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In Sierra charts they have a bunch of OCO type orders. I'm not sure which one to use.
Here's what I want to do: If I'm long, I want to use an OCO limit order that kicks in when the market hits a certain price and I want to use a stop order below the market to get out if the market falls to a certain price.
Of course the opposite would be true if I was short the market.
Would I use a Sell OCO Limit and Stop for long orders?
Or an OCO Buy Stop Sell Stop or one of the other 7 OCO order types that are available?
I've only been using the demo for about a week and this may or may not help, but here's the docs for the attached orders - Attached Orders Feature - Sierra Chart
In the mean time, I've been experimenting with SIM trading and I think if you are long, you use "Sell OCO Limit and Stop" and if you are short, you use "Buy OCO Limit and Stop".
The deal is that you have to "Add" those options in Global Settings>Customize Chart Trader Menu>Available Menu Items before you can see them in the chart trade, right-click, options.
Bob
The following user says Thank You to Bob 30214 for this post:
Gotcha, I've been using it with the Trade window showing in the chart with "Use Attached Orders" checked so the brackets are submitted with the order (or right after the order is filled).
The following user says Thank You to LDog for this post:
Just reminder for you guys. OCO attached orders, depending on the feed, may be residing on your computer until your limit is filled. Only once limit is filled it may be sent to the exchange. This means, you should NOT shut your computer down before limit is filled. Again, this is feed specific.
Thank you.
Matt Z
Optimus Futures
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The following 2 users say Thank You to mattz for this post:
Yes, thanks Matt. Always good to hit the Cancel All before exiting the platform.
Some platforms will warn you when you are trying to close down that there are pending orders but I see SC/CQG doesn't.
Specifically: brokers that offer server-side OCO orders work better for you in case you lose your internet connection or you close down your platform. Also, execution is faster. Make sure the feature is enabled in Global Settings>General Trade Settings>Use Server Side OCO and Bracket Orders (if supported).
The following user says Thank You to bradhouser for this post:
