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"Stop If Bid" command for entry's and stop loss


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"Stop If Bid" command for entry's and stop loss

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  #1 (permalink)
Montreal, Canada
 
Experience: Intermediate
Platform: Multicharts
Broker: Interactive Broker
Trading: Forex
 
Posts: 263 since Sep 2010
Thanks: 440 given, 91 received

Hello

Is it possible to send a "Stop If Bid " order with MultiCharts easylanguage? If so, how???

I always use these type of orders for entry'S and stop losss with my actual broker: Saxo Banks.

Any help really appreciated

Martin

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If you mean enter on a stop, yes it is possible. All you do is add the keyword 'Stop' to the end of the buy/sell line.

 
Code
                            
Buy 1 Contract Next Bar At 80.50 Stop
Mike

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Montreal, Canada
 
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Big Mike View Post
If you mean enter on a stop, yes it is possible. All you do is add the keyword 'Stop' to the end of the buy/sell line.

 
Code
                            
Buy 1 Contract Next Bar At 80.50 Stop
Mike

Hello Mike

Here is some clarification

The order is valid and will trigger a market order only and only IF the bid price as reach your target.

This is different than a stop. A stop will trigger the order after the price as reach the targeted level. A Stop If Bid will be triggered only if on the market someone is ready to give you your price.

I use this strategie on the Saxo Bank plateform.

Have a great day

Martin

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Manta, Ecuador
 
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Posts: 49,050 since Jun 2009
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Sounds like Market if Touch.

You can code this, just need to look at the Bid and Ask in your strategy. The on-help help has examples of this, look at InsideBid and InsideAsk then you simply test to see if the Last is traded at the Bid.

Mike

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October 7, 2010


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