Platform: Sierra
Favorite Futures: YM,NQ
 
Chewy71's Avatar
 
Posts: 12 since Feb 2011
Thanks: 10 given, 3 received


Chewy71 View Post
I use stop limit and limit.

The word from Ninja trading/order team is that a 'stop limit' does not sit on the order book and can get slipped up to 20 ticks in my case. He didn't know how to change or if i could change the 20 tick limit and pointed me to platform support email.

Is this now correct that my stop limit is not really a limit order as such but an order with a 20 tick slippage attached to it and if i'm really unlucky and the price blows through my 20 tick limit i wont get filled?? Doesn't sound right..

from the CME:

"Stop-Limit Order

Stop-limit orders are activated when an order's trigger price is traded in the market.

For a bid order, the trigger price must be higher than the last traded price.
For a sell order, the trigger price must be lower than the last traded price.

After the trigger price is traded in the market, the order enters the order book as a limit order at the order limit price. The limit price is the highest/lowest price at which the stop order can be filled. The order can be filled at all price levels between the trigger price and the limit price. If any quantity remains unfilled, it remains on the order book as a limit order at the limit price."


concluding, a stop limit is not a limit order on the order book. It is an order that becomes a limit order once price hits it. Hence it doesn't neseccarily need to be filled under certain conditions. The slippage control(or limit price) is the max deviation for worse your allowing it to take (which looks to be set to 20 tick on NT8 with no way of changing.) So in effect it's a market order with limited slippage. i.e. you will get slippage.

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