Limit Order Negative Offset chart DOM Sierra - Sierra Chart | futures io social day trading
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Limit Order Negative Offset chart DOM Sierra
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Created: by westmalle Attachments:0

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Limit Order Negative Offset chart DOM Sierra

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Elite Member
Eindhoven The Netherlands
 
Futures Experience: Intermediate
Platform: Sierra, NinjaTrader
Favorite Futures: TF NQ YM 6E ES
 
Posts: 41 since Mar 2013
Thanks: 28 given, 27 received

Limit Order Negative Offset chart DOM Sierra

Is it possible to have a Limit Order with negative offset in Sierra chart DOM?

Here at Futures.io the theoretical part is discussed at https://futures.io/index-futures-trading/30252-stop-limit-offset.html - but I need a working solution in Sierra chart DOM.

In short: I need for scalping purposes an entry at a specific price (the close of the previous bar) when certain conditions are met.

I made a video showing what I would like to achieve with Ninja 7 DOM - as Ninja 7 supports out-of-the-box the implementation of limit orders with negative offset.
1. In the example I assume the market will go short and I will click with the mouse on the sell column of the Ninja DOM placing a Stop Limit at 1227,7 while the market price is above the 1227,7.
2. At second 29 market price will hit the 1227,7 level as the market goes lower. The result is that automatically a Limit Order is placed at 1227,8 level (this is the negative offset).
3. at second 34 the market gets back higher to the 1227,8 level and the limit order at 1227,8 will be send to the exchange. In this case the limit order results in an OCO setup with 2 targets (one at 4 ticks and one at 5 ticks with mutual Stop-loss at -10).

Here is the video link at Youtube showing the scenario https://www.youtube.com/watch?v=4EVGTi5nEaE

Can this scenario be implemented in Sierra chart DOM or is anyone using it?

************************************************************************************
UPDATE: I got this info from Sierra support. It appears that different people at Sierra support have different views on this as I got earlier a response that Sierra does NOT support limit orders with negative offset. Here the Sierra support update:
This actually might be possible with CQG if they support a negative offset for a Stop-Limit order.

Refer to the documentation for Stop-Limit orders:
https://www.sierrachart.com/index.php?page=doc/OrderTypes.html#StopLimit

Try setting a negative offset of -1 and see if that works with CQG.

You can also modify this study to accomplish what you need:
https://www.sierrachart.com/index.php?page=doc/OrderTypes.html#TriggeredLimitOrderEntryStudy


Here is the relevant documentation:
https://www.sierrachart.com/index.php?page=doc/BuildCustomStudiesDLL.html

**********************************************************************************************

I will try to digest the information and I am not capable of building or modify a study.
Therefore I am still interested to hear the input from Sierra users here at futures.io.


NEW UPDATE from Sierra
Seems like Sierra supports this negative offset for limit orders and apparently my questions led to an enhancement of the required study in a next release.
I hope this information is of value to other Sierra users. I will try to follow the Sierra support guidelines and see if I can get it to work from the chart DOM.
So far I have not been able to do so.
Here is the Update from Sierra:
**************************************************************************************************
A negative Limit offset is supported for Stop-Limit orders but it is dependent upon the Trading service which in your case is CQG. But that is not relevant if you use the TriggeredLimitOrderEntryStudy.

When you refer to an OCO order you are actually referring to Attached Orders:
https://www.sierrachart.com/index.php?page=doc/AttachedOrders.html

So those are supported.

It sounds like you just simply want a Limit order that is sent when a trigger price has been met. So therefore use this study:

https://www.sierrachart.com/index.php?page=doc/OrderTypes.html#TriggeredLimitOrderEntryStudy

The documentation has been updated for that study with a reference to how to add a study to a Trading DOM.

Update to the latest prerelease with Help >> Download Prerelease to be able to use that study on a Trading DOM.

If you have anything further, please be extremely brief and to the point. We have already spent more than enough time on this.

In the next release we will enhance the study to automatically set the limit order the specified number of ticks from the trigger price. So you can just set one price.
**************************************************************************************************************************

Any experiences from Sierra users with negative offset for limit orders using the Chart DOM are welcome.


Last edited by westmalle; August 14th, 2016 at 12:55 PM. Reason: Update information
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