I am currently using Tradestation but I am looking for another platform because it is not possible to manage orders directly from the chart. The first thing which comes to my mind is Ninjatrader.. however the OCO capability is not serverside...
So can someone suggest a platform where i can trade from the chart and the OCO functionality is serverside?
You have to have a broker that supports server side oco, in addition to a zenfire data feed. For instance, with a Ninjatrader multi broker license, you can get zenfire data feed from any broker, and execute orders with Interactive Brokers which supports server side oco.
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Interesting, why Rithmic would offer this and Zen Fire not. But I do not know for sure, do you have a link regarding Rithmic being native OCO on server side when using Sierra or MultiCharts?
I thought this thread might be appropriate to post my recent findings.
OCO orders placed in Sierra Chart through CTS are true server-side OCO.
However, you still have to make sure that your initial order that opens the position has been filled to ensure protection. For example, if you have an open position and use Sierra to place an OCO bracket, then you are good to go--server-side OCO. However, imagine you place a buy limit below the market with your attached orders sent along with the order. Well, the bracket orders have not been sent yet, since there is no open position. So, let's say you walk away from the computer before your limit is filled. After you walk away and before the limit is filled, your internet goes down, your power goes out, or some other catastrophe occurs. Well, you now have a limit order in the market, unprotected, and if you are filled you have a naked position.
Using CTS's interface, you can easily attach an "AutoOCO" to a stop, limit, stop-limit, and probably other types (which I have not yet tested). This order actually contains the OCO instructions, so that in this case if you leave the computer with the aforementioned limit order in place, this time using CTS to attach an AutoOCO, then you are covered in the event of a local failure, as the limit/stop/etc contains the OCO.
I asked Sierra tonight if they could implement attached orders through CTS such that the AutoOCO type was implemented, and the answer was that they had talked with CTS about this and due to technical reasons, they could not. This is disappointing, and for me kind of defeats the purpose of using Sierra for native OCOs through CTS, if the attached orders are not with the original order.
Am I being too demanding here? I mean, IB, CTS, and I guess OEC (from what I read above) are the only ones I know of (there may be others) that provide server-side OCO to begin with. But think about it for a minute--isn't it kind of crazy to trade any kind of leveraged instrument without this? Somehow I get the impression that professionals who trade real size of any kind (okay, "real size" makes me think 50-100 ES contracts for example) are backed up by super redundant internet, power, and other measures to ensure that they do NOT lose money because of a failure. My guess is that they might also use server-side orders as well, but hey, I'm not sure. If the question is, "can't you just call your broker?" the answer is of course yes, but isn't this just another level that can fail more easily than the servers at the broker/exchange?
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if you use zenfire or rithmic as datafeed, use R | Trader platform for bracket and oco orders being stored on the server
* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
"When you submit a bracket order, the oco portion is submitted along with the entry so once accepted by the system, all parts reside on the system. the oco will get submitted to the exchange as appropriate whether or not your r | trader session is connected."
