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YM chart - confused as closing price different to order?
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YM chart - confused as closing price different to order?

  #1 (permalink)
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Posts: 145 since Apr 2018
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YM chart - confused as closing price different to order?

Hi, I've opened a demo account with AMP Global.

I opened the chart for YMZ18 and it shows the closing price for Friday 7 December as 24433.

I want to place a buy limit order but am very confused as the new order window shows a spread of 25526 / 25528???

How can this be if the closing price was 24433?

I am using MT5.

Many thanks

Paul

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  #2 (permalink)
Elite_Member
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@kazz
The chart like you say shows the close at 24433, the CME settlement page says 24432, so in effect the same.

The order window price is off but it sounds like you are trying it after the close so you couldn't place an order anyway. The market reopens at 6pm ET Sunday ( https://www.cmegroup.com/trading/equity-index/us-index/e-mini-dow_contract_specifications.html ), and then the order window and chart should match prices.
(Though the main regional trading hours with the highest volume match the US stock market hours of 9:30am - 4:00pm ET).

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  #3 (permalink)
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matthew28 View Post
@kazz
The chart like you say shows the close at 24433, the CME settlement page says 24432, so in effect the same.

The order window price is off but it sounds like you are trying it after the close so you couldn't place an order anyway. The market reopens at 6pm ET Sunday ( https://www.cmegroup.com/trading/equity-index/us-index/e-mini-dow_contract_specifications.html ), and then the order window and chart should match prices.
(Though the main regional trading hours with the highest volume match the US stock market hours of 9:30am - 4:00pm ET).

Hi @matthew28 many thanks for this. It makes sense.

What l did notice is that if l right click on the chart and select a pending order then l do have the option to select a buy price equal to or greater than the closing price of 24433 on the chart.

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  #4 (permalink)
Elite_Member
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matthew28's Avatar
 
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kazz View Post
What l did notice is that if l right click on the chart and select a pending order then l do have the option to select a buy price equal to or greater than the closing price of 24433 on the chart.

Without seeing it myself that sounds like an order to place a buy stop order above the market, so the order would trigger and be entered if price came up to and traded at that price. Usually as a stoploss order to protect a short position, but also to enter a long trade say if price moved up and broke out of a range.
Or it might be an option to place a limit order to buy slightly above the market, useful in thin fast moving markets as it can limit potential slippage rather than just risking hitting in with a market order and not knowing how far away from the current price the order could actually be filled.
(Apologies if that is stating the obvious).
I'm unfamiliar with MT4 though so either way I'm guessing.

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  #5 (permalink)
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matthew28 View Post
Without seeing it myself that sounds like an order to place a buy stop order above the market, so the order would trigger and be entered if price came up to and traded at that price. Usually as a stoploss order to protect a short position, but also to enter a long trade say if price moved up and broke out of a range.
Or it might be an option to place a limit order to buy slightly above the market, useful in thin fast moving markets as it can limit potential slippage rather than just risking hitting in with a market order and not knowing how far away from the current price the order could actually be filled.
(Apologies if that is stating the obvious).
I'm unfamiliar with MT4 though so either way I'm guessing.

Thanks, is more like a limit order.

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