NexusFi: Find Your Edge


Home Menu

 





Visibility to stops in market


Discussion in Brokers

Updated
      Top Posters
    1. looks_one xplorer with 3 posts (0 thanks)
    2. looks_two MacroNinja with 2 posts (0 thanks)
    3. looks_3 Quick Summary with 1 posts (0 thanks)
    4. looks_4 12VMan with 1 posts (0 thanks)
    1. trending_up 1,542 views
    2. thumb_up 0 thanks given
    3. group 2 followers
    1. forum 6 posts
    2. attach_file 1 attachments




 
Search this Thread

Visibility to stops in market

  #1 (permalink)
 12VMan 
Raleigh, NC USA
 
Experience: Intermediate
Platform: Sierra, Ninja, TV
Broker: EdgeClear, Ninja
Trading: CL, GC, ES, UB, ZB
Posts: 48 since Mar 2015
Thanks Given: 15
Thanks Received: 18

I've started chatting with an old school futures floor trader, just trying to learn. He can see the stops sitting at each price. I believe that's not available as part of a typical Level 2 package, right? How does one get visibility to that level of the market?

Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Build trailing stop for micro index(s)
Psychology and Money Management
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Exit Strategy
NinjaTrader
Deepmoney LLM
Elite Quantitative GenAI/LLM
Are there any eval firms that allow you to sink to your …
Traders Hideout
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
37 thanks
NexusFi site changelog and issues/problem reporting
23 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #3 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
Site Moderator
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
Posts: 5,944 since Sep 2015
Thanks Given: 15,447
Thanks Received: 15,291



12VMan View Post
I've started chatting with an old school futures floor trader, just trying to learn. He can see the stops sitting at each price. I believe that's not available as part of a typical Level 2 package, right? How does one get visibility to that level of the market?

Does he know for a fact that they are stop orders, as opposed to limit orders?

If so, then certain trading interfaces must make this available somehow, where stops are sent to the exchange.

Not all trading interfaces send stop orders to the exchange though.

Reply With Quote
  #4 (permalink)
 MacroNinja 
Buenos Aires Argentina
 
Experience: Advanced
Platform: NT, MT4, Sierra
Trading: S&P, Bonds, Crude, FX
Posts: 250 since Sep 2014
Thanks Given: 37
Thanks Received: 256

Yes and No. Yes because you can see the pending orders. No in the sense that you don't know if these are orders to close or new orders. [The above is all in reference to the level 2 depth]

Now you can also 'cheat' a bit, if the order shows up simultaneously the the order fill, e.g. I trade ES enter at 2300 and almost immediately the 2305 limit buy appears, then if my technology is good enough, I should be able to ascertain that that's your stop even with level 2 data only.

You can read more in depth about how the order book data is supplied on CME's website to see what data is available at level 3.

Reply With Quote
  #5 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
Site Moderator
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
Posts: 5,944 since Sep 2015
Thanks Given: 15,447
Thanks Received: 15,291


MacroNinja View Post
Yes and No. Yes because you can see the pending orders. No in the sense that you don't know if these are orders to close or new orders. [The above is all in reference to the level 2 depth]

Now you can also 'cheat' a bit, if the order shows up simultaneously the the order fill, e.g. I trade ES enter at 2300 and almost immediately the 2305 limit buy appears, then if my technology is good enough, I should be able to ascertain that that's your stop even with level 2 data only.

You can read more in depth about how the order book data is supplied on CME's website to see what data is available at level 3.

Hi MN - please can you elaborate on the above?



In the example picture, I just placed a buy order on CL. The stop is placed below and it's on the sell side. Since it's a stop it would be in a place where in that moment there are no resting sell orders there. So how could you see pending orders there?

Unless I misunderstood you.

Reply With Quote
  #6 (permalink)
 MacroNinja 
Buenos Aires Argentina
 
Experience: Advanced
Platform: NT, MT4, Sierra
Trading: S&P, Bonds, Crude, FX
Posts: 250 since Sep 2014
Thanks Given: 37
Thanks Received: 256

Two questions: 1) is that order filled or just pending to be filled? 2) What order parameters do you have entry and exit orders set at? e.g. are they hidden, etc.

(And maybe as a subset of questions to answer the last one, which broker are you using?)

Reply With Quote
  #7 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
Site Moderator
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
Posts: 5,944 since Sep 2015
Thanks Given: 15,447
Thanks Received: 15,291


MacroNinja View Post
Two questions: 1) is that order filled or just pending to be filled? 2) What order parameters do you have entry and exit orders set at? e.g. are they hidden, etc.

(And maybe as a subset of questions to answer the last one, which broker are you using?)

Firstly, it's a SIM trade. The order is filled. Note this is CQG (realistic fills), and I can say that the platform does not send the stops to the exchange anyway. They are local to a CQG host.

The FCM used is Dorman.

Reply With Quote




Last Updated on February 10, 2017


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts