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Order Execution Inquiry
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Order Execution Inquiry

  #1 (permalink)
Trading Apprentice
orlando fl/usa
 
Futures Experience: Beginner
Platform: tws
Favorite Futures: es
 
Posts: 2 since Jun 2013
Thanks: 1 given, 0 received

Order Execution Inquiry

Hi Everyone.

Below is the example of the order I'm attempting to place.

If XYZ is currently trading at $20, I place an order to go long 100 shares at $21 via a buy stop limit order. Should prices never reach that high on the day the order is placed, I'd like a contingency that cancels the order if prices trade below $19 during that same day. I've been told that the cancellation order would require an API to be written by either myself, a programmer, or via software. Is this information true? Does a simple cancellation order require any one of these additional steps? Thanks.

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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You can set order types to GTC or DAY, meaning good till cancelled or good only until end of session.

OCO orders (one cancels other, or order cancels order) won't work here because if you set an OCO for a buy stop $21 and sell stop $19 for example, then if either is hit you will actually get filled.

What you want is to only be filled if $21 hits, but to cancel if it moves below $19.

There is no exchange side order mechanism that does this.

Simply use NinjaTrader and write some simple NinjaScript for your strategy, and it will do it just fine.

Mike

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  #4 (permalink)
Trading Apprentice
orlando fl/usa
 
Futures Experience: Beginner
Platform: tws
Favorite Futures: es
 
Posts: 2 since Jun 2013
Thanks: 1 given, 0 received

Thanks Mike. I'm gonna check that out right now. I appreciate your advice. Good Trading!

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