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order mechanics question


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order mechanics question

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  #1 (permalink)
New York City, NY/USA
 
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order mechanics question.....

assume
offer 66.75
bid 66.50
now if price and bid move to 66.25 this will activate sell stops. Would they still activate if only the bid moved to 66.25 and price remained at 66.50?

i guess ultimately i am asking, is a level activated for execution...
sell stop on bid and buy stop on offer ...

when price hits it or if the bid/offer hits the level?

G

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gparkis View Post
offer 66.75
bid 66.50
now if price and bid move to 66.25 this will activate sell stops. Would they still activate if only the bid moved to 66.25 and price remained at 66.50?

Assuming a traditional sell stop limit order, your stop order will be a limit order @ 66.25. Just because price touched 66.25 does not mean your stop would have been filled. It would depend on the volume of contracts traded at 66.25, and your stop orders position in the queue.

If your order was a stop market order, then as soon as price traded at 66.25 then your order would have triggered a "sell at market" order. So even just 1 contract traded at 66.25 would trigger that type of order.

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  #4 (permalink)
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gparkis View Post
order mechanics question.....

assume
offer 66.75
bid 66.50
now if price and bid move to 66.25 this will activate sell stops. Would they still activate if only the bid moved to 66.25 and price remained at 66.50?

i guess ultimately i am asking, is a level activated for execution...
sell stop on bid and buy stop on offer ...

when price hits it or if the bid/offer hits the level?

G

The question you are essentially asking is this: does a quote alone trigger a stop order, or must the price be traded to trigger the order?

The answer is, it depends on the exchange. At the CME, the price must trade to trigger the order. The NASDAQ exchange, however, has the ability to trigger stop orders with a quote alone. So, it depends. And it's a shame that crooks would trigger on a quote alone, but some do. Probably lots of bucket shop forex dealers do too.

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