How can I convert a failed limit order to a market order? - MultiCharts | futures.io
futures io futures trading


How can I convert a failed limit order to a market order?
Started: by ELong Views / Replies:222 / 3
Last Reply: Attachments:0

Welcome to futures io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.


You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Reply
 
Thread Tools Search this Thread
 

How can I convert a failed limit order to a market order?

  #1 (permalink)
Trading Apprentice
Chicago
 
Futures Experience: Master
Platform: MuktiCharts
Favorite Futures: Gold
 
Posts: 4 since Apr 2013
Thanks: 3 given, 0 received

How can I convert a failed limit order to a market order?

Hello,
Has anyone written EL code to convert a failed limit order on a range bar into a market order on the following range bar? I am trying to write some order handling instructions that initiate a limit order under certain conditions, however if the order is not filled, I would like the order to go out as a market order on the next bar. Any suggestions are appreciated. Thank you.

Reply With Quote
 
  #2 (permalink)
Elite Member
Milan (Italy)
 
Futures Experience: Advanced
Platform: TradeStation, MC, TWS
Broker/Data: TradeStation, IB
Favorite Futures: Futures, Forex
 
tradingest's Avatar
 
Posts: 81 since Dec 2014
Thanks: 4 given, 8 received

if you post the code I can help you

Sent from my SM-G900F using futures.io mobile app

Reply With Quote
The following user says Thank You to tradingest for this post:
 
  #3 (permalink)
Membership Temporarily Revoked
Boston, MA
 
Futures Experience: Intermediate
Platform: NT7
Favorite Futures: CL, RB, LE
 
Posts: 264 since Apr 2014
Thanks: 102 given, 173 received



ELong View Post
Hello,
Has anyone written EL code to convert a failed limit order on a range bar into a market order on the following range bar? I am trying to write some order handling instructions that initiate a limit order under certain conditions, however if the order is not filled, I would like the order to go out as a market order on the next bar. Any suggestions are appreciated. Thank you.

Hrmm. You know, I have seen this, or something like it, in Ninja. It has something similar. It's basically like this...

You set a stop limit order with an offset in ticks on your desired direction.

So for example, in a long, say you have a stop limit order to buy one GC long at 1000.00. The current price is at 999. The price heads up to 1000.x When the stop is hit when the price gets to 1000.00, your limit order gets placed at, say, 1000.50? Is that the same thing that ye be looking for?

Hrmm, if the limit order is not filled, turn it into a market order...Oh wait, wouldn't that be a "market-if-touched" thingy?

Reply With Quote
The following user says Thank You to HoopyTrading for this post:
 
  #4 (permalink)
Elite Member
Hamburg Germany
 
Futures Experience: Advanced
Platform: Multicharts, Tradestation, Multicharts.NET, NinjaTrader, MetaTrader
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 1,257 since Apr 2013
Thanks: 201 given, 707 received

ELong,

orders in Multicharts remain alive as long as the conditions that triggered the order stay unchanged. As you can't convert the order type it would work along the lines of cancel your limit order and send a market order instead.
The code for the above would depend on the code you have, but in general you'd make sure that the conditions that keep the limit order alive are set back to false at the end of the bar (or at the beginning of the new bar) and instead your code sends a market order at that moment.

I assume the build in feature to convert limit orders to market orders after X seconds can't be used here due to the range bars (and thus you don't know in advance when the bar closes).

Regards,

ABCTG

Reply With Quote
The following user says Thank You to ABCTG for this post:

Reply



futures io > > > > How can I convert a failed limit order to a market order?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)
 

Mastering Trading Pysychology w/Brett Steenbarger & Trading Technologies

Elite only

Spring Grains Outlook w/Sean Lusk @ Walsh Trading

Elite only

FIO Video Journal Challenge featuring NinjaTrader ($2,000+ of prizes)

April

Process above all else w/Anthony Crudele @ Futures Radio Show

Elite only

Machine Learning - Quantitative Trading w/Martin Froehler @ Quantiacs

Elite only

Ask Me Anything w/Patrick Rooney @ Trading Technologies

Apr 18

Ask Me Anything w/FuturesTrader71

Apr 19

Machine Learning w/Kris Longmore

Elite only

Market Analysis w/Dave Forss

Apr 25

Introducing iSystems with Stage 5 Trading

Apr 27
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Market order type better for futures vs Limit order? zx58 Beginners and Introductions 8 January 19th, 2015 02:56 PM
Programming another limit order if order isn't filled? ericson NinjaTrader Programming 5 January 28th, 2014 05:50 AM
ATM Strategy: Limit order & stop loss order at the same time in the market? DrE6 NinjaTrader 2 June 21st, 2013 01:12 PM
Time of Order Submission Limit Calculation / Conditional / Price Improvement Order CoopGeko IB Trader Workstation 0 September 17th, 2012 09:15 PM
Convert Limit to Market Order GSREDDY NinjaTrader 3 August 13th, 2012 03:50 AM


All times are GMT -4. The time now is 08:27 PM.

no new posts
Page generated 2017-03-22 in 0.07 seconds with 19 queries on phoenix via your IP 54.146.135.173