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Limit order


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Limit order

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  #1 (permalink)
Bradenton
 
 
Posts: 30 since May 2016
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Hi everybody,
Reading the limit order explanation in the MC/PL on-line help I noticed this:
"...A Limit order will execute at the specified price or better...."

Limit - MultiCharts

I would like to avoid that "better". I would like its entry will be at a specific price and I do not deside it chooses any other better price (higher for short operations and lower for long ones).... but how to...?

Thank you very much

BR,
auato

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  #3 (permalink)
 
 
Posts: 2,230 since Apr 2013
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auato,

given that this is the nature of a limit order, I doubt that you can change it.

Regards,

ABCTG

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  #4 (permalink)
Bradenton
 
 
Posts: 30 since May 2016
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Thanks!
So, there is no way to enter with a precise price?!?

And what is the criterion in a backtest by which MC decides the entry price? Sometimes it decides to entry at the open, other times chooses higher values ... and I am working with hourly bars and the imported data were simple ascii hourly rows in a text file (no other information I imported)

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  #5 (permalink)
Legendary Bought TSLA at 880
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Why would you want to get filled at a worse price? I mean you could maybe try agree with your broker to 'give up' some of your profits on each fill so that for accounting purposes you're actually get filled at exactly the price you desire...

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  #6 (permalink)
 
 
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ABCTG View Post
auato,

given that this is the nature of a limit order, I doubt that you can change it.

Regards,

ABCTG

I see some of the logic in his request. If you have a limit price working but you get a substantially better price, maybe conditions have changed(?) and you are not in a better spot. If market is trading @15 and you have a limit at 14, then the market gaps to 11, maybe the natural flow of that underlying asset has changed.
Is there a way to program a parameter around it on MC?

Matt Z
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  #7 (permalink)
 
 
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artemiso View Post
Why would you want to get filled at a worse price? I mean you could maybe try agree with your broker to 'give up' some of your profits on each fill so that for accounting purposes you're actually get filled at exactly the price you desire...

Brokers can't take that from customers in Futures. Are there underlying assets you know that brokers can do that?

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email support@OptimusFutures.com
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  #8 (permalink)
 
 
Posts: 2,230 since Apr 2013
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mattz,

you have a limit order at the exchange - wouldn't that mean you would have to be able to see the substantially better price in advance to be able to cancel the limit order before it gets executed at the exchange? The moment you see the better price, you are likely filled already.

You could monitor the prices on your computer and only send orders when the price meets the price you want - but after you send the order (market or limit) I don't see how you can control where the exchange fills you within MC - you don't have a "fill or kill" option.

Regards,

ABCTG


mattz View Post
I see some of the logic in his request. If you have a limit price working but you get a substantially better price, maybe conditions have changed(?) and you are not in a better spot. If market is trading @15 and you have a limit at 14, then the market gaps to 11, maybe the natural flow of that underlying asset has changed.
Is there a way to program a parameter around it on MC?

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.


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  #9 (permalink)
Bradenton
 
 
Posts: 30 since May 2016
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Thank you all.
Mattz figured out my request. My TS enters short only if the last bars are decreasing and I would like it enters at the minimum price (low[1]) of the latest bar. Indeed, if the next bar doesn't reach that minimum value of the previous one (low[1]) I noticed that the conditions are changed for my TS and a lot of trades become losing trades. In my case this trick acts as a sort of filter.


BR,
auato

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  #10 (permalink)
Bradenton
 
 
Posts: 30 since May 2016
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I think I found the solution:

replace the word "limit" with "stop"

i.e.
 
Code
sellshort next bar at value stop;
Thank you all
auato

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  #11 (permalink)
 
 
Posts: 2,230 since Apr 2013
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auato,

that means you send a stop order that is converted to a market order when your stop price is hit - which means at that moment the price you get filled could be better, too. However you might be closer to the price you want to get filled at and in cases where the bar gaps down for example the stop order might not get triggered, but the limit order would have been.

Regards,

ABCTG


auato View Post
I think I found the solution:

replace the word "limit" with "stop"

i.e.
 
Code
sellshort next bar at value stop;
Thank you all
auato


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