Server side synthetic orders (OCO, trailing stops)
|March 8th, 2014, 09:40 PM||#21 (permalink)|
Dayton + Ohio
Futures Experience: Beginner
Platform: R Trader
Favorite Futures: ES
Posts: 5 since Mar 2014
Thanks: 0 given, 1 received
Wasn't sure where to post (posted on the beginner's thread)...thought this maybe an ok area...
The plan I have in mind is as under:
I plan to clear my position at the end of the day.
I have the following scenario:
Based on certain analysis, would like to do the following:
a] Long or short Emini S&P 500 (ES), Market on Open (MOO).
b] Setup a stop-loss for movement of certain points....example of this: MOO - 5 points (for long) OR MOO + 5 (for short).
c] If stop-loss not used, close with Market on Close (MOC).
I plan to do on a daily basis. Can b) & c) follow automatically once a) is setup every night? (something like a server side actions as a default).
Basically I'm looking for server side orders.
What this means is that once a buy/sell order is placed MOO, a pair of
linked stop loss & MOC orders are sent to your servers.
These orders sit there until either one is hit, & as soon as one is hit, the other one is cancelled (OCO).
Appreciate if someone can provide some input.