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Which typ of order I need to buy or sell at the Last Price (Chart Price)


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Which typ of order I need to buy or sell at the Last Price (Chart Price)

  #1 (permalink)
Nuremberg, Germany
 
 
Posts: 10 since Oct 2013
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Which typ of order I need to buy or sell at the Last Price (Chart Price)

I want to buy or sell at the Last Price at the Chart. Not at the Ask or Bid Price. Is that possible?

For example:
The TF is currently at 1100. When the Price trigger 1105 at the Chart i want to buy. No matter where is currently the ask price.

What type of order I need?

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  #3 (permalink)
the coin hunter
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use buy stop order.

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  #4 (permalink)
Nuremberg, Germany
 
 
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cory View Post
use buy stop order.

Thanks. I have just tested it. I sell stop at 1101.7 and buy stop at 1101.9.
I was filled at 1101.6 and 1102.0.

Is that right? At the NinjaTrader Control Center the column „Stop“ is the price where I wanted to buy or sell and the column “Avg Price” is the Price where I was filled.

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  #5 (permalink)
the coin hunter
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Note: ask = 102.1 and you was filled at 102, not bad.

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  #6 (permalink)
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That's right. If you want to avoid slippage on your entry, you can use a buy stop limit order, which means at a certain price go long with a limit order (instead of a market order).

For example, ES is at 1750.00, you want to get LONG if price reaches 1755.00.

Scenario A: You use a BUY STOP order
- outcome 1: 1755.00 is reached, so your order triggers a market order, you get filled at 1755.25 (1 tick slippage, the most likely place to be filled)
- outcome 2: 1755.00 is reached, so your order triggers a market order, you get filled at 1755.00 (no slippage)
- outcome 3: 1755.00 is reached, so your order triggers a market order, you get filled at 1754.75 (1 positive slippage, more rare but possible if buying in a downward micro-trend)

Scenario B: You use a BUY STOP LIMIT order at 1755.00.
- outcome 4: 1755.00 is reached, so your order triggers a limit order at 1755.00, but your order may never get filled if your bid is never hit once the limit order hits the market, so you miss out on a winning trade
- outcome 5: 1755.00 is reached, so your order triggers a limit order at 1755.00, you get filled at 1755.00 (no slippage)
- outcome 6: 1755.00 is reached, so your order triggers a limit order at 1755.00, you get filled at 1754.75 (1 positive slippage, more rare but possible if buying in a downward micro-trend)

The pros of scenario B is that you never experience slippage with your entries. The cons of scenario B is that some winning trades may never get filled, but every loser will get filled.

Personally, I hate slippage, so I always use limit orders for my entries, but for exits I use market orders, need to bail when the trade is done. Occasionally I miss a winning trade but trading in liquid markets helps minimize that and I hate slippage more than I hate missing a winning trade every now and then. Also, trading in higher time frames minimizes the effects of slippage, whereas in scalping or very short term trading slippage is a killer. Adapt to your own trading style.

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  #7 (permalink)
the coin hunter
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also note in the post above, you always get fill in A but you may not get fill in B. In the long run I don't believe it makes any diff. to your P/L.

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  #8 (permalink)
Milan/Italy
 
 
Posts: 51 since Oct 2013
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Great Post!

How comes, translated in NT scripting language order, the Scenario B?







shodson View Post
That's right. If you want to avoid slippage on your entry, you can use a buy stop limit order, which means at a certain price go long with a limit order (instead of a market order).

For example, ES is at 1750.00, you want to get LONG if price reaches 1755.00.

Scenario A: You use a BUY STOP order
- outcome 1: 1755.00 is reached, so your order triggers a market order, you get filled at 1755.25 (1 tick slippage, the most likely place to be filled)
- outcome 2: 1755.00 is reached, so your order triggers a market order, you get filled at 1755.00 (no slippage)
- outcome 3: 1755.00 is reached, so your order triggers a market order, you get filled at 1754.75 (1 positive slippage, more rare but possible if buying in a downward micro-trend)


Scenario B: You use a BUY STOP LIMIT order at 1755.00.
- outcome 4: 1755.00 is reached, so your order triggers a limit order at 1755.00, but your order may never get filled if your bid is never hit once the limit order hits the market, so you miss out on a winning trade
- outcome 5: 1755.00 is reached, so your order triggers a limit order at 1755.00, you get filled at 1755.00 (no slippage)
- outcome 6: 1755.00 is reached, so your order triggers a limit order at 1755.00, you get filled at 1754.75 (1 positive slippage, more rare but possible if buying in a downward micro-trend)

The pros of scenario B is that you never experience slippage with your entries. The cons of scenario B is that some winning trades may never get filled, but every loser will get filled.

Personally, I hate slippage, so I always use limit orders for my entries, but for exits I use market orders, need to bail when the trade is done. Occasionally I miss a winning trade but trading in liquid markets helps minimize that and I hate slippage more than I hate missing a winning trade every now and then. Also, trading in higher time frames minimizes the effects of slippage, whereas in scalping or very short term trading slippage is a killer. Adapt to your own trading style.


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  #9 (permalink)
Chicago, Il
 
 
Posts: 21 since Jul 2010
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It's real simple to tell X_TRADER at what price to enter your order. You can use their relative setting and have your order go in at the LTP or have the order go in at the bid, the ask, or bid / ask +/1 a tick or two.

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